Numerous tech giants are joining forces to accelerate efforts to fight climate change.
Amazon, Disney, Google, Microsoft, Netflix, Salesforce, Unilever and Workday allied to enhance the scale and impact of business investment in climate solutions.
The alliance is called the Business Alliance for Scaling Climate Solutions.
The opening of this Business Alliance would come as energy watchdogs warn that spending on clean energy remains well shy of what’s needed to get the world on a net-zero pathway.
According to the experts, the transition from fossil fuels would need up to $3.8 trillion yearly through 2050.
Patrick Flynn, head of sustainability at Salesforce (CRM) said that –
“The time for climate action is now. Every business, government and individual must step up to the urgent challenge of climate change and create an inclusive and sustainable future for all.”
This new alliance is in partnership with the Environmental Defense Fund, the United Nations Environment Program and the World Wildlife Fund.
They will together share the funding opportunities, research and best practices which will speed up climate solutions.
BASCS says it will focus on catalyzing investments in emissions reductions and making sure these investments have measurable impacts.
Moreover, the carbon credits claimed by companies must represent “additional, real, quantifiable and verifiable emissions reductions or removals, and must not be double counted.”
“Transitioning to a low carbon economy demands fundamental changes in the way society, including the private sector, operates and innovates,” Vijay Sudan, Disney’s (DIS) executive director of enterprise social responsibility, said.
The partnership trails President Joe Biden’s drive to cut America’s carbon emissions in half by 2030.
Mark Campanale, founder and executive chair of think tank Carbon Tracker said that –
“Biden’s goal of reducing emissions by 50% by 2030 can only be achieved with this sort of private sector leadership, if we can combine world leading companies such as Google and Disney’s commitment to scaling climate solutions, with the vast capital resources of Wall Street and its newfound sustainability commitment, there would be nothing to stop the world from making the huge leap forward we need in delivering ‘net zero’.”
