Calls from The Prince of Wales’s Corporate Leaders Group for the EU to ratify the Paris Agreement on Climate Change as soon as possible to trigger its entry into force.
60 countries accounting for almost 48% of global greenhouse gas emissions have now joined the Agreement, short of the 55 countries representing 55% of emissions required for the treaty to enter into force. However, more countries have committed to ratifying in the coming months and UN Secretary-General Ban Ki-moon said today, at a high-level event at the UN General Assembly in New York, that he was confident the Paris Agreement will enter into force by the end of 2016, less than a year after it was negotiated.
The ratification by the European Union, which accounts for 12% of global greenhouse gas emissions, will be instrumental to reaching the required threshold of 55 countries and 55% of emissions.
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Jill Duggan, Director of The Prince of Wales’s Corporate Leaders Group (CLG), which brings together 24 global businesses employing 2 million people worldwide, welcomed an important milestone. She said:
“We are delighted at the unprecedented speed with which this historic agreement will come into force. This shows that governments have understood and responded to the urgency of the climate challenge – a challenge demonstrated by the record breaking temperatures experienced, yet again, this year.
“The ratification by the European Union, which accounts for 12% of global greenhouse gas emissions, will be instrumental to reaching the required threshold of 55 countries and 55% of emissions. European leaders should be commended for agreeing to speed up their ratification process.
“Members of The Prince of Wales’s Corporate Leaders Group call on the EU to stay at the forefront of climate action and fully join the Paris Agreement in the next couple of weeks, triggering an entry into force at COP22 in Marrakesh.”
Paul Polman, CEO of Unilever, a member of the Corporate Leaders Group, added:
“The upcoming entry into force of the Paris Agreement is the important signal that businesses have been waiting for. With this clear direction of travel from political leaders, companies can now accelerate efforts to achieve a zero carbon future.”
Business leaders now need to look closely at what the entry into force of the Paris Agreement means in their own contexts. In order to help companies understand the changes ahead, the University of Cambridge Institute for Sustainability Leadership (CISL), which provides the secretariat to the CLG, published this week “A new climate for business: Planning your response to the Paris Agreement on Climate Change” on the occasion of Climate Week NYC 2016. This new business briefing explains the major implications of the Paris Agreement and helps businesses formulate their strategic responses.