Today, the White House will announce new commitments from companies from across the American economy who are joining the American Business Act on Climate Pledge. With this announcement, 81 companies will have signed the American Business Act on Climate Pledge to demonstrate their support for action on climate change and the conclusion of a climate change agreement in Paris that takes a strong step forward toward a low-carbon, sustainable future. These 81 companies have operations in all 50 states, employ over 9 million people, represent more than $3 trillion in annual revenue, and have a combined market capitalization of over $5 trillion.
By signing the American Business Act on Climate pledge, these companies are:
Voicing support for a strong Paris outcome. The pledge recognizes those countries that have already put forward climate targets, and voices support for a strong outcome in the Paris climate negotiations.
Demonstrating an ongoing commitment to climate action. As part of this initiative, each company is announcing significant pledges to reduce their emissions, increase low-carbon investments, deploy more clean energy, and take other actions to build more sustainable businesses and tackle climate change.
These pledges include ambitious, company-specific goals such as:
Reducing emissions by as much as 50 percent,
Reducing water usage by as much as 80 percent,
Achieving zero waste-to-landfill,
Purchasing 100 percent renewable energy, and
Pursuing zero net deforestation in supply chains.
Setting an example for their peers. Today’s announcements builds on the launch of the American Business Act on Climate Pledge in July. This fall, the Obama Administration will release a third round of pledges, with a goal of mobilizing many more companies to join the American Business Act on Climate Pledge.
The impacts of climate change are already being felt worldwide. Nineteen of the 20 hottest years on record occurred in the past two decades. Countries and communities around the world are already being affected by deeper, more persistent droughts, pounded by more severe weather, inundated by bigger storm surges, and imperiled by more frequent and dangerous wildfires. Rising temperatures can lead to more smog, longer allergy seasons, and an increased incidence of extreme-weather-related injuries, all of which imperil public health, particularly for vulnerable populations like children, the elderly, the sick, the poor, and some communities of color. No corner of the planet and no sector of the global economy will remain unaffected by climate change in the years ahead.
Climate change is a global challenge that demands a global response, and President Obama is committed to leading the fight. The President’s Climate Action Plan, when fully implemented, will cut nearly 6 billion tons of carbon pollution through 2030, an amount equivalent to taking all the cars in the United States off the road for more than 4 years. The Clean Power Plan, the most significant domestic step any President has ever taken to combat climate change, will reduce emissions from the energy sector by 32% by 2030. And while the United States is leading on the international stage and the federal government is doing its part to combat climate change, hundreds of private companies, local governments, and foundations have stepped up to increase energy efficiency, boost low-carbon investing, and make solar energy more accessible to low-income Americans.
The measures taken by the public and private sectors enabled President Obama to set an ambitious but achievable goal of reducing greenhouse gas emissions economy-wide by 26-28% by 2025 last November. And in the eleven months since, we’ve seen unprecedented global momentum in the fight against climate change.
To date, 150 countries representing more than 85% of global carbon emissions have reported post-2020 climate policies to the United Nations. This includes the major economies like the U.S., China, the European Union and India and it includes a large number of smaller economies, developing nations, island states and tropical countries – some of whom are the most vulnerable to the impacts of climate change.
But these submissions are only the beginning of achieving a successful outcome in Paris this December that puts in place a transparent global framework for increasing ambition over time and continuing to drive down emissions over the course of this century. As the world looks toward Paris, President Obama is committed to building on this momentum, with American leadership at all levels – the federal government, state and local governments and the private sector.
Clean Energy Investment
Additionally, leading up to the White House Clean Energy Investment Summit on June 16, 2015, an independent consortium of long-term investors (“LTIs”), including sovereign development funds, pension funds, endowments, family offices, and foundations, committed to building a new investment intermediary that will identify, screen, and assess high-potential companies and projects for commercial investment that could also produce impactful and profitable solutions to climate change.
Today, this consortium will announce its founding CEO, interim board of directors, sponsors, and confirms the intention of the LTIs to deploy at least $1.2 billion of investment capital through an ‘aligned intermediary’, which they anticipate will be formally launched and branded in mid-2016.
The initial group of LTIs announcing financial commitments to work with the ‘aligned intermediary’ includes:
$500 million from University of California’s Office of the Chief Investment Officer;
350 million from the New Zealand Superannuation Fund;
$200 million from the Alaska Permanent Fund;
$100 million from TIAA-CREF; and
$10 million from Tamarisc.
The effort launches with research support from the Hewlett Foundation, ClimateWorks Foundation, and Planet Heritage Foundation, and a commitment of further operational support, pending final approval, from the MacArthur Foundation.
As President Obama said at the U.N. Climate Summit last September, “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 American Business Act on Climate Pledge shows that the U.S. private sector, with its history of innovation and ingenuity, is committed to stepping up and doing its part in taking on this global challenge.
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THE AMERICAN BUSINESS ACT ON CLIMATE PLEDGE
We applaud the growing number of countries that have already set ambitious targets for climate action. In this context, we support the conclusion of a climate change agreement in Paris that takes a strong step forward toward a low-carbon, sustainable future.
We recognize that delaying action on climate change will be costly in economic and human terms, while accelerating the transition to a low-carbon economy will produce multiple benefits with regard to sustainable economic growth, public health, resilience to natural disasters, and the health of the global environment.
The following companies have joined the pledge and their detailed commitments can be viewed at: www.whitehouse.gov/ClimatePledge
ABENGOA BIOENERGY US
Since 2005 Abengoa Bioenergy has produced more than 2.5 billion gallons of renewable ethanol fuel in the US, displacing 2.5 billion gallons of petroleum based transportation fuel and reducing GHG emissions from those gallons by an average of 34%. Building on this commitment to GHG reductions, Abengoa Bioenergy pledges to:
Require our contractors and suppliers to calculate and report their GHG emissions in order to accurately and affirmatively achieve further incremental emissions reductions in the supply chain.
Continue to improve energy efficiencies and emissions controls in order to reduce greenhouse gas emissions by at least 10%, compared to a 2005 baseline, by 2025.
Continue the startup and full scale operation of our newly constructed commercial scale cellulosic ethanol facility in Hugoton, KS, producing up to 25 million gallons per year of extremely low carbon fuel, reducing GHG emissions by approximately 90% compared to petroleum fuels.
Complete development of new technologies and promote joint investment with third parties in further cellulosic ethanol production facilities utilizing a broad range of feedstocks, including municipal waste, as well as agricultural residues.
Develop long-term business plans that align with the deep decarbonization necessary to keep global average temperatures from rising less than 2C.
AEMETIS
Aemetis is planning to expand our technology platform and grow into new markets to combat climate change by significantly reducing greenhouse gas (GHG) emissions by displacing petroleum based fuels.
Having met our 2006 pledge to deploy 100 MGY of low carbon biofuels by 2015, Aemetis further pledges to:
Deploy over 400 MGY of ultra-low carbon fuel by 2025 with greater than 50% reduction of GHG, compared to gasoline.
Invest approximately $800 million in new infrastructure for production of ultra-low carbon fuel by 2025.
Utilize the lowest carbon intensity feedstocks, including agricultural residue and MSW, for the production of renewable jet, diesel, and gasoline replacing fuels.
ALCOA
Building on our existing global commitment to reduce GHG intensity by 30% by 2020 (vs. 2005 baseline), Alcoa pledges to:
Reduce absolute GHG emissions by 50% in the U.S. (vs. 2005 baseline) by 2025,
Deploy our full range of innovations to develop materials, products and technologies that move us toward a low carbon sustainable future, and by 2025, demonstrate a net reduction of GHG emissions from the use of our products equal to three times the emissions created by their production.
AMERICAN EXPRESS
American Express has taken measurable actions to reduce its carbon footprint, optimize the efficiency and sustainability of its workplace, and support its customers in reducing their environmental footprints. Currently, 100% of the electricity used to power American Express headquarters and 55% of the electricity used to power all the company’s U.S. operations is carbon-free, utilizing a mix of wind, biogas, biomass and solar energy. On-site green power generation and the purchase of renewable energy credits (RECs) helped American Express reduce its carbon emissions by 27.5% between 2007 and 2012.
Building on this achievement, American Express pledges to:
Reduce absolute GHG emissions by 10% globally (vs. 2011 baseline) by 2016.
APPLE
Apple, already running all of its U.S. operations on 100% renewable energy, will bring an estimated 280 megawatts of clean power generation online by the end of 2016 through investments in Arizona, California, Nevada, North Carolina, Oregon and Sichuan Province, China. Since 2011, Apple has reduced carbon emissions from its global corporate facilities, data centers and retail stores by 48%.
AT&T
By 2020 our goal is to:
Reduce our direct greenhouse emissions (Scope 1) by 20 percent as compared to our 2008 baseline; and
Reduce the electricity consumption of our company relative to data growth on our network by 60 percent as compared to our 2013 baseline.
AUTODESK
Building on Autodesk’s long-term commitment to support and equip designers and engineers to help solve climate change while meeting our own science-based greenhouse gas reduction target, we pledge to:
Power our business and growing cloud services with 100% renewable electricity by 2020 as part of our continuing science-based greenhouse gas reduction commitment
Provide new software and services to help cities and enterprises design, operate, and make the triple bottom line business cases for sustainable buildings, water, and transportation projects.
Invest in people, start-ups and organizations who are designing climate solutions. We invest dollars, software, and pro bono hours.
Prioritize education for designers, students and makers to design within the limits of the planet and to address the epic challenge of climate.
Continue to advocate for climate action in the IT industry, across the many industries we serve, and in the regions where we do business.
BANK OF AMERICA
Since 2007, Bank of America has provided more than $39 billion in financing for low-carbon activities to help address climate change. Bank of America pledges to:
Increase our current environmental business initiative from $50 billion to $125 billion by 2025 through lending, investing, capital raising, advisory services and developing financing solutions for clients around the world.
Attract a wider array of capital to clean energy investments by developing innovative financing structures – from reducing investment risk though our Catalytic Finance Initiative to engaging individual investors through our Socially Responsible Investing platform to building new markets for green bonds, yield-cos and other vehicles.
BERKSHIRE HATHAWAY ENERGY
Berkshire Hathaway pledges to:
Build on our investment of more than $15 billion in renewable energy generation under construction and in operation through 2014 by investing up to an additional $15 billion.
Pursue construction of an additional 552 megawatts of new wind generation in Iowa, increasing MidAmerican Energy Company’s generating portfolio to more than 4,000 megawatts of wind which is comparable to 57 percent of its retail energy load in 2017. MidAmerican Energy Company is the nation’s largest owner of wind generation among regulated, investor-owned utilities.
Retire more than 75 percent of our coal-fueled generating capacity in Nevada by 2019.
Add more than 1,000 megawatts of incremental solar and wind capacity through long-term power purchase agreements to PacifiCorp’s owned 1,030 megawatts of wind generating capacity. PacifiCorp is the nation’s second largest owner of wind generation among regulated, investor-owned utilities. This incremental renewable generation, expected to be online by the end of 2017, would bring PacifiCorp’s non-carbon generating capacity to more than 4,500 megawatts which equates to approximately 22 percent of PacifiCorp’s retail energy load in 2017.
Invest in transmission infrastructure in the West and Midwest to support the integration of renewable energy onto the grid.
Support and advance the development of markets in the West to optimize the electric grid, lower costs, enhance reliability and more effectively integrate renewable resources.
BEST BUY
Best Buy is committed to positively impacting our planet and our communities by reducing our impact on the environment, broadening consumer access to energy-efficient solutions, and supporting sustainable product life cycle management.
Best Buy pledges to:
Reduce our carbon emissions by 45% by 2020 (2009 baseline), derived from operational reductions and renewable sourcing. This science-based goal builds on our 2014 achievement of a 26% reduction in carbon emissions within our operations (2009 baseline).
Provide an assortment of energy-efficient products and solutions to enable consumers to minimize their own carbon footprint. In 2014, we helped our customers prevent 900 million pounds of carbon emissions through the ENERGY STAR® certified products they purchased from Best Buy.
Collaborate with industry partners to promote sustainable electronics through manufacture, transport, in-use phase and end-of-life treatment of products.
BIOGEN
Biogen is proud to stand with other leading companies to support the American Business Act on Climate Pledge. This initiative is another demonstration of our ongoing commitment to corporate citizenship: improving the lives of patients, rethinking the way we use natural resources, developing and empowering our employees, and bettering the community.
Biogen pledges to:
Maintain its Net Zero Carbon Footprint. As of the end of 2014, Biogen became the first biopharmaceutical company to achieve carbon neutrality.
Reduce our direct and indirect operational carbon emissions by 80 percent by 2020 compared to 2006, normalized by revenue.
Reduce our water use by 80 percent by 2020 compared to 2006, normalized by revenue.
Achieve zero manufacturing waste-to-landfill status at all major owned locations.
BLOOMBERG
Bloomberg recognizes that carbon emissions have global environmental, social and economic implications. And we are committed to addressing them through a combination of actions: reducing consumption, buying renewable products and services, helping to set standards, encouraging disclosure and promoting clean technologies.
As a information provider for banks, corporations, governments and others, Bloomberg is leveraging its data, news and analytics capabilities to help our customers identify, manage and seize sustainability and climate-related risks and opportunities.
Reduce absolute emissions 20% by 2020 vs our 2007 baseline
Improve Energy Efficiency 50% by 2020 vs our 2007 baseline
Source 35% direct clean energy sources by 2020
Generate a 20% or greater IRR on the investments described above
CARGILL
Cargill established comprehensive goals around climate, energy, and water 10 years ago. We have improved energy efficiency by 16 percent, carbon intensity by 9 percent, and freshwater efficiency by 12 percent since setting energy goals in 2000 and climate and water goals in 2005. We continue to raise the bar and have set new goals through 2020.
From our 2015 baseline, Cargill pledges to over the next five years:
Improve greenhouse gas (GHG) intensity by 5 percent.
Improve freshwater efficiency by 5 percent.
Improve energy efficiency by 5 percent.
Increase renewable energy to 18 percent of our total energy use, up from 14 percent.
Cargill is a signatory to the United Nations’ New York Declaration on Forests, committed to doing its part to cut natural forest loss in half by 2020, and strive to end it by 2030.
Cargill continues to work with customers and civil society to build sustainable supply chains that address climate concerns. We also partner with farmers and ranchers to help agriculture adapt to a changing climate. Our focus areas address sensitive needs in the critical supply chains of palm, soy and beef.
Palm: Cargill is building a traceable and transparent palm oil supply chain firmly committed to no deforestation of high conservation value (HCV) lands or high carbon stock (HCS) area; no development on peat, and no exploitation of rights of indigenous peoples and local communities.
Soy: Cargill has played a critical role in stemming the spread of deforestation in the Amazon by working with industry and NGO partners to develop and implement the Brazilian Soy Moratorium, a voluntary zero-deforestation agreement that contributed to a dramatic drop in deforestation in the region.
Beef: A founding member of the Global Roundtable for Sustainable Beef (GRSB) and the U.S. Roundtable for Sustainable Beef (USRSB), Cargill is committed to conserving, reducing and more efficiently managing resources, and mitigating greenhouse gas emissions.
CA TECHNOLOGIES
CA Technologies pledges to:
Reduce global greenhouse gas emissions by 35%, compared to a 2006 baseline, by 2020.
CALPINE
Calpine is a leading independent power producer and we have long invested in clean, low-carbon and renewable energy resources. We own and operate the nation’s largest modern fleet of low-carbon, highly efficient, combined-cycle natural gas-fueled power plants; we also are the nation’s largest operator of combined heat and power (CHP) plants; and we own the nation’s largest fleet of renewable geothermal power plants.
Calpine has been a longtime supporter of efforts to mitigate GHG emissions from the power sector. We have also voluntarily taken steps to assure that we provide reliable, low-cost electricity in an environmentally responsible and sustainable manner.
Calpine pledges to:
Continue in our efforts to support market based solutions aimed at lowering carbon emissions in the power sector.
Explore investments in low carbon technologies, such as efficient natural gas turbines, renewables and battery storage, which complement our existing clean and efficient gas powered and geothermal fleet.