US Clean Power Plan backed by hundreds of businesses and investorsWe Mean Business
President Obama delivered on Monday the final Clean Power Plan, setting an ambitious emissions reduction target of 32% from 2005 levels by 2030, to be achieved through a series of measures that will limit carbon emissions from power plants, increase the share of renewable energy production and implement new energy efficiency measures.
Under the new plan, renewable energy will account for 28% of total US capacity – 6% more than the previous version – and could save consumers up to $155 billion from 2020-2030, according to official data, while ensuring increased grid reliability.
The final version of the Environmental Protection Agency’s plan enables single states to choose the most suitable strategies and measures to meet the country’s target, and extends the deadline for the submission of their implementation plans to 2022. Nevertheless, the plan includes strong incentives and credits for earlier climate actions, that will “drive deployment on renewable energy and low-income energy efficiency before 2022”, reads the official statement.
The Clean Power Plan stresses the benefits for businesses, as companies’ specific needs have been taken into account as well as states’ ones.
That is why, in an unprecedented show of business support for climate actions, 365 companies and investors joined their voices on Friday to encourage governors across the country to finalize their implementation plans sooner than later.
Giant companies such as General Mills, Mars Inc., Nestle, Staples, Unilever and VF Corporation were among the signatories of the letters sent to 29 governors.
“More than ever, businesses and investors are waking up to the threat of climate change and the urgency for low-carbon solutions that make strong economic sense,” said Mindy Lubber, president of the advocacy group for sustainability leadership CERES. “The Clean Power Plan speaks to these growing business concerns by providing certainty and flexibility in building their own clean energy strategies.”
The letter is only the latest sign of the increasing involvement of the business community in the global climate challenge. Companies and investors from across the globe are acknowledging the business case for renewable energy and for cutting their carbon emissions, by taking a series of climate actions that are driving the low carbon transition and are boosting a new sustainable business model.