Private sector action needed to realize ambition of Paris Agreement

As the lead business representative to the United Nations (UN) climate talks, the International Chamber of Commerce (ICC) will be coordinating the annual Business and Industry Non-Governmental Organizations (BINGO) Day on 11 November at the UN Climate Change Conference in Marrakech.

Leading one of the largest business delegations at COP22, ICC will gather private sector leaders during BINGO Day to discuss and showcase business and investment solutions for a low-carbon and resilient economy.”Business is already taking a lead in delivering and deploying powerful solutions to meet the climate challenge, and can do more with the right policies in place,” said Kersten Karl Barth, Chairman of the ICC Commission on the Environment and Energy.

Business is already taking a lead in delivering and deploying powerful solutions to meet the climate challenge, and can do more with the right policies in place.

“To boost low-carbon growth and resilience for societies and economies at scale now and when needed, effective climate mitigation and adaptation requires scaling-up and greater investments. National Determined Climate Contributions need to be investable and translatable into business plans,” he added.

ICC hailed the entry into force of the Paris Climate Change Agreement on 4 November with ICC Secretary General John Danilovich calling the deal “a defining moment in history which captures the combined global efforts of governments, business and civil society.”

Business Day allows for dialogue which can help bridge the gap between the negotiations and the ‘real world.’ It is also an opportunity to showcase private leadership and action, and demonstrate private sector commitment and contributions to an ambitious implementation of the Paris agreement.

“Business Day allows for dialogue which can help bridge the gap between the negotiations and the ‘real world.’ It is also an opportunity to showcase private leadership and action, and demonstrate private sector commitment and contributions to an ambitious implementation of the Paris agreement,” said Mohamed Berrada Chair of ICC Morocco who will deliver an opening speech to BINGO Day participants.

Under the Paris Agreement, the use of market mechanisms is one possible policy option to help drive emissions. While businesses strongly support the use of market-based approaches to implement Nationally Determined Contributions (NDCs), those mechanisms should be based on clear rules and procedures.

In order to maximize business involvement and attract investment, the world business organization has published six recommendations for creating new channels for climate action and climate finance through market mechanisms.

ICC has also drawn on the experience of its global membership in more than 130 countries to publish a set of eight carbon pricing principles for governments and policymakers to help ensure that these instruments are designed to drive emission reductions effectively and with the lowest possible economic cost.

ICC has been the business focal point for the UN Climate Conferences since the very beginning, including the Paris Climate Conference (COP21) in December 2015.