Private sector initiatives have the power to deliver the emissions cuts promised at Paris, a major conference in London heard
Business will be key to unlocking the deep cuts in CO2 emissions needed to avoid catastrophic climate change, delegates to the Business and Climate Summit in London heard last month.
The two-day summit at London’s Guildhall, the first major global business and climate event since the COP21 in Paris last December, was convened by a network of partners including The International Chamber of Commerce, the World Business Council for Sustainable Development, the We Mean Business Coalition, CDP, the Climate Group and the Consumer Goods Forum.
The first day of the conference saw the launch of research by New Climate Institute, "The Business End of Climate Change”, showing that if five initiatives to address Climate change (Science-Based Targets, EP100, RE100, zero deforestation and the Low Carbon Technology Partnership Initiative) met their targets for recruiting businesses, they would cut emissions by 3.2-4.2bn tonnes of CO2 equivalent a year by 2030, 60% of all the emissions cuts pledged by countries at the Paris climate summit in December.
Yet it said the potential was much higher, at 10bn tonnes. If governments were to put the right policy frameworks in place the number of companies signed up to the initiatives would grow from 300 currently to 4,500, the report said.
Paul Simpson, chief executive of CDP, told the conference the mid-range 3.7bn tonnes estimate was the “business intended contribution” to...