Bridging the gap
Need for an integrated strategy
Action by industry has a significant role to play in helping to develop approaches which support a more sustainable economic growth.
New ways of managing resources, that can help the transition from current economic models to new economic models, need to be found.
The mobilization of private and public capital for action is necessary for effective climate action. It is also time for the private sector to engage more fully with the UNFCCC. That means that industry must develop an understanding of the policy process and how to successfully advocate for change.
Perhaps the most important role for business today lies in helping to frame the institutions of a new treaty. In the same way as industry engaged with the UK government in the development of its Green Investment Bank, industry should help to shape institutions which will be driving a shift towards low carbon mitigation and adaptation.
Negotiations on climate change need to go hand in hand with action
Engaging with the UNFCCC process is about more than framing institutions, it’s about supporting negotiations in moving the agreement forward. Growing awareness of the need to address environmental, economic and community matters is driving changes in corporate behavior. This knowledge, combined with private sector expertise, provides a useful knowledge pool for policy makers.
As negotiations continue, actions taken at a national level will remain vitally important. And action by industry has a significant role to play in helping to develop approaches which support a more sustainable economic growth.
The UNFCCC process can support action in bringing countries together in implementing change while international negotiations are ongoing. The negotiations in Doha may provide a unique opportunity to encourage major oil and gas producing states to understand the benefits of signing up to a low carbon agenda.
The benefits of economic diversification and a wider integration of economic sustainability concerns in the international debate could help support the necessary political change.