LONDON: Peter Bakker, president and CEO of the World Business Council for Sustainable Development (WBCSD) and former CEO of TNT Express, says the introduction of low carbon technology could create up to 45 million new jobs worldwide over the next 15 years.
Bakker said analysis by PwC confirms the WBCSD's Low Carbon Technology Partnerships initiative could deliver 65 percent of all CO2 reductions needed to meet the UN global warming target of below +2°C, while attracting US$5 trillion-US$10 trillion of new investment – half of which would be in developing countries.
With Exxon-Mobil now a target of an investigation by the New York Attorney General's office for reportedly misleading investors over climate change statements, Antoine Cahuzac, group senior EVP Renewable Energies of power company EDF said: "Being a responsible partner of, and committed to, a low-carbon world, it was obvious and natural for us to join the WBCSD's Low Carbon Technology Partnerships initiative (LCTPi).
"To tackle climate change we need to develop renewable energies to reduce the CO2 footprint of the electricity sector, and hence to decarbonize our economies," he added.
LCTPi includes 140 companies and 50 partners who are developing plans to deploy low-carbon technology worldwide. However, Bakker said they can't do it alone: "We can only safeguard the earth's future when business and policymakers act together. We urgently need an ambitious climate agreement in Paris to set the policy framework that will enable us deliver on our mutual goals."
The initiative has nine working group covering renewables, carbon capture and storage, chemicals, cement, energy efficiency in buildings, climate smart agriculture, forests and forest products as carbon sinks, low carbon transport fuels and low carbon freight transport.
According to the PwC analysis, implementation of low carbon transport fuels could attract investment of US$30-40 billion in construction and machinery technology split 50:50 across developing and developed countries.
With just over three weeks to COP21 in Paris where governments meet to decide on targets for keeping global warming below +2°C, Bakker added: "Never has the necessity of building a sustainable world been so real and so urgent. I have been inspired to see an increasing number of businesses stepping up to tackle the climate challenge and lead governments in adopting ambitious measures."