Business action on climate change

[4] In 1998 The New York Times published[5] an American Petroleum Institute (API) memo outlining a strategy aiming to make "recognition of uncertainty ... part of the 'conventional wisdom.

The World Business Council for Sustainable Development, a CEO-led association of some 200 multinational companies, has called on governments to agree on a global targets, and suggests that it is necessary to cut emissions by 60-80 percent from current levels by 2050.

[16] According to Torsten Lichtenau, leading expert in global carbon transition, there was a peak on business climate action in 2021 - 2022 at the time of COP26, but in 2024 “it’s dropped back to 2019 levels."

The New York Times reported that "even as the coalition worked to sway opinion [towards denial], its own scientific and technical experts were advising that the science backing the role of greenhouse gases in global warming could not be refuted.

"[18] In the year 2000, the rate of corporate members leaving accelerated when they became the target of a national divestiture campaign run by John Passacantando and Phil Radford with the organization Ozone Action.

The Environment and Natural Resource Security Initiative was emphasized for the 2017 meeting to achieve inclusive economic growth and sustainable practices for global industries.

Al Gore summarized the ideas in the conference as: "I don't want to be naive, but I want to acknowledge that the center of the global economy is now saying things that many of us have dreamed they might for a long time," and "The version of capitalism we have today in our world must be reformed".

The forum stated that: "Nature-based solutions—locking-up carbon in the world's forests, grasslands and wetlands—can provide up to one-third of the emissions reductions required by 2030 to meet the Paris Agreement targets," adding that the rest should come from the heavy industry, finance and transportation sectors.

Studies have been published that indicate that in order to achieve a 50% probability of limiting global warming by 2050 to 1.5 °C large amounts of fossil fuels would need to remain unextracted.

[42][43] In various nations oil and gas companies such as Qatar Energy, Gazprom and Saudi Aramco are planning new large fossil fuel projects, which some critics have labeled "carbon bombs", due to their potential to defeat the 1.5 °C climate goal, if not "defused".

[47] In March 2002 BP's chief executive, Lord Browne, declared in a speech that global warming was real and that urgent action was needed, saying that "Companies composed of highly skilled and trained people can't live in denial of mounting evidence gathered by hundreds of the most reputable scientists in the world.

[55] In the 2000s, ExxonMobil was noted to have been a leading figure in the business world's position on climate change, providing substantial funding to a range of organizations that seek to challenge mainstream scientific consensus on global warming.

In 2005, Mother Jones counted some 40 ExxonMobil-funded organizations that "either have sought to undermine mainstream scientific findings on global climate change or have maintained affiliations with a small group of 'skeptic' (denialist) scientists who continue to do so."

For example, in the early 2000s, the Stop Esso campaign distributed leaflets urging consumers to 'Don't buy E$$o', featuring a provocative image of a tiger hand setting fire to the Earth".

At that time, the company's carbon dioxide emissions were reported to be more than 50% higher than those of British rival BP, despite the US firm's oil and gas production being only slightly larger.

The division is tasked with lowering emissions in hard-to-decarbonize sectors such as heavy industry, commercial transportation, and power generation, using a combination of lower-emission fuels, hydrogen, and carbon capture and storage.

[63] As of 2023[update], the company was in the process of designing its inaugural large-scale plant dedicated to producing low-carbon hydrogen, situated within its refining and petrochemical complex in Baytown, Texas.

[75] In 2023 Shell was reported as having ruled out setting targets to reduce end-user emissions, referred to as Scope 3, which account for about 95 percent of the energy company's greenhouse gas pollution.

Starting in 2008, a renaissance in electric vehicle manufacturing occurred due to advances in batteries, and the desire to reduce greenhouse gas emissions and improve urban air quality.

[84] There has also been greatly increased interest in personal rapid transit, which applies system engineering principles to reduce energy use, eliminate traffic jams, and produce an acceptable substitute to replace cars, all at the same time.

Korean steel maker POSCO and its partner Vectus Ltd. have produced a working safety case, including test track and vehicles, that remains fully functional in Swedish winters.

[85] Advanced Transportation Systems' ULTra passed safety certification by the UK Rail Inspectorate in 2003, and built a project at Heathrow Airport connecting one terminal to a remote car park which opened 2010.

[95] Swiss Re has said that if the shore communities of four Gulf Coast states choose not to implement adaptation strategies, they could see annual climate-change related damages jump 65 percent a year to $23 billion by 2030.

[103] In January 2020 BlackRock, the largest finance management company in the world, announced that it would begin divestment from thermal coal and take other measures to make its assets more sustainable.

[117][118] Small and Medium-sized Enterprises (SMEs) play a crucial role in addressing climate change, as they represent around 13% of global greenhouse gas emissions.

[120] Despite these challenges, SMEs also have opportunities to benefit from climate action through increased energy and resource efficiency, reduced operational costs, access to new markets for green products and services, enhanced reputation and competitiveness, and improved resilience to climate-related risks.

[121] Research indicates that effective policy approaches for encouraging SME climate action include targeted financial incentives and grants, provision of technical assistance and capacity building, development of sector-specific guidance and tools, and creation of networks and partnerships to share best practices.

Wal-Mart, the largest retailer in the US, has announced specific environmental goals to reduce energy use in its stores and pressure its 60,000 suppliers in its worldwide supply chain to follow its lead.

Although most renewable energies are more expensive at current fuel prices, the difference is narrowing, and uncertainty in oil and gas markets is a factor worth considering for highly energy-intensive businesses.

They may be used if the project has been validated by a Clean Development Mechanism (CDM) Designated Operational Entity (DOE) according to the United Nations Framework Convention on Climate Change.