Industry comes off the fence and calls for global climate deal

An article from CDP:

Disclosures from thousands of the world’s largest listed companies reveal that many of the most significant producers of fossil fuels support an international deal that will limit warming to 2 degrees as an outcome of the upcoming UN climate conference, COP21.

The news comes as the United Nations is this week negotiating draft text in preparation for a legally binding plan to combat climate change with Countries currently submitting their proposed contributions towards achieving this plan.

CDP, the global system for disclosure on climate, forests and water, asked companies whether “your organization’s board of directors [would] support an international agreement between governments on climate change, which seeks to limit global temperature rise to under 2 degrees Celsius from pre-industrial levels?”

Amongst the companies asked were 28 of the largest energy firms, who together account for more than a quarter of global greenhouse gas emissions. None of these carbon majors answered "no" in response to the question. In fact, a majority of the heavy emitters state their board backs a global agreement. 

Looking beyond this significant energy sub sector, CDP data shows that companies that have formulated an opinion on a global climate deal are overwhelmingly in support: 805 companies answer yes versus 111 that said no.

CDP’s executive chairman, Paul Dickinson believes the findings show that “it is time for governments to listen to the business voice in support of climate progress rather than to be influenced by a minority and downgrade environmental priorities.”

He concludes: "Huge opportunities to be part of the solution, build resilience and gain competitive advantage are on the table for companies right now. Decarbonization is essential for the long-term sustainability of the global economy. Businesses that commit to reduce their emissions in line with what science demands, adopt renewable energy and innovate at this critical time will reap the gains. Corporations, investors and governments can cooperate to ensure a successful Paris agreement that brings net zero greenhouse gas emissions well before the end of the century ensuring sustainable growth for all."

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