The business of air conditioning

Geneva & Sharm El-Sheikh, November 9, 2022 – The world’s leading companies detailed a Business implementation agenda for COP27published today in a new report by the World Business Council for Sustainable Development (WBCSD) at the conference in Sharm El-Sheikh, Egypt.

The Business of Climate Cleanup: Accelerating Accountability, Ambition and Action offers an overview of some of the most promising ambition and action platforms for companies. It also provides a list of specific interventions to accelerate global corporate decarbonization, involving corporate leadership with closer collaboration with government to:

  • Sharpen accountability
  • To lift ambitionand
  • Deliver action in speed and scope

Taken together, these economic interventions can radically advance the international climate protection agenda over the next five years. This report hopes to provide a practical answer to the COP27 President’s call for the climate agenda to move away from commitments and towards large-scale project implementation.

In this report, leading companies put forward proposals and policy ideas to raise the level of ambition, expand system transformation actions, and most importantly, go beyond mere commitments and targets to create a holistic corporate climate responsibility system that demonstrates the progress made Firms achieve their net zero goals as well as the contribution of the economy in providing Nationally Determined Contributions (NDCs).

ACCOUNTABILITY

to sharpen business accountabilitythree priorities have been identified, all of which can be initiated during COP27 and fully developed towards COP28:

  1. Create a corporate carbon accountability system alignment. This includes promoting clear and vocal business support for the ISSB prototype, which is in development to become the authoritative global basis for climate reporting
  2. Provide a solid foundation for the carbon accounting system by updating the Greenhouse Gas Protocol and developing methodologies and data exchange protocols for Scope 3 emissions;
  3. Development of an aggregation mechanism for global corporate carbon accounting to link corporate data to national emission reduction progress reports

AMBITION

To raise ambition, Five practical areas for action have emerged as key priorities among WBCSD members, including for working with policymakers:

  1. Encourage more companies to set credible emission reduction targets and take responsibility for their progress
  2. Raise NDC ambitions in partnership with business
  3. Promote partnerships with companies to introduce carbon prices
  4. Accelerating a just and inclusive net-zero transition in key business and industrial sectors
  5. Unlock the potential for high integrity natural climate solutions (NCS).

ACTION

continue to deliver action now, For impact by 2025, the WBCSD and its member companies have identified a set of targeted interventions to scale progress in key economic systems (energy, industry, the built environment, mobility, food and agriculture, and capital markets). Key new action areas include:

  1. Development of transition pathways and investment plans with national oil companies
  2. Development of guidelines and methods for avoiding emissions to accelerate the innovation of business solutions

The WBCSD and its member companies look forward to working with the COP27 Presidency and all parties and business leaders from around the world to drive ambition, action and accountability to accelerate the decarbonization of the economy to the levels climate science dictates.

During COP27 – and in the weeks and months that follow – further discussions will no doubt advance the proposals presented here.

To this end, WBCSD is pleased that the Director-General of the United Arab Emirates has formally adopted COP28 welcomed the WBCSD to host its 2023 Council meeting in the UAE at the time of COP28from Friday 3 November to Sunday 5 November 2023.

For context, this work is based on the concept of an aggregation mechanism for corporate accounts (framed as corporate-determined contributions) as part of the Business manifesto for climate protection introduced by WBCSD at COP26. Since then, the WBCSD has engaged its member companies, UN platforms and other organizations, academia and civil society in a series of multi-stakeholder dialogues to explore and develop this idea. Additionally the Stockholm Agenda for Action published at Stockholm+50, further included the conception and design of a framework for aggregating corporate accounts for climate commitments, extending over time to aggregation of corporate accounts and providing transparency on business progress for nature loss commitments, pollution and inequality.

For the daily comprehensive program of the WBCSD presence at COP27, Take a look at our COP27 program.

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