No arm-twisting: Kerry says corporates back plan to cut CO2
Associated PressGENEVA — A new project trumpeted by U.S. President Joe Biden in which companies underpin development of low-carbon technologies through their buying power amounts to a “big transformation,” U.S. climate envoy John Kerry said Thursday. ”If we don’t get enough reduction somewhere in the 45% range over the next 10 years, we are blowing by 1.5 degrees — and that’s a hard target,” Kerry said, crediting the private sector for leading “in a way that even some governments are not.” A first phase focuses on aviation, shipping, steel and trucking, and three more industries — aluminum, cement and chemicals — are to come on board later. “Volvo says we’re going to buy X% — 10% of our vehicles are going to be made with green steel,” Kerry said. “And so, all of a sudden, people making green steel know, ‘Hey, there’s somebody out there waiting to buy this.’” But even participant companies aren’t revolutionizing their plans just yet, committing to make the changes in at least one of their purchasing areas — so not necessarily company-wide.
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