New York (CNN Business)Some of the world’s largest companies are joining forces to accelerate efforts to fight the climate crisis.
Amazon, Disney, Google, Microsoft, Netflix, Salesforce, Unilever and Workday launched an alliance Thursday to boost the scale and impact of business investment in climate solutions.
The unveiling of the Business Alliance for Scaling Climate Solutions comes as energy watchdogs warn that spending on clean energy remains well shy of what’s needed to get the world on a net zero pathway. Experts say the transition away from fossil fuels will require up to $3.8 trillion annually through 2050.
“The time for climate action is now,” Patrick Flynn, head of sustainability at Salesforce (CRM), said in a statement. “Every business, government and individual must step up to the urgent challenge of climate change and to create an inclusive and sustainable future for all.”
The new climate alliance, first reported by Axios, is partnering with the Environmental Defense Fund, the United Nations Environment Program and the World Wildlife Fund to share funding opportunities, research and best practices aimed at speeding up climate solutions.
BASCS says it will focus on catalyzing investments in emissions reductions and making sure these investments have measurable impacts. Specifically, the group said carbon credits claimed by companies must represent “additional, real, quantifiable and verifiable emissions reductions or removals, and must not be double counted.”
“Transitioning to a low carbon economy demands fundamental changes in the way society, including the private sector, operates and innovates,” Vijay Sudan, Disney’s (DIS) executive director of enterprise social responsibility, said in the statement.
The partnership follows President Joe Biden’s push to cut America’s carbon emissions in half by 2030.
“Biden’s goal of reducing emissions by 50% by 2030 can only be achieved with this sort of private sector leadership,” Mark Campanale, founder and executive chair of think tank Carbon Tracker, told CNN Business in an email. “If we can combine world leading companies such as Google and Disney’s commitment to scaling climate solutions, with the vast capital resources of Wall Street and its newfound sustainability commitment, there would be nothing to stop the world from making the huge leap forward we need in delivering ‘net zero’.”