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Companies Supporting Paris Agreement

April 8, 2021 | By More

First, it will be difficult to achieve the ambitious objectives of the agreement unless the private sector participates in content and relevance, but to do so, companies need the right political and financial signals to justify a redesign of their strategies. Signals should focus on the removal of fossil fuel subsidies, the introduction of carbon prices, green construction performance standards or guaranteed electricity benefits contracts for renewable energy. The report covers companies from the global economy as a whole and was carried out by arabe investment data provider S-Ray, which gave each company a temperature score based on its publicly announced plans. About half of the 2,900 companies included in the study have a short-term rate in line with the Paris climate target of keeping global temperature rise below 1.5 degrees Celsius by 2030. It`s been two months since the historic climate conference, COP21, ended in Paris and ended with 195 countries pledging to take steps to keep global warming below 2 degrees Celsius. This is an unprecedented achievement in the long history of international climate policy. Compared to previous negotiations, the atmosphere was different in Paris. Negotiators were determined to find common ground rather than draw insurmountable lines in the sand. In addition to the proposed roadmap for industrialized countries, which are expected to spend $100 billion a year on mitigation and adjustment efforts, investors have set up new billions of financial commitments.

And the private sector has been more active and visible than ever: CEOs from industries such as cement, transportation, energy and consumer goods manufacturers have announced their own climate commitments in Paris to reduce their carbon footprint, use renewable energy and improve natural resource management. This enthusiasm was particularly evident during the CEO panel that convened IFC, the organization I represent, at the Caring for Climate Business Forum of UN Global Compact. CEOs of corporate clients in India, Turkey, Thailand and South Africa discussed their innovative climate change initiatives, investments and technologies, as well as challenges in expanding their climate activities. More than four-fifths of the world`s largest companies are unlikely to meet the goals set by the Paris climate agreement by 2050, according to a new analysis of their climate data. These titans of the group and at least 22 others were among those trying to preserve the role of the United States in the pioneering Paris agreement, ratified by some 160 countries. So why exactly would these 27 economic centers support a GOP group that has fought back on an important Obama-era domestic climate policy initiative? This is despite a 2010 resolution by forum members to reduce the impact of deforestation in their supply chains to zero, a goal that leaders such as Nestlé and Procter and Gamble have now recognized will not be possible.

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