Climate action ‘barometer’ launched: Experts say outlook is ‘changeable’

The Climate Group has announced the launch of a ‘climate barometer’ to measure confidence levels in delivering a strong outcome at COP21 and in the low carbon economy.

The barometer has been launched at Climate Week Paris, which The Climate Group is convening. It shows that leaders of businesses, subnational governments and international institutions currently give a confidence rating of 33% - or ‘changeable’, according to the barometer. This is broken down as 33.2% for businesses, 38.7% for governments and 27.2% for international organizations.

The barometer will monitor the response of businesses, subnational governments and international institutions to announcements by governments such as INDCs, and key events including the G7 summit as well as COP21 itself.

The Climate Group says it hopes the barometer will hold leaders to account, encourage them to deliver a deal in Paris, and help grow the low carbon economy which will boost global economic growth and job creation.

A panel of 50 leaders made up from The Climate Group’s global network of members - which includes major businesses, state and regional governments, influential leaders plus international institutions with which it partners - will be surveyed on whether they think the policies, technologies and finance conditions to support low carbon economic growth are being put in place. The results will be turned into a percentage rating, as well as a ‘weather outlook’, and published on The Climate Group’s website.

Mark Kenber, CEO of The Climate Group, said: “In the run up to Paris, the Climate Barometer will help hold leaders to account, and encourage them to support low carbon economic growth. COP21 has the chance to deliver a huge dividend to businesses and economies, and leaders have the chance to influence that. The barometer will measure market confidence in whether things are going in the right direction.

“Many businesses want an unambiguous outcome to come from the Paris COP21 summit. It will help to give them greater certainty which in turn will encourage them to make the long-term investments and planning decisions needed to deliver at scale.

“The role of non-state actors such as businesses and subnational governments is going to be critical in the 2016-2020 period in ensuring temperature rises do not go above 2 degrees. Many are already playing a growing leadership role. Members of The Climate Group States & Regions Alliance, for instance, are phasing out coal, investing in clean tech infrastructure, and linking emissions trading systems. Some of the world’s biggest brands are going 100% renewable as part of the RE100 initiative. But for that tipping point to happen, all eyes are on what world leaders say and do over the next few months, and we’re going to be monitoring that.”