Business leaders are pushing for climate-change action at the United Nations climate summit.
Key Details
- Business leaders at the United Nations COP27 climate summit are pushing the government and other businesses to take action on climate change, in Egypt.
- More than 100 companies joined forces to create an open letter urging the government to create clear policies to encourage businesses to jump on board with climate change.
- The companies want to meet the goals of the 2015 Paris Agreement, which aims to keep global warming well below 2 degrees Celsius by the end of the century, according to Wall Street Journal writers Dieter Holger and Rochelle Toplensky.
- “Business can’t afford to wait, and they aren’t waiting,” says IBM Consulting global lead for sustainability Sheri Hinish.
Why it’s news
Many businesses around the world have been taking a big step toward climate change and instilling practices.
More than 100 companies took it a step further by pushing for action at the United Nations climate summit and asking the government to instill policies to get other businesses to start making the step toward climate change as well.
“Government targets, supporting policies and transition plans can provide clarity, predictability and the competitive landscape to encourage more businesses to take action and to make transition-aligned investments,” the CEOs in the open letter say.
The CEOs encouraged the government and other businesses to take action and make clear policies to help others make the step to speed up climate change. The leaders also asked for more incentives such as tax credits to encourage others to fight for change.
“We need policy makers and regulators to make sure that they enact frameworks which are clear and as consistent on a cross-border basis as possible,” says Net-Zero Insurance Alliance chair Renaud Guidée. “And obviously you need the businesses to further deliver on the disclosure efforts, which have started.”
The World Economic Forum published the letter, signed by the heads of Nestle SA, Dell Technologies, PepsiCo, H & M Hennes & Mauritz, Unilever, and LEGO Group, among others. The major oil-and-gas companies were not signers of the letter.
