COP25: We expect all G20 economies to aim for climate neutrality
Ahead of the 25th United Nations Climate Change Summit (COP25) on 2 December 2019, BusinessEurope expects clear progress to be made by all participating parties at the Climate Summit in Madrid.
BusinessEurope Director General Markus J. Beyrer said: “We expect all governments, but especially G20 nations that represent around 80% of global CO2 emissions to aim for climate neutrality by around mid-century in order to comply with the landmark Paris Agreement. As long as this doesn’t happen, Europe must consider additional safeguards to protect its industries against carbon and investment leakage. For business it is crucial that the way to climate neutrality is done in the most cost-friendly way possible. If implemented well, Article 6 allows countries to reduce CO2 emissions where it’s more cost-effective, delivering global cost savings of at least US$ 250 billion per year by 2030 compared to a scenario where countries implement their climate pledges domestically.”
See also the following background documents:
BusinessEurope’s energy and climate strategy
Study by the International Emissions Trading Association (IETA)