A free online tool The Climate Policy Tracker has been introduced by the “We Mean Business” coalition to help businesses keep up-to-date information on the landscape of climate regulation and realise the benefits of embracing a low-carbon future.
We Mean Business is a global coalition of nonprofit organisations working to take action on climate change. It brings together seven organisations: BSR, CDP, Ceres, The B Team, The Climate Group, The Prince of Wales’s Corporate Leaders Group, World Business Council for Sustainable Development. Its collective mission is to ensure that the world economy is on track to avoid dangerous climate change by 2020, while delivering sustainable growth and prosperity for all.
Accurate and up-to-date information on climate policy can help inform corporate strategy and investment decisions. Moreover, this information can help to demonstrate the need for corporate climate action to key stakeholders, including investors, board members, and employees. The tool can also simplify a potentially complex process. Businesses can quickly identify regulations relevant to their operations and supply chains and recognise critical differences between geographies and sectors that are vital to factor into low-carbon strategies.
The tracker currently includes 120 policies from nine geographies—China, the United States, EU, India, Japan, South Korea, Brazil, South Africa, and the U.K. Moving forward, more countries will be added to the tool, as will information on policies in cities, states, and regions.
A new feature being developed for the Climate Action Tracker (CAT) is “Climate Action Benchmarks”.
The benchmarks are based on indicators that will highlight the level of emissions reduction governments and sectors need to achieve to reach the Paris Agreement’s long-term temperature goal.
The CAT team’s work on the benchmarks has support from the ClimateWorks Foundation, the European Climate Foundation and the We Mean Business coalition, through an innovative and collaborative approach that will integrate existing research and identify data gaps.
With the development of these benchmarks the CAT meets the demand for independent, science-based analysis to ratchet up national and sectoral ambition and action under the Paris Agreement. These new publicly available benchmarks will enable a broad range of actors, including countries, sectors and businesses, to assess if recent developments, future actions or targets are compatible with the Paris Agreement’s long-term temperature goal.
The CAT will develop a first set of indicators over the next three months, focusing on benchmarks for the energy and transport sectors across six geographies (global, US, EU, China, India and Indonesia). The CAT team will then launch a collaborative process with key stakeholders to validate, update and extend the benchmarks in the future.