U.S. Companies hold their line in climate talks despite Trump

Despite the U.S. Government's deterioration on climate change ahead of the COP30 Summit, American companies didn't shy away.

According to an analysis of the attendance lists, there were 60 Fortune 100 representatives at this year's event in Brazil, as opposed to 50 last year at Baku, Azerbaijan. Others attended pre-conferences in Brazil's financial hub Sao Paulo, and Rio de Janeiro.

On a U.N. provisional list of summit attendees, Microsoft, Google, Occidental Petroleum and General Motors were all represented.

We have seen no change in the level of engagement by U.S. businesses on climate policy during this year. Andrew Wilson, the deputy secretary general of policy at the International Chamber of Commerce said that this was reflected by attendance levels.

"We also see growing concern in the industry about the rising costs of extreme weather -- underscoring a need for effective policies."

Executives stated that they did not think it was a good idea to ignore the climate discussion, as rising temperatures pose a greater threat to factories, supply chain and bottom line.

We do it because it is good for business. Jim Andrew, PepsiCo's Chief Sustainability Officer (CSO), said on the sidelines that it helps to create supply security.

We need farmers to succeed, and we need them keep farming, he said, given that the company gets the majority of its revenue from food products like Walkers Crisps, Quaker Oats, etc.

FILLING IN THE VOID

Darren Woods was the top executive of ExxonMobil, the largest oil company in the United States. He attended pre-COP events along with other U.S. executives and sub-national leaders.

Lou Leonard, inaugural dean of Clark University’s School of Climate, Environment, and Society, said that all of these players play an important role in advancing climate action.

A recent analysis by the Center for Global Sustainability at the University of Maryland found that existing policies by federal and nonfederal actors could lead to a reduction of 35% in U.S. emission by 2035.

Many of these are driven by the companies.

"Despite headlines, private sector investments and deployment of clean energy continue," said Gina McCarthy. Former administrator of the U.S. Environmental Protection Agency, Gina McCarthy is now the Managing Co-Chair for 'America Is All In,' a coalition of leaders from non-federal organizations.

The U.S. clean energy workforce grew three times faster last year than the overall U.S. workforce.

The two-week COP30 Conference also included many smaller U.S. businesses in sectors that will benefit from the shift to low carbon energy in the world, including on carbon markets.

Brennan Spellacy is the chief executive of carbon credits platform Patch. "Most meetings I have here are with English sustainability leaders, French CSOs, and German CSOs."

U.S. Companies Have a Critical Role

Climate change has been called a hoax by President Trump. Despite the U.S. government's position, global regulations are being changed to accelerate the energy transition despite the disappointment of some with the final COP30 deal.

Jack Hurd is the head of the Earth System Agenda of the World Economic Forum and the Tropical Forest Alliance.

Data from the disclosure platform CDP revealed that more U.S. firms are disclosing climate strategies, despite the U.S. abandoning plans to enact a federal regulation requiring this. However, the quality of the plans by companies around the world remains low.

Maria Mendiluce is the CEO of the We Mean Business Coalition. She said that whether or not U.S. firms were present at the main event, their presence was still significant.

"The U.S. plays a crucial role in global energy, climate and industrial policy. Sub-national leaders, non state actors, and businesses attending COP30 is important."

Even when domestic politics is unsettled, the U.S. still shapes markets, capital flow and technology pathways. Investors will see that it is a sign of understanding by the world's biggest economy about the stakes in the energy transition, including security, supply chain, and innovation. (Reporting, Writing and Editing by Simon Jessop. Richard Valdmanis & Katy Daigle).

(source: Reuters)