Thursday 30 June 2016

Businesses urge governments to ratify Paris Agreement

Businesses urge governments to ratify Paris Agreement

Global businesses are calling on governments to ratify the Paris Agreement.

They urged policymakers to do so “without further delay” at the Business & Climate Summit in London this week.

Their call comes after more than 170 nations signed the historic climate deal to keep global temperatures below 2°C in April however only some nations, including France, have ratified the agreement.

Businesses are also urging governments to translate their Nationally Determined Contributions into investment policy frameworks and use carbon pricing to achieve emission targets.

They state achieving climate goals will require a major shift in investment away from traditional fossil fuels and towards smarter, cleaner low carbon business models.

Businesses recognise they played an important role in securing the Paris Agreement and believe they can play an equally important role in contributing towards creating the policy frameworks for long term climate-resilient low carbon investments.

Stuart Gulliver, Group CEO of HSBC said: "Six months on from Paris we are much closer to being able to implement the terms of COP21 than we were at the start. The barriers to investment are lower, the call to action is louder and there is a clear willingness on the part of business and investors to change their ways and adapt their business models.

"Investors want to invest in sustainable projects and reduce the carbon footprint of their portfolios. With better standardisation, enhanced disclosure rules and better incentives for issuing green bonds, the COP21 goals can be met but we must continue to work in unison and at pace with the public sector."

At the Summit, Energy Secretary Amber Rudd also reassured investors and businesses the UK remains committed to its climate objectives despite the UK voting to leave the EU.

Written by

Bruna Pinhoni

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