Climate Policy Tracker expands to cover 20 countries
Léa Farnier, Associate, BSR
The We Mean Business coalition is proud to announce the release of an updated version of the Climate Policy Tracker – a freely available online platform designed to help businesses stay on top of climate regulations in all of the listed countries they operate. The new version of the tool expands from nine countries to 20.
The Paris Agreement on climate change, unprecedented in its scope and ambition, is defining the global economy of the 21st century; it also has immediate impacts on businesses globally. Taking action on climate change represents one of this century’s most significant business opportunities, and hundreds of companies globally now recognize the transition to a low-carbon economy is the only way to secure sustainable economic growth and prosperity for all.
Implementing the Paris Agreement at national level
Nationally Determined Contributions (NDCs) – the climate efforts embodied by each country to reduce national emissions and realize the Paris vision – are currently being implemented at scale, transforming the regulatory landscape that businesses operate in, sector by sector.
COP24 participants are hoping to take a step further this year and are ready to increase the ambition of national climate targets, to be more in line with the overall Paris Agreement goal of limiting warming to 2°C, while pursuing efforts to limit it to 1.5°C.
To date there are more than 1,500 climate laws and policies worldwide; 106 of which have been introduced since the Paris Agreement was reached, according to a recent LSE policy brief. These policies are reshaping national economies, development paths and value chains for companies across the globe.
Unraveling the complexity and multiplicity of local jurisdictions
Regulatory implementation of the Paris Agreement vision by countries is a key driver for business action. Being compliant with existing regulation is certainly a first step for companies, and even climate champions need the strongest possible regulatory argument to support climate action. It is sometimes hard, however, for global organizations to keep track of each policy in each jurisdiction.
The tracker provides businesses with up-to-date information on climate regulation, enabling companies to build a comprehensive picture of the policies that are directly impacting their operations and value chains. The initial version of the tracker, which was developed by We Mean Business coalition partner BSR, included nine geographies – EU, Brazil, China, India, Japan, South Africa, South Korea, US and UK.
The updated version of the Climate Policy Tracker that now adds 11 countries from all continents, bringing the number of countries to a total of 20 and the number of policies to 340. The tracker now includes France, Canada, Germany, Egypt, Australia, Argentina, Indonesia, Mexico, Norway, Saudi Arabia, and Thailand.
Moving forward, more countries will be added to the tool, as will information on policies in cities, states and regions.
Companies are paving the way
The low-carbon transition is underway and forward-looking businesses are harnessing climate action as a driver of innovation, competitiveness, risk management and growth. The We Mean Business coalition is mobilizing businesses to set ambitious targets and equipping them to seize the opportunities of the low-carbon transition. To date, over 770 companies have committed to climate action via the Take Action campaign through more than 1,250 commitments.
Climate-ambitious companies can use the Climate Policy Tracker to keep track of climate regulations in all of the listed countries they operate. Increasing action from companies to tackle climate change is giving governments increased confidence to fine-tune their own commitments, supporting their efforts to fully implement the Paris Agreement.