Hughes Hall Climate Governance Initiative calls for greater commitment from industry in its statement on the outcomes of COP27.
The Hughes Hall Climate Governance Initiative mobilises boards of directors around the world to address climate change in their businesses by developing national Chapters that equip their industry members with the skills and knowledge to make climate a boardroom priority in line with the World Economic Forum’s Principles for Effective Climate Governance. Currently represented in 56 countries, the Chapters have published the following statement, calling on global business “to increase ambition and deliver climate action at scale”.
“The UN Climate Change Conference, COP27, closed with only five out of 198 countries setting stronger national climate targets. Given that current pledges put the planet on track to warm by 2.5°C by the end of the century – a far cry from the 1.5°C limit set out in the Paris Agreement.
“We recognise that COP27 did not pass without notable progress in some areas. The continued growth of the Just Energy Transition Partnerships, with Indonesia joining South Africa, is welcome and the historic agreement for a Loss and Damage fund is commendable, but this must be followed by concrete actions and a meaningful framework for implementation. The pace at which ambition becomes action must be accelerated with urgency.
“We call on our fellow board directors around the world to take action by ensuring their organisations take ownership of the much-needed change. As stewards of our companies, we have the ability and responsibility to ensure the long-term resilience of our organisations and keep 1.5°C alive.
“We must ensure our businesses set ambitious climate targets which are backed up by credible transition plans both for our companies and their ecosystems. We must place just transition at the heart of what our businesses do and align our actions with the Paris Agreement and the Net Zero Emissions by 2050 scenario.
“As we look to COP28, we must ensure the year ahead is one marked by ambition and action. Action that lets the world know business takes the climate crisis seriously, understands how critical its role is, and is ready to play its part.”
Supporting Chapters:
- Climate Governance Initiative Australia
- Boards Impact Forum
- Chapter Zero Brazil
- Chapter Zero Brussels
- Chapter Zero Canada
- Chapter Zero Chile
- Chapter Zero France
- Climate Governance Initiative Germany
- Climate Governance Initiative Greece
- Climate Governance Initiative Hong Kong
- Chapter Zero Ireland
- Chapter Zero Italy
- Climate Governance Malaysia
- Chapter Zero México
- Chapter Zero New Zealand
- Chapter Zero Poland
- Chapter Zero Romania
- Climate Governance Singapore
- Chapter Zero Switzerland
- Chapter Zero, the UK Chapter
- Chapter Zero Ukraine & Caucasus
- NACD US Climate Initiative
The Climate Governance Initiative provides a platform for knowledge and experience exchange for non-executive directors at each stage of their climate journey. The Initiative’s mission is to empower non-executive directors as they accelerate their company’s journey to close the gap between ambition and action, manage transition risks and identify the opportunities for their business.
The Climate Governance Initiative is driven by communities of non-executive directors known as Chapters. Join your local Chapter and make climate change a boardroom priority for your companies today.
16.12.22
