Business Leaders endorse Carbon Pricing, an end to Fossil Fuel Subsidies, and Science-based GHG Reduction Targets

BUSINESS LEADERS ENDORSE CARBON PRICING, AN END TO FOSSIL FUEL SUBSIDIES, AND SCIENCE-BASED GHG REDUCTION TARGETS : The Business and Climate Summit in Paris on May 20-21 was opened by the President of France, with the UN’s Ban Ki Moon in attendance, along with 2000 international business leaders, policymakers and investors. The final press release called on policymakers to leverage public funds and private sector finance towards low-carbon assets; to introduce carefully designed and predictable carbon pricing; and to eliminate fossil fuel subsidies.

Another business group, the Caring for Climate program within the UN Global Compact, issued a statement at the Summit  which commits them to carbon pricing, to set long-term targets based on science, and to speak up publicly against negative lobbying on climate action. As part of this effort, the Science Based Targets Initiative, led by the Carbon Disclosure Project and WWF, released Mind the Science,  and Sectoral Decarbonization Approach: A method for setting corporate emission reduction targets in line with climate science . Both reports are available here  .

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