Businesses press finance ministers for climate action

2nd November 2015

Related Topics

Related tags

  • Mitigation ,
  • Carbon Trading ,
  • Reporting ,
  • Politics & Economics


Petra Stapp

A coalition of business groups has written to G20 and EU finance ministers to urge action on climate change, one month before UN negotiations in Paris begin.

The letter was organised by the Prince of Wales Corporate Leaders' Group, and was signed by 11 global and regional members of the We Mean Business coalition, including CDP, the Climate Group, World Business Council for Sustainable Development and Ceres.

In particular, the business groups are calling for finance ministers to act in three areas:

  • actively support a clear deal that supports investment in the low carbon economy;
  • ensure that climate finance promised to developing countries is delivered and used wisely; and
  • create the right fiscal environment to enable the private sector to invest in low carbon and resilient infrastructure and technology.

The letter states: "The business community has made significant progress in understanding, reducing and reporting our impact on the climate and is increasing investment in low carbon technologies and business models."

To sustain growth in investment in clean technologies and jobs, effective national policies are required, and the best foundation for achieving these is a global framework for action, it says.

"As ministers of finance and the economy, you play a critical role, both in delivering a robust deal at the COP21 in Paris and in translating the deal into domestic action," it states.

The key issues signatories to the letter want agreed at COP21 are a long-term goal for emissions reduction, reviews and updates to national climate action plans (INDCs) every five years and clear accounting mechanisms, to ensure that country pledges are dependable and comparable.

The businesses also want to see deadlines set for delivering a global carbon price and the elimination fossil fuel subsidies. National finance policies need to be aligned to support measures in the INDCs, the letter says. This should be combined with better corporate disclosure and regular stress testing, it adds.

Philippe Joubert, chair of the group and former president of Alstom Power, said that united political support for a deal in Paris was essential: "With this letter we wish to ensure that finance ministers from around the world are clear that there is powerful business support for the transition and a Paris agreement."


Subscribe to IEMA's newsletters to receive timely articles, expert opinions, event announcements, and much more, directly in your inbox.

Transform articles

Weather damage insurance claims hit record high

Weather-related damage to homes and businesses saw insurance claims hit a record high in the UK last year following a succession of storms.

18th April 2024

Read more

The Scottish government has today conceded that its goal to reduce carbon emissions by 75% by 2030 is now “out of reach” following analysis by the Climate Change Committee (CCC).

18th April 2024

Read more

The Science Based Targets initiative (SBTi) has issued a statement clarifying that no changes have been made to its stance on offsetting scope 3 emissions following a backlash.

16th April 2024

Read more

While there is no silver bullet for tackling climate change and social injustice, there is one controversial solution: the abolition of the super-rich. Chris Seekings explains more

4th April 2024

Read more

One of the world’s most influential management thinkers, Andrew Winston sees many reasons for hope as pessimism looms large in sustainability. Huw Morris reports

4th April 2024

Read more

Alex Veitch from the British Chambers of Commerce and IEMA’s Ben Goodwin discuss with Chris Seekings how to unlock the potential of UK businesses

4th April 2024

Read more

Regulatory gaps between the EU and UK are beginning to appear, warns Neil Howe in this edition’s environmental legislation round-up

4th April 2024

Read more

Five of the latest books on the environment and sustainability

3rd April 2024

Read more

Media enquires

Looking for an expert to speak at an event or comment on an item in the news?

Find an expert

IEMA Cookie Notice

Clicking the ‘Accept all’ button means you are accepting analytics and third-party cookies. Our website uses necessary cookies which are required in order to make our website work. In addition to these, we use analytics and third-party cookies to optimise site functionality and give you the best possible experience. To control which cookies are set, click ‘Settings’. To learn more about cookies, how we use them on our website and how to change your cookie settings please view our cookie policy.

Manage cookie settings

Our use of cookies

You can learn more detailed information in our cookie policy.

Some cookies are essential, but non-essential cookies help us to improve the experience on our site by providing insights into how the site is being used. To maintain privacy management, this relies on cookie identifiers. Resetting or deleting your browser cookies will reset these preferences.

Essential cookies

These are cookies that are required for the operation of our website. They include, for example, cookies that enable you to log into secure areas of our website.

Analytics cookies

These cookies allow us to recognise and count the number of visitors to our website and to see how visitors move around our website when they are using it. This helps us to improve the way our website works.

Advertising cookies

These cookies allow us to tailor advertising to you based on your interests. If you do not accept these cookies, you will still see adverts, but these will be more generic.

Save and close