While the US Republican Party continues to be the only major political party in the WORLD to deny that climate change is even occurring, much less that humans are the cause, the world wide business community is becoming increasingly concerned about the consequences to their bottom line. As I’ve been predicting all along, once profitability becomes an issue in this regard, things will change and fast. Not only are businesses seeing a threat to profits and viability, there are increasing profit opportunities that are being pursued. Follow the money!
And while Ted Cruz recently said that the American economy would lose 10 million jobs if we passed legislation to curb the worst consequences of climate change, the fact is that the green economy is adding jobs exponentially faster than the losses in the fossil fuel industry. (Isn’t that what is called a red herring?)
Meanwhile, business groups world wide, representing hundreds (thousands?) of businesses, are calling for solutions to realign incentives to move us to a fossil free future and eliminate uncertainty so that they can develop a “predictable investment landscape“.
Groups push for carbon price ahead of Paris
Benjamin Hulac, E&E reporter
Published: Tuesday, November 3, 2015
A coalition of trade associations, in a campaign organized by an advocacy group led by Britain’s Prince Charles, are urging E.U. and Group of 20 finance ministers to establish timelines for the implementation of carbon-pricing mechanisms and the elimination of fossil fuel subsidies at the December climate convention.
In a statement Friday, about a month before the U.N.-organized climate summit in Paris, 12 international business organizations said the private sector understands the risks and opportunities of climate change.
“The business community has made significant progress in understanding, reducing and reporting our impact on the climate, and is increasing investment in low carbon technologies and business models,” the group said in a letter Friday. “To sustain this growth, and the new jobs and investment it promises, effective national policies are required to deliver a strong, low-carbon economy and to ensure resilient adaptation to climate change.”
More companies, by the count of nonprofit CDP, which tracks climate policies and compiles companies’ emissions reports, are reporting and internally pricing their greenhouse gases than before: In September, CDP said 437 companies this year have reported that they price their own greenhouse gases — a tactic used to approve or reject future projects — up from 150 in 2014 (ClimateWire, Oct. 20).
Significant sums of money are also flowing into the clean-energy market — $270 billion last year, most of which entered developing economies. But such measures are insufficient, the coalition said yesterday.
The authors of the letter — including CDP, the Japan Climate Leaders’ Partnership, Ceres and the South African-headquartered National Business Initiative — lobbied the ministers to meet three tasks: back a clear accord that provides a predictable investment landscape; ensure money earmarked for climate mitigation and adaptation projects in developing nations ends up there; and create a fiscal environment that speeds private funds into climate-resilient infrastructure and technology.
Philippe Joubert, chair of the Prince of Wales’ Corporate Leaders Group (CLG), said momentum for a “successful” Paris summit has grown this year. “But it is vital that we have a united political support for Paris and for its ultimate goal of decarbonizing our economy,” he said.
CLG members include 3M Co., the diverse technology firm; Kingfisher PLC, the home-improvement retailer; Lloyds Banking Group PLC, the insurance house; and Unilever NV, the home-goods supplier.
“Carbon pricing combined with fossil fuel subsidy reform is a significant pathway to real decarbonization,” said Jean-Bernard Lévy, chief executive of Électricité de France SA, or EDF, the French utility.
Prince Charles said he supported fossil fuel divestment in a video address to financial experts late last month.
Climate change, he said on Oct. 27, is an “increasing source of risk to the finance community,” encouraging investors to sell coal, oil and gas shares.
“There are therefore two factors to consider: firstly, whether to divest from sectors, especially those directly involved in fossil fuels, which will be severely impacted by any agreement to limit global temperatures to a 2-degree rise,” he said. “Secondly, whether to invest in sectors which support the low-carbon economy and are therefore better positioned in terms of risk and opportunities.”
The Prince of Wales has said he plans to attend the Paris negotiations.
Twitter: @benhulac Email: bhulac@eenews.net
