Business Coalition Calls For Climate Action Blah Blah Cutting Emissions Blah Blah Innovation Blah

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A group of 285 large investors, representing more than $20 trillion in assets, urged world governments to forge a binding treaty at upcoming climate negotiations in Durban, South Africa, and said global spending has not been nearly enough to keep warming below 2 degrees Celsius.

The call came from a coalition of four green investment groups—representing the investment arms of banks HSBC and BNP Paribas, as well as of fashion company Hermes and the United Nations Environment Programme—aimed at limiting emissions and taxing them, arguing it will drive innovation, attract investment and create jobs. The call also hailed Australia’s recent move toward a carbon tax, saying it will be a boon for investors. Meanwhile, another group of more than 175 companies called for Durban attendees to ensure $100 billion in annual climate aid to poor nations, as had been promised earlier.

But Jos Delbeke, director general for climate action at the European Commission believes the long-running negotiations through the United Nations Framework Convention on Climate Change are unlikely to produce a “big bang”—that is, a breakthrough that would lead to the birth of a new climate treaty. In preparation for the upcoming meeting, Japan has signaled it may step back from its own target of cutting CO2 emissions 25 percent by 2020—and it is bringing it up now to avoid giving the “wrong message to the international community,” according to the Wall Street Journal.

Japan, Canada and Russia have said they won’t accept an extension of the Kyoto Protocol unless it binds all major economies—which is not the case under Kyoto—but other governments are seeking a way to extend the treaty even without those three countries.

EDIT

http://newswatch.nationalgeographic.com/2011/10/20/big-businesses%E2%80%99-call-for-climate-action-strong-treaty-more-aid/