BUSINESSES AND INVESTORS WILL WORK WITH G7 TO ACHIEVE DECARBONIZATION OF GLOBAL ECONOMY THIS CENTURYNigel Topping
We Mean Business coalition welcomes G7 communiqué and looks towards Paris Agreement on Climate Change
At the G7 Summit in Germany, leaders agreed to deep cuts in global greenhouse gas emissions to decarbonize the global economy over the course of this century. This recognizes the latest science that, in order to limit global warming to 2°C, we must limit cumulative carbon emissions to one trillion tons.
G7 Leaders have told businesses and investors that the decarbonization of the global economy will occur this century. This is the signal we urgently need to catalyze climate action.
Now both governments and businesses have a crucial job to do. We commit to working with G7 governments to achieve a low-carbon, climate-resilient global economy this century by scaling up our climate action. In turn, governments must complete a global climate agreement this December in Paris, which amplifies this transformation.
As we made clear to G7 Leaders in our letter – we know that over the next 15 years more than US$90 trillion will be invested in infrastructure in cities, land-use and energy. A clear long-term decarbonization objective in the Paris agreement, such as net zero greenhouse gas emissions well before the end of the century, will shift this towards low-carbon investment and avoid unmanageable climate risk.
The Communique recognizes the need for G7 leadership in transforming their own energy sectors, and in mobilizing climate finance to accelerate deployment of renewable energy in developing countries. We stand ready to partner with governments to maximize this deployment.
In the Communique, the G7 also committed to developing long-term national low-carbon strategies.
Long-term national low-carbon strategies give businesses and investors detailed clarity for low-carbon capital asset investment. We call on all countries joining the Paris climate agreement to develop long-term strategies, which show their own path towards the low-carbon economy.
The business world is watching very closely to ensure that today’s communique has lasting impact. We congratulate the G7 Leaders for their leadership on display today.
The letter can be read here: https://www.wemeanbusinesscoalition.org/sites/default/files/WMB_G7_Letter.pdf
A full list of the 110 companies who have made commitments is here: https://www.wemeanbusinesscoalition.org/take-action