Two years after the 21st Conference of the Parties on Climate Change sealed in Paris a historic agreement, 89 French companies, representing an overall turnover of 1,500 billion euros and 6 million jobs worldwide, affirmed the need to collectively change course, in order to bring about a drastic reduction of global greenhouse gas (GHG) emissions.
Gathered at MEDEF’s headquarter on December 11, in the framework of the One Planet Summit of December 12, French companies have demonstrated their common pledge to fight global warming by signing the “French Business Climate Pledge”. The initiative aims to reinforce French business commitment to fight against global warming for the next three years. It marks a new stage in the private sector’s mobilization to innovate and create new products and solutions based on a low-carbon strategy. With this new commitment, the French private sector intends to show that the ecological transition is now on a concrete path.
Because the level of ambition requires an acceleration of our actions, Businesses have a central role in defining actions and developing solutions, products, and services that significantly reduce GHG emissions by several billion tons, particularly in the energy, transport, industry, building and agriculture sectors.
To reach this goal, several tools have already been put in place. For instance, 60 companies made concrete commitments to reduce their emissions; while 27 have an internal CO2 price. Among the companies involved in the initiative, 42 are engaged, or close to, in the Science-Based Targets initiative. Also, 34 of them have decided or intend to implement the recommendations of the Taskforce on Climate-Related Financial Disclosures (TCFD) with pragmatic methodologies to support companies to disclose their climate-related risk. These tools are very important because investors and stakeholders have not always information they need to incorporate the climate issue into their management practices.
Of course, reaching those goals supposes to increase significantly public and private financial resources into research and investment and also to establish interconnected carbon pricing mechanisms in the main economic regions. Such an organization will enable economic actors to integrate climate issues into their decisions.
From 2016 to 2020, French companies which signed MEDEF Pledge expect at least 60 billion euros of industrial investment and R & D in renewable energy, energy efficiency, the deployment of sustainable farming practices and other low-carbon technologies, and at least 220 billion euros of funding for projects contributing to the fight against climate change. In addition, low-carbon investments amount to 15 billion euros in the developing nuclear generation and investment in natural gas as transitional energy amount to 30 billion euros over the same period.
The fight against climate change also remains a key challenge for the attractiveness and competitiveness of France and Europe. The signatory companies recommend that France and the European Union more systematically rely on the continent’s technological and scientific potential, its competitiveness and encourage an increasing cooperation between European actors.
To read the 12 #oneplanet commitments – click here