Finance ministers urged to up their efforts for COP21

Global business leaders are calling on finance ministers to increase efforts for a “robust agreement” at the upcoming climate conference in Paris. The ‘We Mean Business’ coalition, which works with global firms […]

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Global business leaders are calling on finance ministers to increase efforts for a “robust agreement” at the upcoming climate conference in Paris.

The ‘We Mean Business’ coalition, which works with global firms and investors, are urging ministers to “play an active role in supporting the negotiations” and in “creating conditions for a smooth, just and rapid transition…to a climate-resilient economy”.

The groups include The Climate Group, Japan Climate Leaders Partnership and South Africa’s National Business Initiative.

Their letter particularly asks for “clear and time-bound commitments on carbon pricing and the phasing out of perverse fossil fuel subsidies”.

It identifies three areas where finance ministers’ involvement could be key. The first is to “actively support an agreement which provides the clarity and certainty business needs to invest in a low carbon economy”.

It adds ministers should ensure “the climate finance promised to developing countries is delivered and used wisely”.

The letter goes on to say they should create the “right fiscal environment which will accelerate private investment into low carbon, resilient infrastructure and technology”.

Philippe Joubert, Chair of the Prince of Wales’s Corporate Leaders Group – which organised the letter – said: “The momentum for success and ambition in Paris has grown throughout this year. But it is vital that we have a united political support for Paris and for its ultimate goal of decarbonising our economy.

“What we need now is strong leadership from finance ministers to deliver effective national policies for the low carbon economy to thrive, based on a strong global policy framework.”