The business community, which wants an explicit reference to the private sector in the preamble to the climate deal and support for carbon markets, is concerned that their two “big asks” may be omitted from the final text, Business Green reports.
“In the agreement there is no explicit reference to business,” Business Green says Norine Kennedy of the US Council for International Business told reporters. “Given how important business will be to delivering so many of the issues in the agreement, it would be appropriate for business to be mentioned in the preamble.”
To take effect, the final agreement must receive unanimous support from all of the governments at the talks.
A point of contention for some of the countries is a “high-ambition coalition,” led by the US, the European Union and other developing nations, which wants rapid action on reducing emissions and a transparent mechanism for holding countries accountable to their commitments, the New York Times reports. Brazil, China, Russia and major oil producing-counties like Saudi Arabia haven’t joined the coalition.
Earlier this week at COP21 114 companies — including Ikea, Coca-Cola Enterprises, Walmart, Kellogg and Dell — committed to set emissions reduction targets in line with what scientists say is necessary to keep global warming below the dangerous threshold of 2 degrees Celsius, an effort coordinated by the Science Based Targets initiative.
The Science Based Targets initiative is a joint effort of CDP, WRI, WWF and UN Global Compact that works with companies to set science-based emissions targets and only approves corporate targets that meet its strict criteria.
Ten companies have already had their targets approved including: Coca-Cola Enterprises, Dell, Enel, General Mills, Kellogg, NRG Energy, Procter & Gamble, Sony and Thalys. Combined, these 10 companies will reduce their emissions from operations by 799 million metric tons CO2 over the lifetime of the targets.