A new initiative could deliver 65% of the carbon emission reductions needed to meet the UN target of keeping global warming to under 2°C.
That’s according to a new report by PwC launched by the World Business Council for Sustainable Development (WBCSD), a global association of around 200 companies.
However for this ‘Low Carbon Technology Partnerships initiative’ (LCTPi) target to be met, “the right policy framework needs to be created by governments around the world”.
It aims to scale green bond finance for renewable energy by supporting deployment of 1.5TW of additional green capacity by 2025.
It also aims to boost corporate renewable energy procurement via power purchase agreements and deploy low carbon micro-grids as well as improve the integration of renewables into grids and the electricity market.
This could help the LCTPi channel at least $5 trillion – $10 trillion (£3tn – £6tn) of investment into low carbon sectors and create at least 20 million – 45 million jobs around the world during the next 15 years.
Peter Bakker, CEO of WBCSD, will call on governments to agree on an ambitious global climate deal to help businesses deliver on their LCTPi ambitions at the COP21 in Paris next month.
According to a recent report pledges made ahead of the COP21 “will dramatically slow down emissions growth in the energy sector”.