German sportswear giant adidas is among more than 50 major global corporates calling on world leaders to tackle climate change by introducing framework conditions that lay the foundation for a pathway towards limiting global temperature rise to well below 2 degrees Celsius.
The declaration, which has also been signed by German mail order and e-commerce giant Otto Group, French luxury goods group Kering, Swedish fashion giant H&M, German sportswear brand Puma and UK retailer Marks & Spencer, emphasies the importance of implementing the 2015 Paris Agreement and says decisive international climate action is “indispensable”. It came ahead of a high-level climate summit hosted by French President, Emmanuel Macron, in Paris this week.
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“Global decarbonisation is already taking place and will need to be accelerated in the coming years – those who stay on top of this trend will shape the transformation and benefit most from the value creation in a future low-carbon economy,” the declaration reads.
The group calls for framework conditions to lay the foundation for a pathway towards limiting global temperature rise and will allow the companies to actively contribute to its implementation. It adds the goal is to achieve a low carbon economy that is energy efficient and powered by renewable energy in all sectors, which in turn will secure jobs and prosperity, kicking off a new wave of innovation and entrepreneurship.
“The G20 unites the world’s strongest economies and accounts for 74% of the global greenhouse gas emissions. That is why G20 policymakers have a particular responsibility to act as leaders to embrace and implement this global paradigm shift towards a global low-carbon transformation and offer support to all other countries in order to win them as partners in this process.
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“G20 members and other countries in a position to do so should enable the international business community to play its role by establishing the necessary political and regulatory frameworks that allow an enhanced and more rapid decarbonization of the world’s economy, building on the principle of social equity.”
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By GlobalDataThe declaration calls on G20 governments to use the G20 as a forum and national governments from other countries to join efforts in order to move forward and to implement the following measures:
- Develop and implement long-term decarbonization strategies that enable cross-sectoral climate mitigation efforts and make our economies fit for a low-carbon future. All countries should submit such strategies to the UNFCCC by 2020. They should also bring forward (revised) Nationally Determined Contributions (NDCs) with high and comparable ambition levels that are sufficient to reach the climate goals set forth in the Paris Agreement.
- Phase-out of fossil subsidies by 2025, making way for increased investments in the low-carbon economy, renewable energy and the improvement of energy efficiency by utilising the resulting fiscal space.
- Put a price on carbon that provides direction to investors and businesses for the development of business models that are in line with keeping the global temperature rise well below 2°C.
- Take into account climate-related risks and the work of the Task Force on Climate-related Financial Disclosure (TCFD) to enable a thorough assessment of climate-related financial risks and opportunities. This will provide clarity to financial decision makers and generate confidence among investors around the world by providing the long-term direction needed to back up the implementation of the Paris Agreement from the investment side.
“We, the undersigned businesses, affirm our deep commitment to tackle climate change proactively and collectively within our own business activities and policies on the national and international level,” the declaration reads. “Besides making use of our own measures and instruments we take into account the opportunities offered by frameworks that support business climate action, such as internal carbon prices, TCFD implementation in our own reporting, as well as science-based targets.”
