Call for Climate Change Agreement in Paris to Support Private Sector Investments

Call for Climate Change Agreement in Paris to Support Private Sector Investments

Submitted by Newseditor on Fri, 2015-11-20 16:18 NEW YORK: A majority of business leaders say that a long term agreement at the UN climate summit (COP21) in Paris is critical to supporting private sector investment in low carbon solutions, according to a global study by the United Nations Global Compact and Accenture (ACN: NYSE). The report also reveals that executives see action on climate change as an opportunity for growth and innovation that will be essential to securing competitive advantage in their industries. The UN Global Compact-Accenture CEO Study report, Special Edition: A Call to Climate Action, is based on a survey of 750 business leaders from UN Global Compact participant companies. The research, undertaken by Accenture Strategy, reveals that 70 percent of executives representing companies with annual revenues of more than $1bn see climate change presenting opportunities for growth and innovation for their company within the next five years. Sixty-seven percent already see a clear business case for action on climate change.In the broader sample of business leaders across 121 countries, more than half (54 percent) of all respondents say that climate change will create opportunities for their company within the next five years. Forty eight percent believe that there is already a clear business case for action.“The international community has a unique opportunity in Paris to advance action on climate change through a bold, ambitious and universal agreement,” said Lise Kingo, Executive Director of the United Nations Global Compact. “Our research clearly shows that business leaders are committed to leading the way, and we believe that business can play a central role in galvanizing momentum to meet the first test of our collective ability to deliver collaborative action on the Sustainable Development Goals.”Priority Policy ActionsBusiness leaders are clear that government action is critical to supporting further progress. Seventy four percent of executives at companies with more than US$1 billion in annual revenues, and 61 percent of all respondents, see a long-term agreement in Paris as critical to unlocking private-sector investment in climate solutions.The concern about policy action comes as two thirds (66 percent) of business leaders say that the private sector is not doing enough to tackle climate change. Ninety-one percent believe that action is an urgent priority for business, but just one-third (34�see progress on track to restrict global warming to less than the 2°C limit.The study identified five key policy measures that can unlock further private sector investment in climate solutions are legislative and fiscal mechanisms to increase investment in climate solutions; Financial instruments to stimulate R