Washington, D.C. — As promised pledges from participating countries begin to take shape, the Green Climate Fund, or GCF, will look at ways to invest in projects that help developing countries reduce their greenhouse gas emissions and build resilience to climate impacts. A new column from the Center for American Progress suggests that businesses, not just countries, have a stake in the GCF as it can be an effective tool for reducing climate impacts that affect their businesses. The GCF will also benefit U.S. companies by supporting new business opportunities in countries around the world.
“With the growth of the global supply chain and international markets, few major companies can claim to be immune to the effects of climate change,” said Ben Bovarnick, CAP Research Assistant and co-author of the column. “Companies of many sizes have a stake in efforts to curb greenhouse gas pollution that is contributing to climate change and should view the Green Climate Fund as an important tool in their own long-term sustainability. Furthermore, the GCF will pave the way for new investment opportunities in development programs worldwide.”
More than 30 countries from both developed and developing regions have pledged more than $10 billion to the GCF to date, and the organization is beginning to look at projects to invest in that would help developing countries grow without reliance on fossil fuels. Major global businesses, such as Coca-Cola and Heinz, have begun to point to climate change as a major risk factor to their businesses, and News Corporation has noted that its businesses are susceptible to extreme weather events. These multinational companies have an incentive to promote the same goals as the GCF.
Click here to read the column.
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