Businesses ‘already benefiting’ as global leaders sign Paris Agreement

Companies are already benefiting from the Paris Agreement as representatives from 171 countries signed the deal at the United Nations’ head office in New York.

We Mean Business – a coalition of organisations including The B Team, The Climate Group and the Prince of Wales’s Corporate Leaders Group – said that the national commitments made in Paris Agreement represent a $13.5 trillion (£9.3tn) market through to 2030.

The group highlighted $8.3tn of commitments to improve energy efficiency in the building, industrial and transport sectors, along with a further $5.2tn to decarbonise the power sector.

Almost 400 companies have already made some 900 commitments to help, according to analysis published by the coalition.

27% rate of return

Edward Cameron, Head of Policy at We Mean Business, said: “Benefits are coming through.

“Many of these companies are accruing an internal rate of return above average — close to 27%. We’re also seeing costs to those companies that are failing to take a leadership role.”

Steve Howard, Chief Sustainability Officer at furniture chain Ikea and Co-Chair of We Mean Business, added: “If we look forward 10, 20, 30 years’ time or beyond, we will see Paris as the turning point between the carbon economy and the clean economy.

“This was not just about small incremental actions. This is a systemic movement to decarbonise.”

Businesses back ‘Low-Carbon USA’

Meanwhile, more than 100 American companies under the “Low-Carbon USA” banner have backed the Paris Agreement and have called on their country’s politicians to implement the United States’ “Clean Power Plan”.

They highlighted the benefits that the plan would bring in creating jobs and stimulating investment.

Companies that signed the document include Ebay, Kellogg’s and Levi Strauss.

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