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Ambitious Paris deal needed to support low-carbon growth

Businesses want the momentum of the UN Climate Conference in Lima to be carried forward to next year’s Conference in Paris with strong and lasting commitments to reducing emissions and supporting low-carbon growth, according to a new CBI paper.

Read A climate for growth here

Looking ahead to the Paris talks, A climate for growth demonstrates the critical role that businesses have to play in tackling climate change, and the opportunity that the global green market in low-carbon goods and services, worth £3.4 trillion, affords companies to grow, invest and create jobs.

In order to do this though, businesses need policy certainty. Harnessing the momentum from Lima 2014, the CBI is calling for:

• Nations to put forward ambitious commitments in 2015 to achieve robust, legally-binding pledges for emissions reductions to take effect in 2020
• Boosting climate funding, with increased private sector finance, and stepping up support for game-changing innovations, such as Carbon Capture and Storage
• More widespread carbon pricing and the linking of existing carbon markets.

With the EU already committed to cutting 1990 level emissions by 40% by 2030, and the USA and China recently reaching a landmark agreement, the paper argues that prospects for a deal are more positive that at any time since the 2009 Copenhagen Conference.

John Cridland, CBI Director-General, said:

“With the Lima Conference coming to an end, it is imperative that we carry the momentum forward to Paris with ambition and clarity, to achieve the lasting global deal the world is waiting for.

“Business not only has a responsibility to tackle climate change, it’s key to the solution. By developing cutting-edge products and innovative services across the globe, companies are critical to cutting emissions and creating a green economy.

“For business to deliver effectively though, it needs a sure and stable policy environment in which to invest and innovate. Next year’s climate conference in Paris is the golden opportunity to create the long-term frameworks that will give business the confidence and security it needs to play its part in building a sustainable future for the next generation.

“Climate change is a global problem that needs a global solution. An international deal, with nations shouldering responsibility together, will foster competition and allow the economy to prosper in a low-carbon world.”