Solving
the problem of global climate change is impossible without huge shift in
private sector investments, since this sector represents trillions of dollars
with vast majority of economic activities around the world.
This
is the view of Civil Society in contributing to a discussion at the ongoing
climate change talks in Lima, Peru.
According
to Dr. Thomas Jallah of the Pan-African Climate Justice Alliance (PACJA), what
is needed most is policy changes and regulations particularly in developed
countries “to shift private investments from brown to green”.
“National
governments could do far more to shift incentives so that trillions of dollars
of private investments will flow to sustainable climate-friendly activities,”
he said.
Such
measures, Dr. Jallah noted, may include strong legally-binding emission
targets, output limit and scaling down fossil fuel power stations.
Business
and industry groups attending the COP20 say they strongly support the works of
the parties to address climate risks to emission mitigation and adaptation.
“We
welcome the targets taken on by the EU and those announced by the US and China”
said representative, Miles Austin. “We hope to see far more progress in the
short term and encourage you to ensure the markets can make their fullest
contribution and the private sector investment and action is capitalized to the
utmost”.
The
Business and Industry (BINGO) Day at the COP20 will present the activities and
messages of business and industry organizations concerned about the potential
impacts and opportunities presented by the negotiations.
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