Global Compact International Yearbook 2013
45
Agenda
meet this need, businesses can participate in internationally
coordinated research and development on climate technolo-
gies. They can support regulation to back up technological
solutions, such as feed-in tariffs for renewable-energy power
projects. Encouraging the sharing of technologies, which
can put developing countries on a low-carbon development
pathway, is an effective, relatively low-cost means toward our
long-term climate goal.
A report released last year by the International Energy Agency
warned that we need to keep two-thirds of our remaining fos-
sil fuel reserves in ground if we are to keep climate change
within acceptable levels. But the Unburnable Carbon report
from Carbon Tracker found that many businesses are wasting
capital by continuing to search for and exploit fossil fuels that
will never be able to be used – generating what many have
described as a carbon bubble that will soon burst. To avoid
this and to retain social license, businesses can wise up to the
fact that the future will necessarily be fossil fuel-free. They
can stop new fossil fuel exploration, and call for regulation
to keep fossil fuels in the ground (ensuring a level playing
field). Banks, financial institutions, and others with large
stock holdings can divest from companies that persist with
inflating the carbon bubble.
Perhaps most important is standing up to – and going public
against – the businesses that are actively working against
effective action on climate change. Progressive corporations
that see the opportunities that climate action affords and
that recognize the shared responsibility we all have must
speak loudly and call for climate action – internationally,
nationally, and locally.
Climate change is a challenge that far exceeds any sector’s
ability to deal with it on its own. UN agencies, governments,
businesses, and civil society all have a role to play in ensur-
ing a low-carbon, sustainable, equitable future. We all have
a responsibility to help our leaders make the right choices to
deliver this future. This is much more important than putting
someone on the moon – this is delivering an inhabitable
planet for our children.
Julie-Anne Richards is
International Policy Coordinator
at the Climate Action Network
International.
Climate Change