Private Sector Needs To Ramp Up Its Involvement To Battle Climate Change

Dailycsr.com – 12 July 2019 – GRI informs that it is high time for the corporate world and the policy makers to collaborate in boosting the private sector’s involvement into “climate change commitments made under the Paris Agreement”.

The “Nationally Determined Contributions” initiated the movements of individual countries’ contribution for reducing emissions and adapting to the climate change impacts. In order to help in this endeavour, CDP and GRI have made a compilation of recommendations, applicable for private as well as government bodies, for “understanding, reporting and managing their contribution”.

The “NDCs publication” featuring Engaging business provides “an analysis of corporate reporting practices”, whereby the first round enumerates “examples of good practice” and recommends that:

• Policy makers include clear targets for the contribution by business, setting up efficient and transparent monitoring and doing more to encourage private sector engagement.
• Companies align operations and objectives to the national targets, taking advantage of opportunities to support the NDCs through investments and changes to their operations.

The report comes synching with the review of “UN Sustainable Development Goals” in New York, while the “UN Climate Action Summit” is scheduled to take place in September before countries submit their “next round of NDCs in 2020”. In the words of “Chief External Affairs Officer” at GRI, Peter Paul van de Wijs said: “To meet the challenging goals in the Paris Agreement, governments alone cannot achieve the changes required. Businesses also have a crucial role, which is why we need clarity on each other’s contribution. “As demonstrated by the UN forum this week – which includes reviewing the SDG for urgent action to combat climate change – international momentum is increasing. So, it’s clear that robust monitoring and reporting by countries of their NDCs progress, including private sector contributions, is a necessity. “Around the world, we are seeing great examples of businesses collaborating in the NDCs and we need this good practice to grow. Our briefing paper will help policy makers and companies focus on where they can do more to work together at the national level, playing their part in securing a global solution.”

References: 3blmedia.com