153 corporations unveil new low-carbon action plans
More than 150 companies have unveiled low-carbon plans which they say can collectively deliver 65% of the emissions reduction needed to limit global warming to two degrees.
The plans are part of the World Business Council for Sustainable Development’s (WBCSD) Low Carbon Technology Partnerships initiative (LCTPi).
The initiative has seen 153 corporations, including Unilever, Ikea, BP, Ford, Heineken and Nestle, work together in a series of roundtables over the past year to develop nine sector-specific decarbonisation plans.
Launched in Paris today (7 December), each of the nine LCTPis presents an action plan that focuses on "what business can do today". They also suggest policy recommendations and public private partnerships with the aim of strengthening the business case for low-carbon action.
For example, 16 of the world's largest energy companies have a plan to nearly double the planet's renewable energy capacity by 2025.
A recent analysis of the initiatives by PWC suggested that if the ambitions are met, LCTPi could achieve 65% of the emissions reductions necessary to stay under 2°C, channel $5-10trn of investment into low-carbon sectors, and create 20-45 million jobs worldwide.
President and chief executive of WBCSD Peter Bakker said: “Meeting the climate challenge requires leadership, action and unprecedented collaboration. LCTPi incorporates these three components and shows that business is supporting governments, by delivering the innovative solutions that we need in order to make the transition to a low carbon world.
“It’s time to scale up. Neither business nor government can solve the climate challenge alone. We must work together – across sectors, across countries, across borders and boundaries, in order to make the progress that is so urgently needed."
Al Gore also gave a speech at the launch.
At the launch of the initiative in Paris, Bakker also called for world leaders to adopt a climate agreement that leads to net zero emissions in the second half of the century. “Creating a secure, long-term policy framework will allow business to go further and faster,” he said.
“And we call on other companies around the world to join LCTPi and help drive the innovation and collaboration that sit at the heart of the initiative.”
Earlier today, edie reported that six companies including BMW and Coca-Cola Enterprises had joined the RE100 initiative, pledging to source all of their electricity from renewable energy sources.