The Alliance of CEO Climate Leaders published an open letter calling on world leaders to implement carbon pricing mechanisms, stimulate low-carbon finance and investments, and develop policy tools that increase demand for low-carbon solutions.
The letter describes signatories’ actions and achievements to date, and calls on other businesses to step up climate action.
As of 27 November 2018, the open letter was signed by 50 heads of global businesses generating US$1.3 trillion in revenue across 20 economic sectors in over 150 countries.
29 November 2018: Business leaders issued a call to action in the lead-up to the 24th session of the Conference of the Parties (COP 24) to the UNFCCC. The open letter by the Alliance of CEO Climate Leaders outlines specific policies and actions to support the temperature goals of the Paris Agreement on climate change.
The letter underscores the companies’ commitment to climate action, and describes achievements to date. It points to current initiatives such as the setting of science-based targets, putting an internal price on carbon, reducing energy use and working with partners to curb emissions across value chains.
Reiterating support for the Task Force on Climate-related Financial Disclosures (TCFD), signatories advocate for improved analysis and reporting of climate-related financial risks. They call on other businesses to step up climate action, in part by investing in low-carbon initiatives and companies.
The letter calls on world leaders to:
- implement effective carbon pricing mechanisms that drive a meaningful price on carbon across the globe;
- stimulate low-carbon finance and investments by offering coherent policies that shift financial flows from high-carbon investments to the low-carbon economy; and
- develop policy tools that help educate and positively influence societal demand for low-carbon solutions.
As of 27 November 2018, the open letter had been signed by 50 heads of global businesses generating US$1.3 trillion in revenue across 20 economic sectors in over 150 countries. A World Economic Forum (WEF) news release lists signatory companies’ goals and achievements to date, such as Engie’s cutting of coal-fired capacity by 60% since 2016 and BT’s aim of purchasing 100% renewable energy by 2020.
The Alliance of CEO Climate Leaders is an informal group facilitated by the WEF. The letter notes that, since the adoption of the Paris Agreement on climate change in 2015, the group has collectively reduced its Scope 1 and 2 emissions by 9%.