November 26, 2020

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WBCSD LOW CARBON ACTION PLANS BRINGS TOGETHER MORE THAN 153 COMPANIES AND 70 PARTNERS

PARIS: The World Business Council for Sustainable Development (WBCSD) has brought together more than 220 organisations to develop low carbon action plans aimed at leading decarbonisation in a range of sectors.

The Low Carbon Technology Partnership initiative (LCTPi) was launched at COP20 in Lima, where a call was made for businesses and other non-state actors to come together and set out their contributions to fighting climate change.

A year on from Lima, the ambitions and action plans presented by LCTPi at the WBCSD’s Annual Council Meeting at COP21 show how seriously business has taken this call to action. An independent analysis of LCTPi carried out by PwC demonstrates that if its ambitions were met, LCTPi has the potential to deliver 65% of the emissions reductions necessary to stay under 2°C.

This, CEO and President of WBCSD Peter Bakker said, “shows that business is supporting governments, by delivering the innovative solutions we need in order to make the transition to a low carbon world.”

There are nine LCTPi groups in operation: renewable energy; carbon capture and storage; low carbon transport fuels; low carbon freight; cement; chemicals; energy efficiency in buildings; forests and climate smart agriculture. Each of these has an action plan that focuses on what business can do today.

They also suggest policy recommendations and public private partnerships. Together, the business involved and the wider benefits of these actions and policy changes are expected to lead a transformation that could channel investment worth $5-$10 trillion into low carbon technologies, creating millions of jobs and business opportunities along the way.

To that end, the launch event on Monday was also an invitation for other businesses to join LCTPi Bakker added that “It’s time to scale up. Neither business nor government can solve the climate challenge alone. We must work together – across sectors, across countries, across borders and boundaries – in order to make the progress that is so urgently needed.”

He was clear that businesses need an ambitious climate agreement at COP21 to support the delivery of this: “creating a secure, long-term policy framework will allow business to go further and faster.”

Article originally posted in The Bottom Line

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