US corporations are pledging billions of dollars to green finance, as the private sector supports the Obama administration in securing a strong global deal on combating climate change.
The campaign is expected to net $140bn extra in low-carbon investments, according to the White House, plus goals to cut companies’ emissions by up to 50 per cent.
Private sector commitments like these have been considered necessary for getting an agreement at the climate talks in Paris in December.
US President Barack Obama said at the UN climate summit in September last year:
There’s one issue that will define the contours of this century more dramatically than any other, and that is the urgent and growing threat of a changing climate.
The thirteen companies that have now pledged their support have a combined market cap of $2.5 trillion, and the White House is hoping these corporations will be inspiring others to follow suit as they are “setting an example for their peers”.
There may also be a second round of pledges from companies in the autumn, in time for the Paris summit.