3 August 2015
A group of the biggest US corporates including Google, Apple and Goldman Sachs recently pledged billions of dollars to support the Obama administration's quest for a global agreement to combat climate change.
The group joined the White House in launching the American Business Act on Climate Pledge, which is expected to inject $140 billion in low-carbon investments into the global economy.
Massive private sector commitments are seen as essential to getting a global agreement on climate change at the Paris conference in December in addition to strong carbon-reducing policies. The American Climate Pledge demonstrates the US administration’s ability to get private sector buy-in for international climate change financing.
Emerging nations in particular have made it clear that any agreement in December must include significant financing from developed nations to help their economies adapt to a low-carbon future. Gazasia Director Edward Lilleystone commented, “ The inward investment that will be attracted by our projects in Asia is a clear example of how we can work together to promote a low carbon environment.”