Exploring The Road to COP26: Business Responsibilities and Opportunities
Alan Gogbashian, British Consul General - Chicago
Countries gather annually for the international climate conference, or Conference of the Parties (COP), with the 2015 Paris Agreement (COP21) being recently most noteworthy. Yet these gatherings can feel distant and removed from everyday life. I want to assure you these events do matter, and not just for governments, but for individuals and businesses alike.
That has been as true in Colorado as it will be at COP26 this November in Glasgow. As the UK’s representative to Colorado, I have seen your commitment to meeting the scale of the climate crisis. We need to raise up your ambition and innovation for the world to see, charting our path toward a more sustainable future.
Ahead of COP26, the world looks in earnest to your example of climate action. The UK as the COP26 President, is bringing governments, business, civil society and indigenous peoples together to drive action across key sectors of the economy to reduce emissions, mobilise finance, adapt and build resilience to the effects of climate change and make real progress in the largest emitting sectors of power, road transport and land use. Business action on climate is vitally important to achieving a successful summit, and an excellent opportunity to showcase businesses as global leaders in tackling climate change. COP26 must be the moment that all parts of society act to protect the planet.
In 2020, the UN’s High Level Champions launched the Race to Zero campaign. This campaign represents the largest global alliance of companies, cities, investors, regions and universities committed, based on science, to halving global emissions by 2030 and achieving net zero emissions by 2050 at the very latest.
As of June 2021, over 3,067 businesses and 173 investors have joined the Race to Zero, including over a third of the UK’s biggest companies. These businesses represent a combined revenue of almost US$15 trillion. Major US firms are leading by joining the Race to Zero, including McDonald’s, Walmart, Johnson and Johnson, Pepsi, Microsoft, Amazon, Ford Motor Company, Pfizer, and YUM! Brands. In Colorado the cities of Denver, Boulder and Fort Collins have all committed to the Race to Zero along with businesses such as H2a Botanicals, Uplight and Workbright.
Achieving net zero requires a whole-economy transition – every company, bank, insurer and investor will have to adjust their business models, and develop credible plans for the transition. The positive point for business is that clean growth presents the most significant economic growth opportunity of the 21st century. Investment in climate adaptation can reap significant economic benefits. For example, early action in responding to climate change can yield benefits from avoided economic loss and also expanded market opportunities. In 2019, 215 of the world’s biggest companies reported almost US$1 trillion at risk from climate impacts, with many likely to occur within the next 5 years.
In November, the eyes of the world are on the UK as we host COP26 in November following on from the G7 Leaders Summit in June. Join us on 20th October as we explain what COP26 means for US states, cities, and businesses and how you can have an impact in our efforts. Join us, Together For Our Planet.