In a snub to climate denying politicians, US corporations have been queuing up to support new regulations designed to meet the carbon reduction targets in the Paris Agreement.
According to Benjamin Hulac in Scientific American:
“More than 100 companies—including brand-name firms like Hilton Worldwide Holdings Inc., HP Inc., Johnson & Johnson, L’Oreal SA’s American division and salesforce.com inc.—yesterday in a letter endorsed the Paris deal and U.S. EPA’s Clean Power Plan. The regulation was a critical component for U.S. negotiators to secure international support during the Paris talks.”
In addition more than 400 intuitional investors managing assets of more than $24tn have urged governments to expand low-carbon energy and to devise meaningful carbon reduction measures and to eliminate fossil fuel subsidies. Even a handful of energy companies, including Berkshire Hathaway Energy, Calpine Corp., PG&E Corp., Rio Tinto PLC, Royal Dutch Shell PLC and Siemens AG urged faster action.
Although the battle to implement the Paris Agreement will still be difficult, Hulac believes that we are seeing the beginning of a shift in corporate attitudes that will result in cultural and economic change across society.