13 major US companies are pledging $140 billion to fight climate change — Business Insider

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Melting Arctic sea ice via Eccorazzi

From Reuters (Valerie Voccovici) via Business Insider:

Google, Apple, Goldman Sachs and 10 other well-known companies joined the White House in launching the American Business Act on Climate Pledge, a campaign that the White House said would inject $140 billion in low-carbon investments into the global economy.

Massive private sector commitments are seen by participants as essential to getting a global agreement on climate change in Paris in December. Emerging nations have demanded that any agreement include tens of billions of dollars in financing from developed nations to help their economies adapt to a low-carbon future.

Although not all the corporate pledges represented new commitments, Monday’s announcement showed the administration’s ability to get private sector buy-in for international climate change financing.

Mindy Lubber, president of environmental investor group Ceres, applauded the announcements but said the White House cannot rely solely on these pledges.

“Voluntary commitments alone will not get us the meaningful reductions we need,” she said. “Strong carbon-reducing policies are hugely important.”

None of the companies involved in Monday’s announcement were from the fossil fuel sector of the economy, though the White House said there could be a second round of pledges in the fall ahead of the Paris conference.

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