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Fortune 100 companies send more personnel to Belem than Baku; abnormal weather hits supply chain, profits “A decisive role to play,” business group manager says
(Reuters) – Even as the U.S. government strengthened its stance on global climate issues ahead of the COP30 summit, American companies did not hesitate.
The Brazil event had 60 representatives from Fortune 100 companies, compared with 50 at last year’s event in Baku, Azerbaijan, according to a Reuters analysis of attendee lists. Still other participants attended pre-conference events in Brazil’s financial capitals of São Paulo and Rio de Janeiro.
The UN’s tentative list of attendees for the official summit included tech companies such as Microsoft and Google, energy company Occidental Petroleum, automaker General Motors and financial firm Citigroup.
“Over the course of this year, we haven’t seen a noticeable change in U.S. companies’ commitment to climate policy, and that is certainly reflected in attendance,” said Andrew Wilson, deputy executive director for policy at the International Chamber of Commerce.
“There is also growing concern across the industry about the increasing costs of extreme weather events, highlighting the need for effective policy responses.”
Executives said they believed now was not a good time to step back from the climate change debate, as rising temperatures pose a greater threat than ever to factories, supply chains and profits.
“We’re doing it because it’s good for business. It helps ensure security of supply,” Jim Andrew, PepsiCo’s chief sustainability officer, said on the sidelines of the meeting.
Given that the company derives most of its revenue from foods such as Walker’s Crisp and Quaker Oats, “we need farmers to succeed and we need them to keep farming,” he added.
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Among the U.S. executives, mayors and other subnational leaders who attended the pre-COP event was Darren Woods, president of ExxonMobil, the top U.S. oil company.
Lou Leonard, founding dean of Clark University’s School of Climate, Environment, and Society, said all of these stakeholders have important roles in the future of climate action.
A recent analysis led by the Center for Global Sustainability (CGS) at the University of Maryland showed that existing policies by federal and non-federal actors could reduce U.S. emissions by 35% by 2035.
Much of it is driven by corporations.
“Despite the headlines, the private sector continues to invest in and deploy clean energy,” said Gina McCarthy, former head of the U.S. Environmental Protection Agency and current co-chair of America Is All In, a coalition of non-federal leaders.
“Last year, clean energy jobs in the United States grew three times faster than the rest of the nation’s workforce.”
The two-week COP30 conference also brought together many U.S. small and medium-sized businesses in sectors that stand to benefit from the world’s transition to low-carbon energy, including carbon markets.
“Being here means being connected to the world,” says Brennan Spellacy, CEO of carbon credit platform Patch. “Most of the meetings here are with sustainability leaders and CSOs from the UK, France and Germany.”
US companies have an important role to play
President Trump has said climate change is a hoax. But regardless of the US federal government’s position, regulations are changing around the world to facilitate the energy transition, despite the disappointment of some with the final deal reached at COP30.
“Regardless of what comes out of the United States in terms of rhetoric, markets are moving (and) policymakers know the direction,” said Jack Hurd, head of the World Economic Forum’s Earth System Agenda and Tropical Forest Alliance.
Despite the US dropping plans for a federal rule requiring one, more US companies are disclosing their climate change strategies, but the quality of corporate plans around the world remains poor, data from disclosure platform CDP shows.
Regardless of whether they participated in the main event, the fact that U.S. companies participated was important, said Maria Mendiluce, CEO of the We Mean Business Coalition.
“It is important that subnational leaders, non-state actors, and businesses attend COP30 because the United States plays a critical role in global climate, energy, and industrial policy.”
“Even in times of domestic political instability, the United States shapes markets, capital flows, and technology pathways. America’s involvement shows investors that the world’s largest economy understands the competitiveness, innovation, security, and supply chain interests of the energy transition.”
Interview and writing: Simon Jessop. Editing: Richard Vardomanis and Katie Daigle
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