A vigorous action for climate change could generate enormous business in Asia and around the world, said United States President Barack Obama during the CEO gathering on the margins of the Asia-Pacific Economic Cooperation (APEC) Summit on Wednesday.
In his speech, Obama urged all business owners and the private sector to go for renewable energy technology as it can generate new jobs and investments.
“Your business can be right by your bottom line and by our planet and future generations. The old rules that said we can’t grow our economy and protect our environment at the same time — these are outdated,” President Obama said.
According to Obama, if businessmen began reducing emissions in their operations, it could pressure all governments to sign the framework to protect the environment.
The US President and other state leaders are set to convene in Paris to finalize the carbon-cutting pact. He said having this deal could prompt investors to invest in clean energy technologies and could generate new jobs and investment.
“An ambitious agreement in Paris will prompt investors to invest in clean energy technologies because they will understand the world is committed to a low-carbon future,” Obama said.
So far, more than 160 countries representing about 90 percent of global emissions, have put forward climate targets for post-2020.
“That’s a signal to the private sector to go all-in on renewable energy technologies. And if we can get an agreement done, it could drive new jobs and opportunities, and investment in a global economy that, frankly, needs a boost right now,” Obama said.
President Obama noted that a change in environment has great impact in all countries and businesses globally and that governments should start mitigating the worse effects.
“No nation is immune to the consequences of a changing climate. But with its many low-lying islands, its coastal regions that are vulnerable to flooding and land loss, few regions have more at stake in meeting this challenge than the Asia-Pacific region,” he said. “If we want to prevent the worst effects of climate change before it’s too late, the time to act is now.”
Obama added that China has already pledged to peak, and reduce, its carbon emissions while the Philippines is already boosting its wind power.
Moreover, the APEC is working to double renewable energy and reduce energy intensity by 45 percent over the next two decades.
“And through the Green Climate Fund and other avenues, the international community is helping developing nations to adapt to climate change and, as I said, leapfrog over the dirtier phases of development,” Obama said. (PCOO-APEC Communications Team)