Climate change is one of the biggest issues in the world currently, and many organizations have committed to fighting against it.
The United Nations (UN) is making efforts to get big companies to reduce their carbon emissions in an effort to combat global warming.
We Mean Business
Close to 90 big-name companies have reportedly pledged to reduce their greenhouse gas emissions as part of larger efforts from a coalition of advocacy groups.
These companies have joined the initiative two months before the UN summit dedicated to spurring action against climate change.
Antonio Guterres, the UN’s Secretary-General, said that they need more companies to join the movement and send a clear message that the markets are shifting.
We Mean Business was launched in June this year after the UN’s call to action.
Business and civil society leaders joined the cause, and on July, 28 big name businesses had joined the coalition. To date, 87 companies have come together and dedicated their efforts toward fighting global warming.
The companies that are a part of this coalition have a total market capitalization of over $2.3 trillion.
The coalition is made up of companies from various industries such as the food sector, telecommunications, and food manufacturing.
French food manufacturer, Nestle, a French cosmetics company, L’Oreal, and French building material manufacturer, Saint-Gobain, have pledged to cut their carbon emissions to net-zero by 2050.
Several other companies have said that they will make efforts to limit their carbon output in a bid to lower the increase of average global temperatures to 1.5 degrees Celsius.
Carbon emissions need to be halved
Climate change is causing some irreparable damage to the environment, and there is a need for urgent action to be taken to fight against global warming.
Research suggests that there needs to be a halving of the total carbon emissions in the world over the next ten years to save the world. It is on the back of this research that We Need Business was formed.
Many experts have raised questions about the ability of big-name companies to commit to the fight against climate change.
There are doubts about whether shareholder returns will be sufficient to make the necessary investments needed to combat climate change.
We Mean Business believes that if big companies commit to fighting climate change, other businesses will also join the cause.
Lise Kingo, chief executive of the UN Global Compact, said that these global firms are leaders in the drive to keep global temperatures from rising past 1.5 degrees Celsius yearly. Corporate strategies aligned to this cause are the new norm across several industries.