COP21: What does this mean for businesses?
♦ Deal has been agreed by all countries involved to curb global warming to less than 2°C
♦ Nearly 200 countries took part in 2 weeks of intense negotiations st COP21
♦ The pact is the first to commit all countries to cut carbon emissions, which will come into being in 2020
KEY AGREEMENT POINTS:
♦ To peak greenhouse gas emissions as soon as possible and achieve a balance between sources and sinks of greenhouse gases in the second half of this century
♦ To keep global temperature increase “well below” 2C (3.6F) and to pursue efforts to limit it to 1.5C
♦ To review progress every five years
♦ $100 billion a year in climate finance for developing countries by 2020, with a commitment to further finance in the future
OPINIONS FROM BUSINESS LEADERS:
Carolyn Fairbairn, the director of the CBI business lobby group, says the challenge for governments is to “turn global ambition into national reality,” which for the UK is about providing, “a stable environment that enables investment in cleaner, more affordable and more secure energy generation.”
“As other nations start to play a greater role and increase their ambition, the UK needs a level playing field for carbon costs, so that our energy-intensive industries can compete effectively in a global, low-carbon market place,” added Carolyn Fairbairn.
Head of climate policy, Claire Jakobsson, at the EEF (Manufacturers’ organisation) said: “While this development in climate action is to be applauded, it is only the beginning of what is necessary to ensure a level playing field for UK manufacturing.”
This means that businesses in the UK are in effect saying: you signed up to this, now make sure we don’t lose out globally as a result, don’t let China and India undercut us on this.