Mistry, Mahindra back plea for climate deal

Tata Group Chairman Cyrus Mistry and Anand Mahindra of the Mahindra Group joined their peers from Brazil, China, Europe, and the U.S. in urging world leaders to “reach an ambitious climate deal” in Paris next month.

They were among heads of 78 global firms who pressed for action.

The heads of these global firms believe an economically sustainable shift to a low-carbon future will create “jobs and growth” across the world.

In an open message, the corporate chiefs — representing a cross-sectoral coalition facilitated by the World Economic Forum that includes banking, manufacturing, construction and energy — extended “an open offer” to governments to co-design climate solutions ahead of the UNFCCC’s Conference of the Parties (COP21) in Paris to be attended by leaders of 200 countries.

Almost half the 21 signatories from the BRICS and emerging economies are from India and include Ajit Gulabchand of Hindustan Construction Co., Vishal Sikka of Infosys, Sajjan Jindal of JSW Group, Ravi Uppal of Jindal Steel & Power Ltd., Tulsi Tanti of Suzlon, Vineet Mittal of Welspun Energy, T K Kurien of Wipro and India-born Indra Nooyi, chairman and CEO, PepsiCo Inc.

Welcoming the message, Christiana Figueres, executive secretary, United Nations Framework Convention on Climate Change (UNFCCC), said climate action represents a massive economic opportunity. “This is the first intentionally directed industrial revolution and will be the source of good new jobs and strong growth for the coming decades, something developing countries are increasingly realising and taking the lead on,” said Ms. Figueres.

These business chiefs, many of whom lead companies from outside of the OECD group of developed nations, pledge support for developing countries to adapt to a warmer world, the WEF said in a statement.

A key challenge in climate negotiations is how emerging economies will find investment to shift to greener energy systems and build infrastructure to withstand the floods and heat waves that scientists say are likely to increase as the climate changes.

The CEOs hope to capitalise on the momentum created by pledges from more than 160 countries, notably from the U.S. and China, bolster the case that governments have industry support to take decisive action to combat climate change. “Delaying action is not an option,” they said in the open message. The move is part of the ongoing push to deliver a lasting legacy on climate change.