Policy support will drive even greater business action

The We Mean Business coalition argues that while nearly 500 companies have set science-based emission reduction targets, stronger government policies are required to drive further business action. The coalition recommends specific interventions across zero-carbon grids, fleets, buildings, and agriculture, alongside broader systemic reforms including the removal of fossil fuel subsidies, the implementation of carbon pricing, and the adoption of TCFD disclosure requirements. The document emphasizes that these policies will provide the clarity and confidence businesses need for low-carbon capital investment and a just transition for workers.

• Business adoption of science-based emission reduction targets (SBT) is linked to corporate benefits; 79% of executives in SBT-committed companies reported increased brand reputation, 63% saw accelerated innovation, and 55% gained a competitive advantage.
• The coalition recommends that governments accelerate the transition to zero-carbon grids by setting credible national renewable energy targets, enabling direct corporate participation in electricity markets, and implementing policies to avoid stranded assets during the shift from fossil fuels.
• Fossil fuel subsidies, estimated at over USD $400 billion globally in 2017, distort capital markets and hinder low-carbon innovation; the coalition urges the immediate end of these subsidies for both producers and consumers.
• To achieve zero-carbon fleets, the document recommends phasing out internal combustion engines before 2045, introducing fiscal measures to stimulate electric vehicle (EV) demand (citing Norway's tax exemptions), and supporting charging infrastructure.
• Regarding zero-carbon buildings, the coalition suggests a national energy productivity improvement target of 3% per annum and the phasing down of hydrofluorocarbons (HFCs) via the Kigali Amendment to avoid up to 0.5C of warming by the end of the century.
• The coalition advocates for climate-smart agriculture (CSA) to reduce agricultural and land-use change emissions by 50% by 2030, recommending increased access to green bonds and climate insurance for smallholders.
• The document calls for the implementation of economy-wide carbon pricing and the mandatory disclosure of climate-related financial risks for large listed companies in alignment with TCFD recommendations.
• A just transition requires that national climate targets align with employment and education policies, including tripartite social dialogue between businesses, workers, and governments to protect those in high-emitting sectors.

APA

We Mean Business Coalition (2018). Policy support will drive even greater business action. https://www.wemeanbusinesscoalition.org/what-we-do/cop-and-other-events/cop24/

Chicago

We Mean Business Coalition. Policy support will drive even greater business action. 2018. https://www.wemeanbusinesscoalition.org/what-we-do/cop-and-other-events/cop24/.

Wikipedia

{{cite press release |author=We Mean Business Coalition |title=Policy support will drive even greater business action |date=10 October 2018 |url=https://www.wemeanbusinesscoalition.org/what-we-do/cop-and-other-events/cop24/ |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@misc{wemeanbusinesscoalition2018policy, author = {{We Mean Business Coalition}}, title = {{Policy support will drive even greater business action}}, publisher = {We Mean Business Coalition}, year = {2018}, month = oct, url = {https://www.wemeanbusinesscoalition.org/what-we-do/cop-and-other-events/cop24/}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }