19 October 2015: The US announced new commitments from companies that are joining the American Business Act on Climate Pledge, bringing the total number of US companies that have signed onto the pledge to 81. Together, these companies have operations in all 50 US states, employ over nine million people, represent more than US$3 trillion in annual revenue, and have a combined market capitalization of over US$5 trillion.

By signing the pledge, the companies demonstrate their support for action on climate change and a strong climate change agreement in Paris in December 2015. The pledges include ambitious, company-specific goals, such as: reducing emissions by up to 50%; reducing water usage by up to 80%; achieving zero waste to landfill; purchasing 100% renewable energy; and pursuing zero-net deforestation in supply chains. The 81 companies’ commitments total approximately US$160 billion.

During a roundtable with business leaders, US President Barack Obama said that incorporating considerations of climate change, energy efficiency and renewable energies can enhance companies’ bottom lines. He noted cases in which clean power is competitive with and even cheaper than traditional sources of energy, such as: Wal-Mart’s large-scale installation of on-site solar capacity; and Google’s purchase of renewable energy, making it the largest purchaser in the world, with Apple and Costco close behind. Obama also highlighted actions being taken by Intel, Pacific Gas & Electric (PG&E) and Berkshire Hathaway.

Obama called for: a strong outcome from the 21st session of the Conference of the Parties (COP 21) to the UNFCCC; and a partnership between business and the federal government, state government, local government and non-profit sector to achieve “aggressive reductions in our carbon footprint here in the United States.” [US Press Release and Fact Sheet on Climate Pledge] [US President Remarks] [IISD RS Story on Launch of American Business Act on Climate Pledge]