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Greening the UK property sector

Implications of the UK Green Finance Strategy for real estate

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The UK Government has published its Green Finance Strategy, which seeks to tune capital markets to the ambitions of its Industrial and Green Growth Strategies and its commitment to the Paris Agreement on Climate Change. Significantly, the new Strategy looks beyond aligning and unblocking capital flows to green assets and solutions (“Financing Green”) by placing equal emphasis on the imperative to integrate climate and environmental factors into financial decision-making across all asset classes (“Greening Finance”). In addition, it seeks to cement the UK as a global centre for green financial products and services (“Capturing the Opportunity”).

The new Strategy gives a strong signal of intent, with some notable measures, but it is lacking in the detail and level of commitment that owners and managers of commercial and residential property ought now to expect.

Objectives

The two central objectives of the Green Finance Strategy are:

  • to align private sector financial flows with clean, environmentally sustainable and resilient growth, supported by Government action; and
  • to strengthen the competitiveness of the UK financial sector.

There are many parallels to be drawn with the ongoing efforts of the European Union, through its Action Plan on Sustainable Finance, to:

  • reorient capital flows towards sustainable investment, in order to achieve sustainable and inclusive growth;
  • manage financial risks stemming from climate change, environmental degradation and social issues; and
  • foster transparency and long-termism in financial and economic activity.

The combined and accelerating weight of effort both domestically and at the European level to address capital market deficiencies in relation to the climate and ecological emergencies should, therefore, not be underestimated by investors or their fiduciaries. Indeed, the new Green Finance Strategy commits the Government to at least match the ambition of the three key objectives included in the EU Action Plan.

Climate and environmental integration

Considerable emphasis is placed on clarifying and enhancing the roles and responsibilities of an array of market regulators, such as the Financial Conduct Authority and Prudential Regulatory Authority, combined with a commitment to develop Sustainable Finance Standards. There is also a clear signal that Government policy will drive stranded asset risks, including through its push for complete divestment from unabated coal facilities.

Alongside the European Union’s own regulatory programmes for improved ESG disclosures, there are also specific proposals to mandate disclosure in accordance with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD) for listed companies and large asset owners by 2022. This is catalytic; within the real estate sector, whilst some REITs such as the BMO Commercial Property Trust and LandSec have begun to incorporate disclosures expressly aligned to TCFD, these are very much the exception to the market rule.

Financing green buildings

For real estate owners and managers, there are a number of notable declarations, some of which have admittedly been trailed previously.  Examples include the commitment to explore further the disclosure of operational energy use within buildings, including a strong nod to the Design for Performance work of the Better Buildings Partnership, as well as a commitment to consult formally on the future trajectory for Minimum Energy Efficiency Standards (and for which a programme of Government dialogue with the industry is already underway). For the domestic sector, funding support for private sector pilot projects to trial green mortgages and other innovations are notable, especially bearing in mind that all existing PRS leases will fall within the purview of Minimum Energy Efficiency Standards in nine months’ time. Potential financial measures to support the existing aspiration to upgrade homes to EPC band C by 2035 are also set out, including the possibility that lenders will be mandated to help homeowners finance energy improvements, alongside improvements to the much-maligned Green Deal framework.

Hillbreak verdict

In our view, the new Green Finance Strategy is significant for real estate asset owners and managers, particularly in relation to the measures proposed to green the finance system through, for instance, enhanced mandatory disclosures, improved sustainable finance standards and clearer oversight responsibilities. However, although there are several notable statements that relate specifically to the financing of climate and environmental solutions in property, these remain, for the most part, tentative and subject to further consultation and investigation. Given the pivotal role of the built environment in the context of the climate emergency and environmental breakdown, together with the extensive work and engagement that has already been undertaken on many of these proposed measures over the last decade, the time for provisional measures has arguably now passed. Whilst there are several welcome elements within the Strategy, as a package of measures it falls short of the market transformation that is needed.

 

Looking back at 2016

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This article was first published on the Urban Land Institute website.

Well, that was some year! A year of extraordinary paradoxes and contradictions. In truth, I’m still trying to get my head around it, such was the peculiarity of the many events which unfolded. Hot on the heels of the Paris Agreement on Climate Change, I headed in to 2016 with a renewed sense of hope and determination.

Finally, after years of effort, the world had taken a unanimous stand against one of the defining threats of our time. Political resolve unparalleled in living memory, emboldened by the clarion call from the world of business, investment and civic governance. The implications for real estate were (and remain) profound, clarifying a new imperative for our industry and those who invest in it. Importantly, the momentum continued with ratification of the Treaty being secured much earlier than expected. It was complemented too, by another ground-breaking Agreement: that struck by 170 nations in Kigali to phase out the use of hydroflourocarbons.

A ULI highlight of mine within this context was the publication of L’Accord de Paris: A Potential Game Changer for the Global Real Estate Industry. My firm, Hillbreak, was honoured to have been asked by ULI to author the Report, supported by an exemplary global steering group. Together, we sought to draw out the key considerations for real estate owners and developers arising from the Agreement and we were rewarded with overwhelmingly positive feedback from across the world.

The Report highlighted, I think, the very unique place which ULI holds in the real estate universe. No other organisation in our sector has quite the reach or depth of insight to be able to take a topic of such pervasive significance and distil it into something resonant across all the major market geographies.

The optimism with which I started the year was soon tempered by a cascade of political shockwaves: a deluge of populism; uprising at the hard ends of the political spectrum; Brexit; the murder of Jo Cox MP; the vitriol of the US Presidential elections.  Not in my lifetime have the forces of progress and disorder been pulling against each other so forcibly.

All these things and more throw a heavy veil of uncertainty over many of the issues with which our ULI Sustainability Council is concerned; social cohesion, tackling climate change, energy policy etc. Despite the upheaval around us, we’ve tried as a Council to address these themes with the balance, rigour and inquisition that they deserve, and I think we’ve been successful in that. Certainly, the feedback which we received from the many ULI members and friends that have attended our events throughout this year suggests that we are.

The Sustainability Council has, I believe, now reached an inflexion moment and we need to reflect carefully on what we have achieved and how we can operate with maximum impact and effectiveness into the future. Many of the events that unfolded around us in 2016 suggest that we need to reappraise the issues which require our focus.

Meanwhile the continued success and maturing of ULI UK means that the organisation is broadening and deepening its activity and its reach (the advent of the Development and the Technology Forums are good examples of this). This is unquestionably brilliant, but also means we need to act smartly to ensure we are delivering nothing but the best experience for our members. With all this in mind, my first priority as Chair of the Sustainability Council for 2017 will be review our form and function. I’m determined that ULI UK continues to be a leader of the organisation’s global efforts on sustainability matters, and I’m looking forward to working with our Committee to define the next phase of growth and development for the Sustainability Council.

As ever, I’d welcome any suggestions on how we enrich our programme and enhance our usefulness for members.

Jon Lovell , Founding Director, Hillbreak and ULI UK Sustainability Chair

SBT

Science Based Targets – Applications & Implications

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In our earlier blog on SBT, we looked at the background to their development and the various methodologies which have been developed to achieve them.  Below we discuss some of the broader frameworks to which the principle of SBT might be applied, and finish by considering some of the key considerations for real estate owners.

Broader science-based frameworks

There are a number of broader science-based frameworks that are well established and which are used by companies to frame their own sustainability goals and priorities. These encompass a range of issues and indicators which, at their heart, seek to steer businesses to operating below the ceiling of environmental limits and above the foundation of social justice and equity.

Notable examples include:

  • Vision 2050 and the Action2020 platform which stems from it, led by the World Business Council for Sustainable Development. It defines a number of societal “must-have” issues for 2020 across the themes of climate change; release of nutrient elements; ecosystems; exposure to harmful substances; water; basic needs and rights; skills and employment; sustainable lifestyles; and food, feed, fibre and biofuels.
  • The framework of Planetary Boundaries 2.0, developed originally in 2009 and updated by the Stockholm Resilience Centre in 2015, uses scientific data to set precautionary boundaries for nine critical processes of human-driven environmental change, four of which have already been surpassed.
  • One Planet Living, a framework of ten principles based on ecological and carbon footprinting as its headline indicators, was developed by BioRegional and WWF and has been adopted by several organisations (both public and private sector). It has particular provenance in the context of property development projects, but is applicable more broadly too. Those in the One Planet Living Network have each developed Action Plans either at the corporate level or to be applied to projects.
  • Perhaps the most significant framework in terms of its political capital is the UN Sustainable Development Goals. Updated in 2015 and agreed by 193 Heads of State and High Representatives, the SDGs are a framework of 17 goals focused on people, planet and prosperity which is underpinned by 169 global targets. The Heads of State call upon businesses to apply their creativity and innovation to solving sustainable development challenges; identifying those goals and targets that are of particular relevant to the activities of an individual organisation can be a useful basis for defining a corporate sustainability framework and action plan.

Implications for real estate companies and owners

As expectations of businesses’ approaches to sustainable development, and tackling climate change in particular, become stronger amongst an array of stakeholders, so too does the need for clarity of approach and transparency in performance and impact. It is therefore clear to see why attention is turning to the principle of science-based target setting. They certainly command a strong hypothetical rationale. For real estate owners, this brings both opportunities and challenges. Amongst the myriad considerations for those exploring the efficacy of science-based targets for their organisation, the following might be pertinent:

  • selecting the most appropriate methodology, scope and metrics will be key to driving performance and ensuring relevance – careful thought is needed to ensure that the approach to target-setting is grounded in the drivers of business and asset value (which may included the use of existing non-financial reporting systems);
  • the need to communicate the meaning of any science-based targets clearly to both internal and external stakeholders – some approaches can appear to be something of a black art, and many involve complex analysis, so distilling key messages through impactful communication is paramount;
  • science-based targets are typically associated with long-term goal-setting and are proving to be a catalyst in pushing organisations to think further ahead than has often been the case with sustainability or ‘ESG’ targets and objectives in the past – this can bring particular challenges for asset owners with short-term holding strategies whose ability to influence or control long-term performance outcomes across a portfolio might be limited;
  • having systems for, and approaches to, data management which are rigorous and navigable is vital – tracking and reporting progress reliably is critical to credibility and effectiveness; and
  • adopting science-based targets requires organisations to accept that they should be just that – based on the science of climate change, planetary limits and social boundaries, and not just a creative use of mathematics to derive arbitrary numbers!
SBT

Science Based Targets for Emissions Reduction

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Science Based Targets are being adopted by companies across multiple sectors as the basis for setting long-term goals. But how relevant and useful are they?

We’ve recently been advising a number of real estate organisations and funds on their responsible investment strategies and, as part of that, their approaches to target setting for energy consumption and carbon emissions reduction. Knowing where to set the bar is a often a primary concern.  Historically, organisations have generally set themselves relatively arbitrary targets based on intuitively manageable goals.  This is all well and good, up to a point, but does not necessarily mean that genuinely sustainable levels of carbon emissions will be achieved. If they are, it’ll more likely be by luck rather than judgement.

Increasingly, and catalysed by COP-21 and the Paris Agreement on Climate Change, the Science Based Target (SBT) approach is being adopted by companies across multiple sectors as the basis for setting long-term goals for greenhouse gas emissions reductions. Much has been made of their relevance, complexity and usefulness, with opinions quite broadly spread.

In the first of two blogs which we’ll publish in quick succession, we discuss the various methodologies which exist under the umbrella of SBTs for greenhouse gas emissions reduction and the background to their application.

Methodologies

The Science Based Targets Initiative (SBTI) – a joint initiative between CDP, UN Global Compact, World Resources Institute and WWF – defines such targets as:

Targets adopted by companies to reduce GHG emissions are considered “science-based” if they are in line with the level of decarbonisation required to keep global temperature increase below 2oC compared to pre-industrial temperatures, as described in the Fifth Assessment Report of the Intergovernmental Panel on Climate Change (IPCC).

There are, however, multiple methodologies for setting Science Based Targets each with their respective strengths and weaknesses. Some of these are bespoke to individual organisations, such as those developed for their own purposes by BT Group, Ford Motor Company and Mars, although this does not preclude other organisations from adopting the same methodology because they have been published on an open source basis.  Others are particular to defined geographies, such as the 3% Solution which was developed specifically for the US.

More widely used open source versions are also available, although most of these are based on normalised intensity metrics based on the economic output of organisations. The GEVA (Greenhouse Gas Emissions per unit of Value Added) method, for example, is developed from the principle of reducing GHG emissions by 5% per year per unit of GDP created by individual corporations, based only on Scope 1 GHG emissions (thereby excluding emissions associated with electricity consumption or of supply chain activities).  The C-PACT method, developed by Autodesk, and the Context Based Carbon Metric, developed by the Centre for Sustainable Organizations, similarly use an economic output normalisation metric. A key disadvantage of these methods from a real estate owner’s point of view would be the distorting impact of commercial property value volatility.

The Sectoral Decarbonisation Approach (SDA) is the most recently developed and arguably the most complex methodology, but it is also the most applicable to real estate organisations in our opinion. It provides sector-specific emissions reduction pathways, with intensity measures premised on more useful and meaningful measures. For real estate, the normalisation approach is based on a CO2/m2 of floor area metric, with a carbon intensity pathway established of 55 percent by 2050 from a 2010 baseline (premised on a CO2 budget allocated to the sector by the SBTI which is considered proportionate in the context of the wider economy, yet in line with the goal of limiting global temperature increases to 2o above pre-industrial levels). The scope of the emissions to which SDA-based targets should be applied for real estate encompasses Scope 1 & 2 emissions, thereby including energy use associated with space heating and cooling, water heating, lighting, appliances (HVAC), and miscellaneous equipment (such as office equipment and other small plug loads in the service sectors).

Notably, the one commercial real estate owner that has developed a SBT to date, Land Securities, has used the SDA method with a target of achieving 40% reduction in the carbon intensity in property under management for at least two years by 2030 when compared with a 2013/14 baseline. This is deemed by Land Securities to be consistent with the trajectory needed to achieve the 80% reduction in carbon emissions in property required by 2050, and is complemented by a target of reducing energy intensity by 40% by 2030 in the same buildings.

However, it is important to remember that the SBTI has appropriated words and formed a definition to suit its own agenda. There is no reason why “science-based targets” should mean anything to do with limiting global warming to below 2oC. Indeed, the principle of science-based target-setting can be applied to a much broader range of issues.

In our next blog, to follow this in quick succession, we discuss alternative and broader frameworks within which appropriate science-based target-setting can be made and some of the key SBT considerations for real estate owners.

ULI Connect

Jon Lovell…in conversation with ULI Connect

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Jon Lovell, co-founder of Hillbreak, was recently interviewed by ULI Connect, the official newsletter of the ~40,000 worldwide members of the Urban Land Institute (ULI). He discusses the impacts of the Paris Agreement on Climate Change for the global real estate industry, the risks and competitiveness drivers of climate change and evolving market expectations, and what motivates him to challenge convention in the industry.

The interview was prompted by Hillbreak’s recent authorship of the major ULI report, L’Accord de Paris: A Potential Game-Changer for the Global Real Estate Industry.

Jon is a long-standing member of ULI and is currently vice-Chair of ULI UK and chairs its Sustainability Council.

You can read the article here.

Urban City

Real Estate Industry Must Address Climate Change to Maintain Competitiveness

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ULI Report L'Accord de Paris

L’Accord de Paris

Hillbreak was the principal author on a major new report on the global real estate implications of the Paris Agreement on Climate Change, published today by the Urban Land Institute. The publication of the report coincides with the gathering of world leaders at the United Nations in New York, during which progress on the ratification of the Paris Agreement gathered significant pace.

The central element of the Paris Agreement is the aggressive scientific objective of holding the increase in the global average temperature to well below 2°C above pre-industrial levels and of pursuing efforts to limit the temperature increase to 1.5°C.  The agreement is expected to have significant and far-reaching implications for national and municipal policy making and for business and investment decisions.

Here’s today’s press release on the report:

REAL ESTATE INDUSTRY MUST ADDRESS CLIMATE CHANGE TO MAINTAIN COMPETITIVENESS, SAYS NEW RESEARCH FROM THE URBAN LAND INSTITUTE

Paper analyzes the real estate implications of UN Paris Agreement on climate change

WASHINGTON (September 21, 2016) – As world leaders gather at the United Nations this week to ratify the Paris Agreement on climate change, a new paper released today by the Urban Land Institute (ULI) argues that many real estate organizations are not adequately prepared for the implications of the agreement, which was made at last year’s 21st annual Conference of the Parties in Paris (COP-21).

Entitled L’Accord de Paris: A Potential Game Changer for the Global Real Estate Industry, the paper provides an overview of the key issues that arose from the COP-21 agreement and outlines steps that the real estate industry can take in response. Since buildings account for nearly one-third of global climate-changing carbon emissions, the agreement could trigger significant changes in requirements for building design, development, operations and management. In order to remain competitive, the industry must proactively limit and respond to the effects of climate change, the paper says.

It notes that from a business perspective, taking action to address climate change can help real estate organizations manage risks and capitalize on new opportunities. Investors and developers who proactively respond to impacts of the Paris agreement can ensure that their buildings remain competitive within changing policy, market, and climate conditions. They are also likely to see bottom-line benefits, as improving energy efficiency to reduce the carbon impact of buildings is one of the most cost-effective solutions to mitigating climate change.

“As leaders in the responsible use of land, ULI’s global members have a pivotal role to play in addressing some of the greatest challenges facing our rapidly urbanizing world, including the pressing threat of climate change,” said Patrick Phillips, ULI’s Global Chief Executive Officer. “The Paris Agreement on climate change will have important implications for both developed and emerging real estate markets, including new business and investment opportunities. ULI has published this paper to support our members in navigating the implications of this agreement, and charting strategies for success.”

ULI leader Jon Lovell, cofounder of Hillbreak and principal author of the report, said, “the Paris Agreement was undoubtedly a landmark diplomatic success, but was only possible because of the groundswell of demand, action and support from business leaders, investors, mayors and industry bodies from across the world.” He added, “Given the value at stake and the weight of evidence collated by this paper, it would be naive to think that investors, tenants and regulators won’t all begin to turn the screws on real estate companies and asset owners. The message is clear — act now to address the implications of the Paris Agreement or face irrelevance in the market.”

According to the paper, the Paris Agreement has catalyzed a change in attitudes and expectations surrounding the real estate market.  Organizations are under increasing pressure to divest from carbon-intensive companies and assets, and to engage with policymakers and stakeholders on sustainability issues. Furthermore, they are expected to demonstrate a heightened disclosure of carbon performance and the risk posed by climate change to their assets, and to retrofit development standards through new technologies and financing models.  Assets that do not conform to these new standards risk low demand and suppressed value.

The first priority for real estate organizations, says the report, should be to audit their resilience against post-COP-21 impacts.  The audit should include a review of the risk exposure of their assets and the capabilities and expectations of their stakeholders.  The paper suggests a list of specific questions on the topics of climate risk, client and stakeholder expectations, competitor approaches, policy change, asset performance, value chain, people and processes.

L’Accord de Paris: A Potential Game Changer for the Global Real Estate Industry is a precursor for a more detailed report, including case studies, scheduled for release in October.

About the Urban Land Institute

The Urban Land Institute is a nonprofit education and research institute supported by its members. Its mission is to provide leadership in the responsible use of land and in creating and sustaining thriving communities worldwide. Established in 1936, the institute has nearly 40,000 members worldwide representing all aspects of land use and development disciplines. For more information, please visit uli.org or follow us on Twitter, Facebook, LinkedIn, and Instagram.

For more information, please contact Trish Riggs Senior Vice President of Communications at 202-624-7086 email: trisha.riggs@uli.org or Peter Walker, Vice President of Strategic Communications: +44 (0)20 7487 9586 or e-mail peter.walker@uli.org

About Hillbreak

Hillbreak is the new name in training and advisory services for organisations seeking competitive advantage in a changing urban world. Its mission is to expedite the transition to a sustainable policy, business and investment environment by bringing intelligence, challenge and inspiration to its clients and stakeholders. Please visit hillbreak.com for further information of follow us on Twitter, Facebook, and LinkedIn.

For more information, please contact Jon Lovell, Co-Founder & Director at +44 (0)7825 531031 or e-mail: jon@hillbreak.com, or Miles Keeping, Co-Founder & Director at +44 (0)7971 457959 or e-mail miles@hillbreak.com

 

Spiral

Regulatory Update – Key Recent Sustainability Changes

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Miles Keeping delivered a presentation at the annual breakfast seminar of the Investor Property Forum on recent changes to the policy and regulatory landscape in the UK relating to sustainability. These included an overview of:

• Budget 2016 – What can we expect?

• Business Energy Tax Reform – Where will it take us?

• Future of environmental regulation – What hope is there?

The IPF has published a synopsis of the key topics covered during the event, which also included an update on valuation matters from Philip Parnell of Deloitte Real Estate.

A copy of Miles’ presentation slides can be viewed here:

IPF Regulatory Update

IPF Regulatory Update

 

 

 

 

 

 

 

IPF Regulatory Update Miles Keeping (March 2016)

Paris

Summary of ULI Event: Implications of the Paris Agreement on Climate Change

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Hillbreak Director, Jon Lovell, recently chaired an Urban Land Institute event on the implications of the Paris Agreement on Climate Change for the real estate industry. It featured an outstanding keynote speech from Sir David King, the UK’s permanent Special Representative for Climate Change, and panelist contributions from the Department of Energy and Climate Change, K&L Gates LLP, Hammerson, Willis Towers Watson and the World Green Building Council.

Here’s a summary of what went down.

Implications Of Paris Deal On Climate Change

Global Warming – It’s Paris or Bust!

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Jon Lovell sets out his thoughts on the implications of the Paris Agreement on climate change for the real estate industry. He asks what difference the Agreement will make to business as usual and what are the implications that developers, asset owners, occupiers and funders should be preparing themselves for.

Article published originally in, and reproduced here with the permission of, www.europroperty.com.

Global Warming - It's Paris Or Bust By Jon Lovell In Europroperty Magazine

 

Eiffel Tower

Hillbreak Adds Voice To Paris Pledge For Action

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L’Appel de Paris

COP21 Paris 2015, UN Climate Change Conference

COP21 Paris 2015, UN Climate Change Conference Logo

Last week at COP 21 in Paris, governments of the world united in action on climate change by adopting the Paris Agreement, the first universal, legally binding climate deal. This agreement will spur a transformation of global growth and development and open the door to a low-carbon, stable, sustainable future.

Today, major cities, regions, investors and companies from around the globe representing 150 million people and US$11 trillion promised to quickly and effectively help implement the Paris Agreement and accelerate the transformative changes needed to meet the climate change challenge.

L’Appel de Paris, or the Paris Pledge for Action, is a call to action in support of the Paris Agreement which brings together a multitude of voices on an unprecedented scale within a single, collective statement:

“We welcome the adoption of a new, universal climate agreement at COP 21 in Paris, which is a critical step on the path to solving climate change. We pledge our support to ensuring that the level of ambition set by the agreement is met or exceeded.”

This landmark pledge is a clear signal that the message sent by the negotiations has been received loud and clear and that cities, regions, business, investors and other non-state actors are now ready and willing to stand shoulder to shoulder, alongside governments, to implement the terms of the agreement. This is our best opportunity to limit global temperature rise to less than 2 degrees Celsius and raise ambition even before the agreement takes effect in 2020.

L’Appel de Paris has already been signed over 400 businesses, 120 investors, 150 cities and regions representing 150 million people and US$11 trillion.

Initial signatories include businesses such as Hillbreak, Unilever, Acciona, Allianz, Coca Cola Enterprises, Generali, KPMG, Legal & General Investment Management, Braskem, Tata, Kellog’s, and Mars; cities such as Los Angeles, Johannesubrg, and Addis Abeba; and regions such as Cross River State (Nigeria), and Chiapas (Mexique).

Christiana Figueres, Executive Secretary of the UN Framework Convention on Climate Change said: “COP21 was a landmark, and not just for the Paris Agreement by governments. The extraordinary momentum witnessed before and during the UN conference by cities, provinces, regions, companies and citizens was also a hallmark”.

“The Paris Pledge for Action is about taking that momentum to the next level in support of nations as they work towards raising ambition up to 2020 and well beyond—it is about building ever more support by non-state actors who are aligning with government policy as never before, “she added.

The pledge is an initiative of the COP21 French Presidency and uniquely incorporates under one roof a diverse range of entities that are already committed to quickly mitigate emissions and adapt to the impacts of climate change. These non-state actors include members of the Under 2 MOU, the White House Act on Climate Pledge, the Montreal Carbon Pledge, the Principles for Sustainable Insurance (PSI) Initiative, the We Mean Business ‘Road to Paris’ initiatives, the Paris City Hall Declaration, ICLEI and many more. The pledge is open to more signatories and will spread around the world. All non-state actors are invited to join this call to action in support of the Paris Agreement.

Jon Lovell, Co-Founder of Hillbreak, said: “Let no-one pretend that COP21 wasn’t an unprecedented achievement for international diplomacy. To unite 195 countries from all parts of the world in this way is unprecedented. But at the same time, let no-one be under the illusion that L’Appel de Paris guarantees our climate safety; far from it. It is now incumbent on all of us to translate the Agreement into a surge of investment and action, and to continue to push for strengthened commitments and policies from Nation States and municipalities.”

About L’Appel de Paris

L’Appel de Paris (Paris Pledge for Action) brings together hundreds of non-state actors from across the globe in support of Paris Agreement on climate change. The Paris Pledge for Action is an initiative of the COP21 French Presidency managed by the University of Cambridge Institute for Sustainability Leadership.

Read the Pledge: www.parispledgeforaction.org/read
See who’s signed the Pledge: www.ParisPledgeForAction.org/whos-joined/
Join the Pledge: www.ParisPledgeForAction.org/sign