In an open letter addressed to environment ministers, ICC Secretary General John W.H. Denton AO writes:
“As we enter the final hours of the conference, we are deeply concerned that critical negotiations on transparency, climate finance and the trading of emissions and offsets across borders remain on a knife edge. These are not merely technical sideshows from a real economy perspective: each is essential to give the Paris accord real teeth and incentivise accelerated climate action.”
The institutional representative of over 45 million businesses globally, ICC has consistently called on governments to ensure that COP26 delivers agreements to fully operationalise the Paris Agreement — most notably, rules to enable the trading of greenhouse gas emissions and offsets across national borders.
ICC has also called on advanced economies to significantly scale the provision of climate finance to developing countries — an issue of pivotal importance given the fiscal pressures created by the Covid-19 pandemic.
Mr Denton’s letter concludes:
“The increased ambition that governments have brought to the table at COP26 is truly welcomed by the global business community. But statements of intent will only succeed in curbing runaway climate change if allied with sound global rules and clear incentives for business to invest at scale in a greener future.
“Glasgow can deliver this if all governments – developed and developing – show real statesmanship and a willingness to make tough compromises during the final throes of the conference. From a business perspective, the gavel should not come down on COP26 until robust deals to fully operationalise and finance the Paris Agreement are finally agreed. We cannot afford to wait any longer.”