From lipsticks to logistics, chemicals, to credit cards. Companies and investors whose products and services touch almost every part of our daily lives have made 1000 commitments to take bold action on climate change, as part of We Mean Business' 'Take Action' campaign.
This landmark - and the recent gathering pace at which 1000 commitments has been reached - signposts an important step in the momentum driving corporate climate action. The transition to a low-carbon economy is indeed undeniable, inevitable and irresistible.
Here are eight reasons why 1000 commitments to take action matter:
1. Business is beginning to recognise that the stakes are high.
The changing climate is already impacting global supply chains, threatening power supplies, jeopardising crop yields, disrupting water systems and increasing the risk of armed conflicts. 1000 commitments to action show business is beginning to recognise that a stable global economy and equitable, high-quality growth aren't possible unless climate change is addressed.
2. Businesses, & the investors who own them, are rising to the challenge.
Delivering on a commitment to take action is not an easy undertaking. Adopting a science based emissions reduction target or procuring 100% of electricity from renewable resources, just two of the commitments that We Mean Business asks companies and investors to make, require significant strategic work and innovation to deliver. These commitments stretch companies to think beyond business as usual. On the investor side, investors are committing to measure and reduce the carbon portfolio of their holdings - sending an important message to companies they own that better, faster climate management strategies matter.
3. Commitments from global brands help catalyse further action.
From Thailand to Finland, Mexico to South Africa, the companies that have committed to take action are spread across the world. Having multinational household names like Nike, Philips, Nestle and Danone on board is helping us build a global, cross-industry movement focused on securing sustainable economic growth and prosperity for all.
4. The race to the top has started.
5. Business got the signal from Paris.
Business has recognised that following the historic deal in Paris we have entered a new regulatory and economic landscape. As a result we have seen over 90 companies making commitments since the agreement in December 2015 was reached, including two major multinationals - Mahindra and Toyota. The message is spreading globally too - the 1000th company to commit was India's Tech Mahindra.
6. Companies are willing to go further.
Since Paris the number of companies committing to set science based targets has grown more quickly than any other commitment area. Ensuring corporate targets to reduce emissions are in line with climate science are key if global temperature rises are to be held below two degrees. The momentum behind this commitment shows that business is up to fulfilling its potential to reduce emissions.
Learn more about science based targets and why they matter.
7. The momentum gives us confidence.
To hold temperature rises to well below two degrees, the companies responsible for most emissions will need to transform their business models to take advantage of the tremendous opportunities for growth, jobs and prosperity that a low-carbon economy offers. The powerful sectoral collaborations in the Low Carbon Technology Partnership initiatives, also part of the We Mean Business action framework, all illustrate the potential for deep reductions. The sheer number and range of businesses committing to action encourages the We Mean Business coalition partners to press ahead, and work with companies whose commitments to action can make the biggest impact when it comes to emissions reductions.
8. Business is sending a strong message to policy makers
1000 commitments to take action demonstrate that the private sector is serious about making a substantial contribution to reaching the goals established in the Paris Agreement. In the run up to COP22 these commitments and the actions being taken to implement them both demonstrate what is possible and provide governments with the confidence that business will support them in progressively increasing policy ambition.
This 1000 commitments milestone demonstrates that more companies and investors than ever, are committing to leadership on climate action.
Find out how your business can take action to help create a better, safer and healthier world for all.