$140 Billion in Efforts to Cut Carbon Emissions
Submitted by larryf13 on Tue, 07/28/2015 - 12:25pm
This week senior White House officials hosted 13 of the largest U.S. companies representing $1.3 trillion in revenue, who have pledged to support the Obama Administration launch of the American Business Act Climate Pledge. The companies include, Alcoa, Apple, Google, Microsoft, General Motors, Bank of America, Berkshire
Hathaway Energy, Wal-Mart Stores, Coca-Cola, UPS, PepsiCo, Cargill and Goldman Sachs. The pledges vary in significance with each company but primarily target cutting carbon emissions by a target date. With presidential elections around the corner there is much smoke and mirror talk about climate change.
This commitment shows that the American private sector is taking climate change very seriously and is willing tackle this challenge vigor. This fall, the Obama Administration will release a second round of pledges, with a goal of mobilizing many more companies to join the American Business Act on Climate Pledge. In addition, on October 20-21, Secretary Kerry will convene a forum at the State Department to highlight American leadership in climate investment and innovative solutions to our toughest climate finance challenges.
This Climate Pledge Act is setting the stage for the meeting in Paris in December of this year when 196 countries meet and sign a new, hopefully ambitious, climate change agreement. Not an easy task considering the number of countries, each having different views, solutions and resources. It will be critical that each nation pledges its own nationally determined contribution. A strong deal will make a significant difference to the ability of individual countries to tackle climate change. It will provide a clear signal to business, to guide investment toward low carbon outcomes.
Signs of climate change are all around us. The average temperature in the United States during the past decade was 0.8 degrees Celsius (1.5 degrees Fahrenheit) warmer than the 1901-1960 average, and the last decade was the warmest on record both in the United States and globally. Hopefully, the American Business Act Climate Pledge will be one more commitment that will lead the way for other nations to take prompt action and set achievable goals that will ultimately make a difference.
GENI is a co-founder of the MSCI Global Climate 100 Index (GC100). The GC100 includes 100 equally weighted companies that operate in three key areas, clean technology, renewable energy and future fuels. We believe this index will provide above average long term returns while being socially responsible with the constituents it includes.
Disclosure Note: GENI receives remuneration from this (GC 100) index.Â