The past few months have seen a surge of climate activity from companies, states, regions, and cities around the world. Dozens of CEOs announced new climate actions, including 13 US companies whose pledges will generate $140 billion in new low-carbon investment. 

Based on our latest data, 172 major companies, states, regions, and cities around the world have committed to reducing their GHG emissions by 80-100%, or to procuring 100% of their power from renewable sources. Governors and premiers met in Lyon and Ontario to call for strong action from national governments at the Paris Climate Conference later this year. 

Leaders are motivated to be bold in addressing climate change because ambitious climate action makes good business and policy sense. Firstly, reducing energy use is more efficient. As former Walmart President and CEO, Mike Duke, put it: “Reducing carbon in the life cycle of our products will mean reducing energy use. That will mean greater efficiency and lower costs, making our business stronger and more competitive.” Secondly, many companies and governments believe that investing in low-carbon industries will give them a competitive advantage in the future. In addition, financial innovations are making it possible to reap energy efficiency gains with little to no upfront cost. Eric Schmidt, the executive chairman of Google states “We’re serious about environmental sustainability not because it’s trendy, but because it’s core to our values and also makes good business sense. After all, the cheapest energy is the energy you don’t use in the first place. And in many places clean power is cost-competitive with conventional power.” They have committed more than $1.8 billion to renewable energy projects, including wind and solar farms on three continents. State of North Rhine-Westphalia is one of the states that are aiming to reduce their greenhouse gas emission by 80% by 2050. Minister for Climate Protection and Environment, Johannes Remmel said “Addressing climate change is a huge opportunity for innovation, job creation and giving North Rhine-Westphalian businesses a competitive advantage globally. For us, climate protection is an engine for progress, and the best economic policy for North Rhine-Westphalia.”These are the reasons why national leaders must be bold in Paris.