New Zealand Celsias

More companies today support climate legislation than ever before, that’s according to a new report released by Pew Centre on Global Climate Change.

The US-based report states that in recent years, leading businesses have emerged as some of the strongest advocates for the creation of national climate and energy legislation that mandates reductions in greenhouse gas (GHG) emissions.

While the instigators behind this advocacy are vast, three key motivations stand-out:  

1. The need for regulatory certainty; 
2. The economic opportunities that come from climate solutions; 
3. The reputational benefits that come from supporting public policies that combat climate change.

The report states that in spite of the inevitable climate change controversy that has and continues to abound, the science behind global warming is more compelling than ever. This, the report claims, provides businesses with further justification to support policy action today.

“The longer society waits to address climate change, the more severe the problem becomes. This means steeper, more abrupt GHG cuts will have to be made to avert the most dangerous impacts of climate change, leading to significantly higher costs to businesses that need to meet the more ambitious targets,” says the report.

The Clean Technology market gets a glowing appraisal in the report. In 2007, the clean energy sector received US$148 (NZ$212) billion in investment capital – 60 percent higher than the previous year. In 2008 the number continued to rise reaching US$178 (NZ$256) billion. 2009 saw a downturn in investment, largely due to the economic downturn. However the report says the signs for 2010 are already looking positive, as are the next 10 years.

The International Energy Agency (IEA) predicts that even without additional policy support, global investment in clean power technologies between 2010 and 2020 will reach approximately US$1.55 (NZ$2.15) trillion.

“Population growth and rising standards of living in the developing world are adding to the global demand for conventional energy resources, leading to higher and more volatile energy prices. At the same time, governments around the world are pursuing policies to conserve energy and reduce GHG emissions. As a result, clean technology markets are expected to grow rapidly into the future,” says the report.

Read the full report here.

 Image: Flickr - lumaxart