Strong National Climate Policies Reinforce Business Commitments
Private sector leaders have come together at Business & Industry day at the UN Climate Change Conference in Marrakech to call for countries to fully implement their national climate action plans (the Nationally Determined Contributions, or “NDCs”) through strong domestic legislation so that the many climate commitments of the private sector can be speedily implemented.
Business leaders at the event, hosted jointly by CDP and the We Mean Business coalition in partnership with the UN Global Compact and CGEM, agreed that with the Paris Agreement now in force, the priority was to move from adoption to speedy implementation. They also set out seven specific areas in which government action would help them.
Business has a significant role to play in enabling the global economy to achieve – and exceed – its climate goals. As a major source of greenhouse gas emissions, the private sector is a crucial partner in securing a prosperous and sustainable low-carbon economy for all.
Jill Duggan, Director of The Prince of Wales’s Corporate Leaders Group, which brings together 24 leading European businesses employing 2 million people worldwide, said:
“With the entry into force of the Paris Agreement, the world now has a legal mandate to bring about a zero carbon future. This is a fantastic business opportunity. What is now required from corporate leaders is a real step change in the way they deal with climate change. They must move from an incremental, compliance approach to a transformational approach, the only one that can deliver a sustainable, prosperous world.”
More companies are committed to leadership on climate action than at any time in history. But, there is more to be done to fully realize the global business potential to contribute to putting the world on track towards the Paris goal of limiting the global average temperature rise to well below 2 degrees Celsius.
A recent report by CDP in partnership with We Mean Business revealed that the large majority of companies already have targets in place to reduce their carbon emissions, but that current business plans fall short of what is needed for business to deliver on the world’s new low-carbon goals.
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