Statement on United States government withdrawal from Paris AgreementWe Mean Business coalition
The We Mean Business coalition regrets today’s announcement from the United States government indicating its intention to withdraw from the Paris Agreement and to renegotiate a new deal for the US.
The Paris Agreement was negotiated to bind governments together, ensuring a global level playing field for all businesses. It provides business with the confidence and certainty it needs to make long-term investments in innovation and infrastructure.
Our coalition works with the world’s leading businesses to accelerate the transition to a low-carbon economy. Almost 600 businesses, representing every sector and geography globally, creating $8.1tn in revenue, have made commitments to climate leadership in partnership with our coalition.
These companies have committed to, and will continue to act, on climate change because they believe that the transition to a low-carbon economy is one of the greatest economic opportunities of our time. Acting uniquely positions them to drive innovation, competitiveness and growth and managing risk.
What works for climate works for business
Many businesses are achieving an average internal rate of return of 27% on their low carbon investments and those that decouple growth from carbon emissions are experiencing an average 29% increase in revenues alongside a 26% drop in emissions.
Walmart, the world’s largest company by revenue, was the first retailer with a verified science-based target emissions-reduction plan. By taking action to cut emissions, Walmart has saved nearly $1 billion in the past fiscal year.
Last week Hewlett Packard Enterprise became the first company to establish a comprehensive supply chain management program that requires companies in its value chain to set science-based emissions reduction targets. HPE’s programme, will work with 80% of it’s suppliers and help avoid 100 million metric tons of carbon emissions by 2025.
Despite the US Administration’s decision today, businesses across the United States will continue to join their global counterparts in striving to meet ambitious climate related goals because what works for climate, works for business.