Global roundtable calls for mid-century carbon targets

New York, 22 February: The Global Roundtable on Climate Change (GROCC), involving 80 companies and institutions, has called on governments to put a price on carbon and set mid-century reduction targets.

The GROCC was organised by the Earth Institute of Columbia University in New York City. It includes Alcoa, Allianz, American Electric Power, Bayer, Citigroup, Endesa, General Electric, Rolls Royce, Swiss Re, Volvo, the World Petroleum Council and others.

A 20 February joint statement encourages energy efficiency measures to help tackle greenhouse gas (GHG) emissions, but asserts that long-term success will require "a concerted effort to de-carbonise the global energy system". This will involve increasing the use of non-fossil energy sources, raising the efficiency of industrial plants and vehicles and developing carbon capture and storage.

Power generation accounts for 40% of global carbon dioxide (CO2) emissions and every new plant using standard technology "locks in place" high emissions for 50 years, the GROCC warns. Transportation emits 20% and industry 18%, while buildings, agriculture and services account for the rest.

Changes "can be achieved at reasonable cost", it adds, but "failing to act now would lead to far higher economic and environmental costs and greater risk of irreversible impacts."

Governments must plan beyond the Kyoto Protocol and set "an ambitious but achievable mid-century target for global CO2 concentrations", the GROCC says. This "scientifically informed" target must "prevent dangerous anthropogenic interference with the climate system", in accordance with the UN Convention Framework on Climate Change.

All countries should sign an agreement, and commit to short- and long-term targets, the statement says. Obligations by different countries would reflect economic development and GHG emission patterns.

Countries should also place a price on carbon emissions that is "reasonably consistent worldwide and across sectors", it adds.

The signatories support the Intergovernmental Panel on Climate Change (IPCC). They also pledge to reduce GHGs, back public policies to fight climate change and raise public awareness.