Global Business Leaders Urge Action in Cancun

On November 16, global business leaders representing $15 trillion in assets issued a statement calling for international action in the upcoming UN climate negotiations in Cancun. They argued that a lack of action would result in an economic disruption worse than the recent financial crisis. The statement was organized by the sustainable investment group Ceres and the UN Environment Program Finance Initiative, which represents more than one-quarter of global market capitalization. They called for national and international policies that will encourage investment in low carbon technologies. The statement read: “Private investment will only flow at the scale and pace necessary if it is supported by clear, credible, and long-term policy frameworks that shift the risk-reward balance in favor of less carbon-intensive investment.” The group expressed frustration with the failure of the U.S. government to deliver climate change legislation, saying that investors face rising risks due to the lack of action.

On the same day, business leaders from 250 companies issued the Cancun Communiqué , calling for "an ambitious, robust and equitable global deal on climate change" at the November 29, 2010, UN climate negotiations in Cancun. This statement reiterated a similar rallying call made last year in the Copenhagen Communiqué, which was endorsed by more than 950 companies. The statement argues that businesses want governments to deliver the regulatory framework necessary for business investment in low carbon technology and infrastructure. The statement calls on global leaders to agree to emissions targets, increase climate financing, and establish mechanisms for protecting forests and verifying emissions cuts at the Cancun climate negotiations. It also calls for sectoral, bilateral, or regional agreements that focus on rapid improvements in energy efficiency, low carbon energy systems, carbon capture and storage, and land-use management. Notable signers included business leaders from Nestle, Philips, Royal Dutch Shell, Tesco, and Unilever.

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