Big companies commit to slash emissions ahead of UN climate summit

UNITED NATIONS: Almost 90 big companies in sectors from food to cement to telecommunications are pledging to slash their greenhouse gas emissions in a new campaign to steer multi-nationals towards a low-carbon future, organizers said on Sunday.

We Mean Business, a coalition of advocacy groups, said dozens of companies had joined the initiative in the two months leading up to a United Nations summit taking place on Monday, which aims to spur faster action on climate change.

“Now we need many more companies to join the movement, sending a clear signal that markets are shifting,” U.N. Secretary-General Antonio Guterres said in a statement.

The coalition was launched in June with a call to action by the United Nations, business and civil society leaders. The first 28 companies to join announced the following month. We Mean Business said 87 companies are now involved, with total market capitalization of more than $2.3 trillion.

Some experts have questioned whether publicly traded companies committed to maximizing shareholder returns will be able to make the sweeping investments required to fight climate change. Yet many investors have been pressuring companies to act on climate risks, and chief executives also face pressure from an upsurge in youth-led activism, which mobilized millions around the world to protest on Friday.

We Mean Business believes pledges by a core of mostly European, and some North American and Asian companies, to commit to independently-verified emissions targets will prompt others to follow suit.

U.N. chief Guterres sees the private sector as crucial to securing more ambitious pledges at Monday’s Climate Action Summit in New York, which aims to boost the Paris deal before it enters a crucial implementation phase next year.