Who would have thought we'd see the day that big business would be calling on government to reduce pollution but it's here with over 100 chairmans and CEOs putting their names to the measures suggested. Recommendations were delivered on Friday to the Japanese host of July's G8 summit, Prime Minister Yasuo Fukuda.
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The business leaders suggest a combination of top-down international commitments by governments, particularly by developed economies but also including emerging economies, and practical bottom-up efforts within and across industry sectors in the form of a multifaceted agenda of intensified public-private cooperation. These efforts will be aimed at speeding the development and diffusion of low-carbon technologies, mobilizing financial support to help developing countries adopt such technologies, spurring changes in consumer purchasing behaviour, and establishing common metrics to create a positive dynamic of improved corporate benchmarking, disclosure and investment decision-making with respect to GHG mitigation.
At the same time, business leaders urge adoption of both a long-term goal, such as the aspiration to at least halve global GHG emissions by 2050, and a series of clear intermediate targets to be achieved in the most cost-effective manner possible through the use of market mechanisms that create clear economic value from emission reductions, including a deep and liquid international market for carbon.
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