8 December 2015: The third annual Caring for Climate Business Forum brought together 400 business leaders, government officials and other stakeholders to discuss how business can accelerate action for climate change mitigation, and to announce new commitments by business leaders and joint initiatives. The event showed that a growing number of businesses is taking forward-looking actions to develop viable business models in support of a low-carbon economy.

Jointly organized by the UN Global Compact, the UN Environment Programme (UNEP) and the UNFCCC Secretariat, the third annual Caring for Climate Business Forum took place from 7-8 December 2015, on the sidelines of the Paris Climate Conference.

The first day of the Forum was held under the theme “accelerating climate action” and included sessions on carbon pricing, science-based target setting, responsible policy engagement, adaptation, and finance. Participants discussed: the role of big data in accelerating climate action; opportunities and challenges in scaling-up climate-smart investments in emerging markets; and integrating climate considerations in corporate financial decision-making.

During a session on targets, the Science-based Targets initiative launched a status update report showing that 80% of the world’s 500 largest companies reported emissions targets in 2014, and noting that most targets are insufficient to achieve the goal to limit temperature increase to below 2°C above pre-industrial levels.

The second day consisted of a high-level meeting of business representatives with officials from governments and relevant UNFCCC bodies to discuss announcements of new commitments by business on cooperative, individual and public policy actions in accordance with criteria set by the Lima-Paris Action Agenda (LPAA). The announcements included: new emissions reduction targets by 450 Chief Executive Officers (CEOs) expected to reduce CO2 emissions by 93.6 million metric tons; 64 CEOs committing to integrate carbon pricing into long-term strategies, investment decisions and public policy efforts; 114 companies committing to engage responsibly in climate policy; and 142 companies committing to include climate change-related information in their public reports. [UNFCCC Press Release] [UN Press Release][Caring for Climate Business Forum Webpage] [Science-based Targets Initiative] [UNGA President’s Remarks]