TIME was when industry baulked at action to cut its emissions of greenhouse gases. But as the , Indonesia, on Tuesday, 150 of the world鈥檚 largest businesses 鈥� from Nestl茅 to Shell 鈥� called for tougher targets to cut global emissions by at least 50 per cent by 2050.
The biggest and smartest beasts in the corporate jungle figure they can make money from combating climate change. And the tougher the targets the more money they can make. 鈥淭he shift to a low-carbon economy will create significant business opportunities,鈥� said the joint statement, published in the London Financial Times.
The declaration is probably the last nail in the coffin for the Bush administration鈥檚 push for a voluntary approach to climate change. Major US corporations such as Coca-Cola, DuPont and GE agreed that only a 鈥渃omprehensive legally binding UN agreement will provide business with the certainty it needs to scale up global investment in low-carbon technologies鈥�.
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鈥淚t is probably the last nail in the coffin for the voluntary approach to climate change鈥�
The Bali meeting is the focus for reaching that agreement, and is expected to draw up a 鈥渞oad map鈥� for two years of negotiations on a successor to the Kyoto protocol, which ends in 2012. Working groups have already concluded that industrialised countries will need to cut their emissions by 25 to 40 per cent by 2020 鈥� 10 times faster than under Kyoto.
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