The global executive community articulated by World Business Council for Sustainable Development (WBCSD) reinforced the importance of complying with the Paris Agreement to the leaders present at the meeting of G20, held on July 7th and 8th in Hamburg, Germany. The Brazilian government received the position through the Brazilian Business Council for Sustainable Development (CEBDS).
In a letter sent to global leaders, the business sector states that “the reality of climate change is irrefutable and the business case for affirming this is stronger than ever”, emphasizing that “leaders from all parts of the world need to act now, and with determination, to direct the global economy on a sustainable path aligned with the Paris Agreement”.
In addition to calling for a reaffirmation of commitment to implementing the Paris Agreement, the letter also highlighted the importance of introducing economic incentives that effectively stimulate the transition to a low-carbon economy, including carbon pricing mechanisms and reform of fossil fuel subsidies.
The final declaration of the G20 summit in Germany reaffirmed the determination to tackle climate change. The document, however, highlights the divergence between the United States and the other G20 members, with criticism of the Americans' withdrawal from the Paris Agreement.
