The FINANCIAL — Welcoming the solid steps made to advance the implementation of the Paris Agreement, the International Chamber of Commerce (ICC) has underscored the need for clear policies and collaborative undertakings for business to scale up investments and climate solutions.
The 22nd United Nations (UN) Climate Change Conference (COP22) concluded in Marrakech on 18 November after two weeks of negotiations resulting, amongst others, in a work plan to implement the Paris Agreement objectives. Delegates from nearly 200 countries approved to work on a rule book for the landmark Paris Agreement to tackle climate change. In their final declarations, countries agreed to review progress on climate protection as early as 2017 and showed determination to keep the Paris Agreement on track, according to ICC.
Representing global business, ICC said the Agreement must enhance the role of business to leverage expertise and contributions in regards to the review and strengthening of Nationally Determined Contributions (NDCs) and other efforts under the Paris Agreement Work Streams.
” Companies of all sizes and sectors around the world are moving as never before to address climate change impacts and lower emissions of greenhouse gases through business innovation, investment, and implementation, ” said Kersten Karl Barth, Vice-Chair of the ICC Commission on Environment and Energy.
The Paris Agreement contains many elements where closer cooperation with the private sector will be needed, including the elaboration of market mechanisms, technology cooperation, and climate finance.
ICC welcomes the decision to develop guiding rules by 2018, which will help clarify topics such as how countries will monitor their national pledges to curb greenhouse gas emissions and how they will report their progress. For business, such common rules of the Paris Agreement to measure, report, and verify commitments and avoid double counting are essential to long-term success, for confidence in international markets, and for private sector planning and investments.
COP22 has seen a continued, unprecedented mobilisation and commitment of the business community in support of the global climate agenda. As the business and industry focal point for the United Nations Framework Convention on Climate Change (UNFCCC) process, ICC played a leading role throughout the two-week conference in Marrakesh, demonstrating the vital role of business in achieving a sustainable and inclusive economic growth through technological innovation and dissemination, as well as investments.
Looking ahead to COP23, Mr Barth said: ” We will need to accelerate the pace of progress in key areas in the Paris Agreement, such as on market mechanisms under Article 6 of Paris Agreement. “
Business can provide valuable input to the negotiations; a recognised channel within the UNFCCC for private sector consultation and engagement would provide the infrastructure to support policy dialogue, partnership and action in the short and long terms.