Business welcomes The Glasgow Climate Pact: We Mean Business Coalition statement

The We Mean Business Coalition welcomes the Glasgow Climate Pact as a vital framework for keeping global warming to 1.5°C, noting that it provides the certitude needed for business to scale up climate solutions. The coalition emphasizes the need to fast-track the implementation of national plans and pledges, specifically calling for the phase-out of coal-fired power by 2030 for advanced economies and 2040 for others, and the removal of fossil fuel subsidies by 2025. The statement highlights the importance of the Net-Zero Standard from the Science Based Target initiative (SBTi), the creation of the International Sustainability Standards Board (ISSB) for global reporting, and the agreement on Article 6 rules for carbon markets to drive deep decarbonization.

• The Glasgow Climate Pact is viewed as a critical step toward limiting global warming to 1.5°C and implementing the Paris Agreement, though the coalition argues that implementation of national plans and pledges must be fast-tracked to achieve this goal.
• To align with the 1.5°C pathway, the coalition states that coal-fired power generation should be phased out by 2030 for advanced economies and by 2040 for other countries, and that fossil fuel subsidies should ideally be removed by 2025.
• The coalition highlights the role of the Science Based Target initiative (SBTi) and its Net-Zero Standard, launched at COP26, in providing a credible assessment for companies to align their climate actions with the 1.5°C limit.
• The agreement on rules for cooperation and market-based instruments under Article 6 is identified as a key element for the full implementation of the Paris Agreement and for unleashing investment in emission reductions.
• The establishment of the International Sustainability Standards Board (ISSB) is welcomed as a necessary step to provide a global standard for the consistent disclosure of climate and sustainability information by companies.

APA

Knight, R. (2021). Business welcomes The Glasgow Climate Pact: We Mean Business Coalition statement. We Mean Business Coalition. https://www.wemeanbusinesscoalition.org/blog/glasgow-climate-pact/

Chicago

Knight, Robin. Business welcomes The Glasgow Climate Pact: We Mean Business Coalition statement. We Mean Business Coalition, 2021. https://www.wemeanbusinesscoalition.org/blog/glasgow-climate-pact/.

Wikipedia

{{cite press release |last1=Knight |first1=Robin |title=Business welcomes The Glasgow Climate Pact: We Mean Business Coalition statement |publisher=We Mean Business Coalition |date=13 November 2021 |url=https://www.wemeanbusinesscoalition.org/blog/glasgow-climate-pact/ |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@misc{knight2021business, author = {Knight, Robin}, title = {{Business welcomes The Glasgow Climate Pact: We Mean Business Coalition statement}}, publisher = {We Mean Business Coalition}, year = {2021}, month = nov, url = {https://www.wemeanbusinesscoalition.org/blog/glasgow-climate-pact/}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }