Amazon, Disney, Google, Microsoft and Netflix are among organisations that have teamed up to launch a new initiative to improve and scale business investments in climate solutions.
The Business Alliance for Scaling Climate Solutions (BASCS) also includes founding members Salesforce, Unilever and Workday and partners Environmental Defense Fund, UN Environment Programme and World Wildlife Fund (WWF-US) with global sustainable business organisation BSR serving as Secretariat.
The Intergovernmental Panel on Climate Change (IPCC) estimates achieving a low carbon transition will require $1.6 trillion to $3.8 trillion annually between 2016 and 2050 for the supply-side energy system alone.
It suggests funding from businesses – including carbon credit purchases, philanthropy and impact capital – alongside ambitious emissions reductions from their own carbon footprints, can be catalytic in scaling investment in the climate solutions necessary to achieve a just and sustainable 1.5°C future.
BASCS aims to gather and disseminate information and opportunities for and from peers, practitioners and experts, including best practice, funding opportunities and research and insights to scale and improve climate solutions.
Its work will be grounded in core principles including taking action and reducing emissions, applying “sound and verified” methodologies to ensure high social and environmental integrity of investments and supporting investments that deliver environmental and social integrity, in addition to driving real greenhouse gas emissions reductions.
Vijay Sudan, Executive Director, Enterprise Social Responsibility, The Walt Disney Company said: “The Walt Disney Company is committed to protecting the planet and delivering a positive environmental legacy for future generations as we operate and grow our business.
“Transitioning to a low carbon economy demands fundamental changes in the way society, including the private sector, operates and innovates. Collaborating with other members of BASCS will create opportunity to scale high quality climate solutions necessary to drive a more sustainable future.”
Kate Brandt, Google Sustainability Officer added: “At Google, we were the first major company to become carbon neutral in 2007 and we’ve met this commitment for over a decade. We look forward to working with the BASCS to share our learnings and accelerate our collective work to decarbonise.”