Global Business Leaders Take Strong Stand for Carbon Pricing

NEW YORK, Sept. 23 2014 /3BL Media/ – Over thirty carbon pricing champions were announced today in front of 400 global leaders from business, Government and civil society during a UN Private Sector Forum, held at UN Headquarters as part of the UN Secretary-General’s Climate Summit.

Developed by partners of the Secretary-General’s Caring for Climate initiative to inspire the most advanced companies to reach the next level of climate performance, the Business Leadership Criteria on Carbon Pricing sets a high bar for companies to commit to three dimensions: 1) integrate carbon pricing into corporate long-term strategies and investment decisions; 2) publicly advocate the importance of carbon pricing; and 3) communicate their progress over time on the criteria in public corporate reports. Companies that have committed to align with the criteria include major oil and gas, utility, consumer goods, chemical and energy companies from North America, Europe, China, Brazil and Africa.

Driven by the UN Global Compact, UNEP, UNFCCC secretariat, and strategic partners of Caring for Climate, including CDP, The Climate Group and the UN Foundation, the Business Leadership Criteria build on Caring for Climate’s efforts since 2007 to accelerate climate change progress in a collective, responsible manner – by forging stronger alliances between companies and Governments to speed up the delivery of green solutions, scale up climate finance, create jobs and deliver sustainable energy systems on a massive scale. Nearly 400 companies from 60 countries already call for a stable price on carbon through the Caring for Climate Statement.

Opening the UN Private Sector Forum, UN Secretary-General Ban Ki-moon urged Heads of State and corporate leaders to reduce emissions aggressively and attain carbon neutrality before the end of the century.

“All people, communities and sectors stand to benefit from the vast opportunities presented by the transformation to climate-resilient, low-carbon economies,” he said, adding that, “First we must put a price on carbon. This is one of the most powerful and necessary instruments for reducing emissions and generating innovation and finance for low-carbon, resilient growth.”

Today’s Forum and the release of the Carbon Pricing Champions follows two critical announcements which showcase the increasing recognition of both the private and public sectors of carbon pricing as a necessary and effective way to tackle climate change:

• As part of a Global Investor Statement on Climate Change, more than 340 global institutional investors representing over $24 trillion in assets recently called on Governments to provide stable, reliable and economically meaningful carbon pricing that helps redirect investment commensurate with the scale of the climate change challenge, as well as develop plans to phase out subsidies for fossil fuels.
• Yesterday the World Bank Group released the names of 73 national and 11 regional Governments responsible for 54 percent of global greenhouse gas emissions, and more than 1,000 companies and investors that have expressed support for putting a price on carbon.

The Secretary-General recognized all three initiatives and the growing support for carbon pricing mechanisms:  “I welcome calls by leaders at this Summit for a price on carbon and intensified efforts to eliminate fossil fuel subsidies. To integrate carbon pricing into corporate long-term strategy, business wants and needs to see a level playing field.”

The UN Climate Summit provides a unique opportunity to mobilize political will and ambitious vision, anchored in action, that will enable a meaningful global agreement in 2015, as well as galvanize a critical mass of companies to collectively set long-term, ambitious climate goals and disclose public commitments in the lead-up to COP20 and COP21. New corporate commitments to action on climate change were also presented as part of the event.

Established in 2008 by UN Secretary-General Ban Ki-moon, the UN Private Sector Forum brings the voice of the private sector to inter-governmental negotiations on key topics during the opening weeks of the UN General Assembly. Past forums have focused on the Millennium Development Goals, food sustainability, sustainable energy and Africa.

• Download the Business Leadership Criteria on Carbon Pricing Brochure and view the list of 31 Carbon Pricing Champions
• Download new Corporate Commitments to Action on Climate Change

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About the UN Private Sector Forum 2014

Convened by the UN Global Compact in close cooperation with the World Bank Group, and with the support of UN partners, the UN Private Sector Forum will be held during the Secretary-General’s Climate Summit to provide a unique platform for Governments and business to demonstrate their leadership on climate change. The UN Private Sector Forum brings together Heads of State with chief executives and leaders from civil society and the UN to engage in discussion on innovative and scalable climate change solutions. Carbon pricing is featured as a global policy advocacy priority. For more information, visit www.unglobalcompact.org/UNPrivateSectorForum.