Business action on climate change

Source: Wikipedia, the free encyclopedia.
The European Investment Bank's Investment Survey also found that Western and Northern European firms are more likely to invest in climate mitigation.[1][2]

Business action on climate change includes a range of activities relating to

energy technologies
and energy efficiency measures.

Overview

[3]

Physical risks of climate change top the list of business concerns for US and EU firms.

In 1989 in the US, the

US Senate overwhelmingly passed a resolution against ratifying the Kyoto Protocol, the industry funded a $13 million industry advertising blitz in the run-up to the vote.[4]

In 1998

Brown and Williamson, which observed: "Doubt is our product since it is the best means of competing with the 'body of fact' that exists in the mind of the general public. It is also the means of establishing a controversy."[7] Those involved in the memo included Jeffrey Salmon, then executive director of the George C. Marshall Institute, Steven Milloy, a prominent denialist commentator, and the Competitive Enterprise Institute's Myron Ebell.[7] In June 2005 a former API lawyer, Philip Cooney, resigned his White House post after accusations of politically motivated tampering with scientific reports.[8]

In 2002, in the wake of both declining membership and President Bush's withdrawal from the Kyoto Protocol, the GCC announced that it would "deactivate" itself.[9]

Ex-World Bank economist Herman Daly suggests that neoliberalism and globalisation bring about "a permanent international standard-lowering competition to attract capital".[10] If accurate, this contemporary economic environment therefore also aids businesses who are hostile to action against climate change. They are able to relocate their activities to states which have less climate based regulations.

At the same time, since 1989 many previously denialist petroleum and automobile industry corporations have changed their position as the political and scientific consensus has grown, with the creation of the Kyoto Protocol and the publication of the

corporations include major petroleum companies like Shell, Texaco and BP, as well as automobile manufacturers like Ford, General Motors and Mercedes-Benz Group. Some of these have joined with the Center for Climate and Energy Solutions (formerly the Pew Center on Global Climate Change), a non-profit organization aiming to support efforts to address global climate change.[11]

Since 2000, the Carbon Disclosure Project has been working with major corporations and investors to disclose the emissions of the largest companies. By 2007, the CDP published the emissions data for 2400 of the largest corporations in the world, and represented major institutional investors with $41 trillion combined assets under management.[12] The pressure from these investors had had some success in working with companies to reduce emissions.

The World Business Council for Sustainable Development, a CEO-led association of some 200 multinational companies, has called on governments to agree on a global targets, and suggests that it is necessary to cut emissions by 60-80 percent from current levels by 2050.[13]

In 2017, after the

election of Donald Trump, backing was shown in the business community for the Paris Agreement, which became effective November 4, 2016.[14]

Investments to tackle climate change

In 2020 the demand for business action to stop climate change grow steadily. An organisation named "Task Force on Climate-related Financial Disclosures" was created with a specific aim to show which companies are trying to stop climate change and which not. The bank of England launched an initiative for showing what investment can become non profitable with climate action. BP pledged to become carbon neutral by 2050 and the biggest finance management company BlackRock said it will not serve those who will not try to reduce GGG emissions. Investors with a capital of 5 trillion dollars pledged to have 100% fossil free investments by the year 2050.[15]

Global Climate Coalition

A central organization in climate denial was the Global Climate Coalition (1989–2002), a group of mainly United States businesses opposing immediate action to reduce greenhouse gas emissions. The coalition funded deniers with scientific credentials to be public spokespeople, provided industry a voice on climate change and fought the Kyoto Protocol. The New York Times reported that "even as the coalition worked to sway opinion [towards denial], its own scientific and technical experts were advising that the science backing the role of greenhouse gases in global warming could not be refuted."[16]

In the year 2000, the rate of corporate members leaving accelerated when they became the target of a national divestiture campaign run by John Passacantando and Phil Radford with the organization Ozone Action. According to The New York Times, when Ford Motor Company was the first company to leave the coalition, it was "the latest sign of divisions within heavy industry over how to respond to global warming."[17][18] After that, between December 1999 and early March 2000, the GCC was deserted by Daimler-Chrysler, Texaco, the Southern Company and General Motors.[19]

The organization closed in 2002, or in their own words, 'deactivated'.

World Economic Forum

Further information: World Economic Forum

In the beginning of the 21st century the World Economic Forum began to increasingly deal with environmental issues.[20] In the Davos Manifesto 2020 it is said that a company among other things:

"acts as a steward of the environmental and material universe for future generations. It consciously protects our biosphere and champions a circular, shared and regenerative economy."

"responsibly manages near-term, medium-term and long-term value creation in pursuit of sustainable shareholder returns that do not sacrifice the future for the present."

"is more than an economic unit generating wealth. It fulfils human and societal aspirations as part of the broader social system. Performance must be measured not only on the return to shareholders, but also on how it achieves its environmental, social and good governance objectives."[21][22][23]

The forum launched the Environmental Initiative that covers climate change and water issues. Under the

Toyako and Hokkaido held in July 2008.[24][25]

In January 2017, WEF launched the

Ellen MacArthur Foundation, the International Resource Panel, Circle Economy and Accenture
serve as knowledge partners.

The

carbon emissions in China and other large industrial nations.[29][30]

The World Economic Forum is working to eliminate plastic pollution, stating that by the year 2050 it will consume 15% of the global carbon budget and will pass by its weight fishes in the world's oceans. One of the methods is to achieve circular economy.[31][32][33]

The theme of 2020 World Economic Forum annual meeting was "Stakeholders for a Cohesive and Sustainable World". Climate change and sustainability were central themes of discussion. Many argued that GDP is failed to represent correctly the wellbeing and that fossil fuel subsydies should be stopped. Many of the participants said that a better capitalism is needed. Al Gore summarized the ideas in the conference as: "I don't want to be naive, but I want to acknowledge that the center of the global economy is now saying things that many of us have dreamed they might for a long time," and "The version of capitalism we have today in our world must be reformed".[34][23]

In this meeting the World Economic Forum launched the Trillion Tree Campaign—an initiative aiming to "grow, restore and conserve 1 trillion trees around the world—in a bid to restore biodiversity and help fight climate change". Donald Trump joined the initiative. The forum stated that: "Nature-based solutions—locking-up carbon in the world's forests, grasslands and wetlands—can provide up to one-third of the emissions reductions required by 2030 to meet the Paris Agreement targets," adding that the rest should come from the heavy industry, finance and transportation sectors. One of the targets is to unify existing reforestation projects[35][36]

In 2020, the forum published an article in which it claims that the

GDP is moderately or largely dependent on nature. The article concludes that the recovery from the pandemic should be linked to nature recovery.[37][38]

In July 2020 the forum published the "Future of Nature and Business Report", saying that "Prioritizing Nature" can give to the global economy 10.1 trillion dollars per year and 395 million jobs by the year 2030.[39]

U.S. Climate Action Partnership

The

AIG
.

Energy industry

The European Investment Bank's Investment Survey 2020 found that firms with active climate policies invest more in energy efficiency.[1]

Future carbon bombs

For a 50% probability of limiting global warming by 2050 to 1.5 °C large amounts of fossil fuels would need to be left underground.[40][41] In various nations oil and gas companies such as Qatar Energy, Gazprom and Saudi Aramco are planning new large fossil fuel projects, called "carbon bombs", that would defeat the 1.5 °C climate goal if not "defused" and produce greenhouse gases equivalent to a decade of CO2 emissions from China. Researchers have identified the 425 biggest fossil fuel extraction projects globally, of which 40% as of 2020 are new projects that haven't yet started extraction.[42] As of 2022, countries like China and India are planning to boost production of coal and other fossil fuels.[43][44]

ExxonMobil

ExxonMobil has been a leading figure in the business world's position on climate change, providing substantial funding to a range of global-warming-denialist organizations. Mother Jones counted some 40 ExxonMobil-funded organizations that "either have sought to undermine mainstream scientific findings on global climate change or have maintained affiliations with a small group of 'skeptic' (denialist) scientists who continue to do so." Between 2000 and 2003 these organizations received more than $8m in funding.[7]

It also had a key influence in the

Robert Watson.[46] It has also invested $100 million into the Global Climate and Energy Project, with Stanford University, and other programs at institutions such as the Massachusetts Institute of Technology, Carnegie Mellon University and the International Energy Agency Greenhouse Gas Research and Development Program
.

Some of Exxon's activities on climate change produced strong criticism from environmental groups, including reactions such as a leaflet produced by the Stop Esso campaign, saying 'Don't buy E$$o', and featuring a tiger hand setting fire to the Earth. The company's carbon dioxide emissions are more than 50% higher than those of British rival BP, despite the US firm's oil and gas production being only slightly larger.[47]

According to a 2004 study commissioned by Friends of the Earth, ExxonMobil and its predecessors caused 4.7–5.3% of the world's man-made carbon dioxide emissions between 1882 and 2002. The group suggested that such studies could form the basis for eventual legal action.[48]

ExxonMobil made several modest climate pledges. There are some concerns about the implementation.[49]

In 2021 two and potentially three environmentally-concerned directors were introduced to the board of directors by an activist hedge fund.[50]

BP

BP left the Global Climate Coalition in 1997 and said that global warming was a problem that had to be dealt with, although it subsequently joined others in lobbying the Australian government not to sign the Kyoto Protocol unless the US did.[51] In March 2002 BP's chief executive, Lord Browne, declared in a speech that global warming was real and that urgent action was needed, saying that "Companies composed of highly skilled and trained people can't live in denial of mounting evidence gathered by hundreds of the most reputable scientists in the world."[52] In 2005 BP was considering testing carbon sequestration in one of its North Sea oil fields, by pumping carbon dioxide into them (and thereby also increasing yields).[53]

BP's American division is a member of the U.S. Climate Action Partnership (USCAP).

BP pledged to become 100% climate neutral by 2050.[15] It also declared that it will increase 10 times the investment in low carbon technology, like Renewable energy by the year 2030, stop searching for oil and gas in new countries, cut its oil and gas production by 40%. After the declaration the share price of the company rose by 7–8%.[54][55]

Shell

In 2021

Royal Dutch Shell announced that its CO2 emissions peaked in 2018 and its oil production in 2019. The company intends to cut emissions by 6–8% by 2023, 20% by 2030, 45% by 2035 and 100% by 2050.[56]

In 2023 Shell ruled out setting targets to reduce end-user emissions, referred to as Scope 3, which account for about 95 percent of the energy company's greenhouse gas pollution.[57]

Chevron

In 2021, 61% of Chevron shareholders adopted a resolution calling for reducing its GHG emissions, including for scope 3 emissions, e.g., emissions from suppliers and customers of its products.[50]

Koch Industries

Main article:
Political activities of the Koch family

From 2005 to 2008, Koch Industries donated $5.7 million on political campaigns and $37 million on direct lobbying to support fossil fuel industries. Between 1997 and 2008, Koch Industries donated a total of nearly $48 million to climate opposition groups.[58] According to Greenpeace, Koch Industries is the major source of funds of what Greenpeace calls "climate denial".[59][60] Koch Industries and its subsidiaries spent more than $20 million on lobbying in 2008 and $12.3 million in 2009, according to OpenSecrets, a nonpartisan research group.[61][62]

Others

American Electric Power, the world's largest private producer of carbon dioxide, said in 2005 that targets for carbon reduction "represent a common-sense approach that can begin the process of lowering emissions along a gradual, cost-effective path." The company complained that "uncertainties over the cost of carbon" made it very difficult to make decisions about capital investment.[63]

Business Week in 2004.[64]

PG&E Corporation
are members of the U.S. Climate Action Partnership (USCAP) (see above).

Royal Dutch Shell pledged to reach zero emission by 2050. Chevron and ExxonMobil made a more modest pledge. There are some concerns about the implementation of the pledges.[49]

The majority of the shareholders of ConocoPhillips and Phillips66 voted for resolutions calling to cut emissions in May 2021.[65]

Transportation

Transportation as another key area in the fight against climate change, as found in the European Investment Bank Climate Survey 2020[66]

A large proportion of carbon dioxide emissions occur because of transportation. Various developments to reduce the energy required or offset the emissions produces have been proposed with some implemented.

Motor vehicles

Several companies have formed or invested in

air quality.[67] During the 2010s the electric vehicle industry in China expanded greatly with government support.[68] In the early 2020s tightened European emissions standards squeezed its manufacturers of fossil-fuelled cars.[69]

The

Tesla Roadster (2008) is an all-electric sports car, and Tesla also produces the Tesla Model S sedan. Vectrix
produces and sells an electric scooter rated for 100 km/h (62 mph).

carbon neutral by 2040.[70]

Personal rapid transit

There has also been greatly increased interest in

MJ per passenger km).[72][73] By comparison, automobiles consume 3,496 BTU, and personal trucks consume 4,329 BTU per passenger mile.[74]
2getthere Inc. sells automated electric freight handling and transit vehicles designed to share existing rights of way with normal traffic.[75] The company installed the personal rapid transit system at Masdar in the United Arab Emirates.[76]

Despite numerous proposals no large scale PRT systems have been implemented.

Passenger aviation

carbon offsets, with longterm plans including the possibility of alternative fuels and other technologies. However, the International Air Transport Association reports that such alternative fuels are in short supply as of January 2020.[77]

Banks

In 2021 the BNDES (National Bank for Economic and Social Development) in Brazil declared that it will not support more coal thermal power stations and projects related to them. The bank wants to take actions in a similar direction in other sectors of the economy. The bank is considered as the "least worst" from all the banks of Brazil according to Responsible Banking Guide.[78]

Nonetheless, many other major banks have continued to fund the development of fossil fuels instead of climate change mitigation.[79]

Insurance industry

In 2004 Swiss Re, the world's second largest reinsurance company, warned that the economic costs of climate-related disasters threatened to reach $150 billion a year within ten years.[80]

In 2006 Lloyd's of London, published a report highlighting the latest science and implications for the insurance industry.[81]

Swiss Re has said that if the shore communities of four Gulf Coast states choose not to implement adaptation strategies, they could see annual climate-change related damages jump 65 percent a year to $23 billion by 2030. "Society needs to reduce its vulnerability to climate risks, and as long as they remain manageable, they remain insurable, which is our interest as well," said Mark D. Way, head of Swiss Re's

the Americas.[82][83]

AIG
is a member of the U.S. Climate Action Partnership (USCAP) (see above).

biking, simple living.[84] The company was the leading insurer of the Trans Mountain pipeline, but stopped supporting it, in July 2020.[85]

Media

Main article: Media coverage of climate change

In the UK, some newspapers (

carbon neutral by 2010.[88]

Facebook

the University of Cambridge as sources of information. The company will expand its information hub on climate to 16 countries. Users in others countries will be directed to the site of the United Nations Environment Programme for information.[89]

Finance management

Black Rock

In January 2020

Hartford Financial Services Group, Inc., ... and the European Investment Bank—the largest international public bank in the world "[90]

JP Morgan

The company is the biggest investor in fossil fuels in the world, therefore many try to persuade it to take climate action. In 2017 the company committed to giving 200 billion dollars to clean finance by 2025 and take 100% of its energy from renewables by the end of 2020. It expects to reach both targets. In 2020 the company pledged to give 200 billion to support climate action and reaching

tar sands, fracking and other fossil fuels.[91][92]

In October 2020

carbon neutrality by 2050.[93]

Despite its promises to reduce emissions, JPMorgan Chase still has invested heavily in fossil fuels.[94] In 2021 they invested around US$62 billion in fossil fuels.[95] This brings JPMorgan Chase to a total of nearly US$382 billion invested in fossil fuels since 2016.[95] There has been some green project investments, but they are a third of the revenue the banking firm has made from fossil fuels.[96]

In light of the IPCC 2022 report climate scientists took action and protested fossil fuel investments on a global scale.[97][98] In LA Climate Scientists chose the JP Morgan building due to JPMorgan Case heavy investment in fossil fuels.[97][99] These scientists were met with a swarm of police and later arrested after chaining themselves to the front doors and blocking the entrance.[97][99]

HSBC

In October 2020, HSBC, the biggest bank in Europe, committed to achieve zero emission by 2050, e.g., by this year it would not only become carbon neutral by itself but also will work only with carbon neutral clients. It also committed to provide 750–1,000 billion dollars to help clients make the transition. It also pledged to achieve carbon neutrality in his own operations by 2030.[100]

Fashion industry

Further information: Environmental impact of fashion and Sustainable fashion
A Patagonia garment featuring a "Vote the Assholes Out" label, targeting climate change deniers.[101]

The

fashion industry is one of the largest polluters, producing around 8-10% of all greenhouse gas emissions.[102] Fast fashion culture and mass production of lower quality, less durable materials have contributed to a greater impact.[102] Some retailers have explored ways to reduce the carbon footprint, water use and energy use of garment production. Examples include integrating recycled materials into garments.[102]

In 2022, Patagonia founder Yvon Chouinard gave away the company, with all profits going to a non-profit entity funding climate change activism.[103][104]

More on business action

This 2021 survey found that EU firms are more likely to make climate investments than US firms.

Businesses take action on climate change for several reasons. Action improves corporate image and better aligns corporate actions with the environmental interests of owners, employees, suppliers, and customers. Action also occurs to reduce costs, increase return on investments, and to reduce dependency on uncontrollable costs.

Increased energy efficiency

Firms investing in measures to improve energy efficiency in the EU and in the US[105]

For many companies, looking at more

carbon intensity starts to show up on balance books through organizations such as the Carbon Disclosure Project
, voluntary action is starting to take place.

Recently[

Wal-Mart
. Wal-Mart, the largest retailer in the US, has announced specific environmental goals to reduce energy use in its stores and pressure its 60,000 suppliers in its worldwide supply chain to follow its lead. On energy efficiency, Wal-Mart wants to increase the fuel efficiency of its truck fleet by 25% over the next three years and double it within ten years, moving from 6.5 mpg. This seems an attainable goal, and by 2020, it is expected to save the company $494 million a year.

Investments to tackle climate change

The company also wants to build a store that is at least 25% more energy efficient within four years.

Use of renewable energies

Main article: Renewable energy commercialization

In August 2002, the largest gathering of ministers in the history of the world met at the World Summit on Sustainable Development in Johannesburg.[106] The global environmental community discussed the role of renewables and energy efficiency in lowering carbon emissions, mitigating poverty reduction (energy access) and improving energy security. One result from WSSD was the formation of to carry forward the international dialogue on sustainable energy and its role in the energy mix.[107]

Partnerships formed include the Renewable Energy and Energy Efficiency Partnership, the Global Village Energy Partnership, the Johannesburg Renewable Energy Coalition (JREC), and the Global Network on Energy for Sustainable Development.[108][109][110]

Renewable energies and renewable energy technologies have many advantages over their fossil fuel counterparts. These advantages include the absence of local pollution such as particulates, sulfur oxides (SOX's) and nitrous oxides (NOX's). For the business community, the economic advantages are also becoming clearer. Numerous studies have shown that the working environment has a significant effect on workforce morale. Renewable energy solutions are a part of this, wind turbines in particular being seen by many as a potent symbol of a new modernity, where environmental considerations are taken seriously. A workforce seeing a forward-looking and responsible company is more likely to feel good about working for such a company. A happier workforce is a more productive workforce.

More directly, the high petroleum (oil) and gas prices of 2005 have only added to the attraction of renewable energy sources. Although most renewable energies are more expensive at current fuel prices, the difference is narrowing, and uncertainty in oil and gas markets is a factor worth considering for highly energy-intensive businesses.

Another factor affecting the uptake of renewable energies in Europe is the EU Emissions Trading System (ETS or EUTS). Many large businesses are fined for increases in emissions, but can sell any "excess" reductions they make.

Companies with high-profile renewable energy portfolios include an aluminium smelter (

The Climate Group
, an independent organization set up for promoting such action by business and government.

Carbon offsets

The principle of

carbon offset
article of this encyclopedia.

Many businesses are now looking to carbon offset all their work. An example of a business going carbon neutral is

New Society Publishers. The Guardian
also offsets its carbon emissions resulting from international air travel.

Many companies are trying to achieve carbon offsets by nature-based solutions like reforestation, including mangrove forests and soil restoration. Among them Microsoft, Eni. Increasing the forest cover of Earth by 25% will offset the human emissions in the latest 20 years. In any case it will be necessary to pull from the atmosphere the CO2 that already have been emitted. However, it can work only if the companies will stop to pump new emissions to the atmosphere and stop deforestation.[111]

Barriers to investments

The European Investment Bank's investment survey 2021 found that during the COVID-19 pandemic, climate change was addressed by 43% of EU enterprises. Despite the pandemic's effect on businesses, the percentage of firms planning climate-related investment rose to 47%. This was a rise from 2020, when the percentage of climate related investment was at 41%.[112][113] In 2021, firms' investments in climate change mitigation were being hampered by uncertainty about the regulatory environment and taxation.[112][114]

Carbon projects

A carbon project refers to a business initiative that receives funding because it will result in a reduction in the emission of greenhouse gases (GHGs). To prove that the project will result in real, permanent, verifiable reductions in greenhouse gases, proof must be provided in the form of a project design document and activity reports validated by an approved third party.

Reasons for carbon project development

Carbon projects are developed for reasons of voluntary environmental

monetize reductions in their carbon footprint
by trading the reductions in exchange for monetary compensation. The transfer of environmental stewardship rights would then allow another entity to make an environmental stewardship claim. There are several developing voluntary reduction standards that projects can use as guides for development.

Kyoto Protocol

Carbon projects have become increasingly important since the advent of emissions trading under Phase I of the

Certified Emissions Reductions
(CERs) when a DOE has produced a verification report which has been submitted to the CDM Executive Board (EB).

There may be new project methodology validated by the CDM EB for post phase II Kyoto trading.

United States

In the United States, standards similar to those of the Kyoto Protocol schemes are developing around California's

AB-32 and the Regional Greenhouse Gas Initiative
(RGGI). Offset projects can be of many types, but only those that have proven additionality are likely to become monetized under a future US Cap & Trade program.

One example of such a project, the Valley Wood Carbon Sequestration Project, receives funding from a partnership that was developed by Verus Carbon Neutral that linked 17 merchants of Atlanta's Virginia-Highland shopping and dining neighborhood retail district, through the Chicago Climate Exchange, to directly fund thousands of acres of forest in rural Georgia. The unique partnership established Virginia-Highland as the first Carbon-Neutral Zone in the United States.[115][116]

Operation

An entity whose greenhouse gas emissions are capped by a regulatory program has three choices for complying if they exceed their cap. First, they could pay an alternative compliance measure or "carbon tax", a default payment set by the regulatory body. This choice is usually the least attractive given the ability to comply by trading.[citation needed]

The second option is to purchase

carbon credits[117] within an emissions trading scheme.[118] The trade provides an economic disincentive to the polluter, while providing an incentive to the less polluting organisation. As fossil fuel
generation becomes less attractive it will be increasingly unattractive to exceed a carbon cap because the financial disincentive will grow via market forces. The price of a carbon allowance would go up because supply would decline while demand stays constant (assuming a positive growth rate for energy consumption).

The final option is to invest in a carbon project. The carbon project will result in a greenhouse gas emission reduction which can be used to offset the excess emissions generated by the polluter. The financial disincentive to pollute is in the form of the capital expenditure to develop the project or the cost of purchasing the offset from the developer of the project. In this case the financial incentive would go to the owner of the carbon project.

Project selection

The most important part of developing a carbon project is establishing and documenting the additionality of the project—that the carbon project would not have otherwise occurred. It is also essential to document the measurement and the verification methodology applied, as outlined in the project development document.

Developing a carbon project is appropriate for

carbon-negative fuels), carbon capture and storage, and energy efficiency
.

See also

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External links

References

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