It is heartening to see that President Obama's clean power plan has secured the support of many multinationals, who have the influence through their supply chain networks, shareholders and customers to promote a transfer from fossil fuels to renewable energy. With numerous crises already in play at both state and supranational level within the European Union, we are unlikely to see the same level of momentum within Europe in the near future, even if international businesses were in support of similar measures.
Hundreds of businesses including eBay, Nestle and General Mills have issued their support for Barack Obama’s clean power plan, billed as the strongest action ever on climate change by a US president. The rules, being announced on Monday, are designed to cut emissions from power plants and have been strengthened in terms of the long-term ambition as originally proposed by the president last year, but slightly weakened in the short-term in a concession to states reliant on highly-polluting coal. Other signatories included Unilever, L’Oreal, Levi Strauss, L’Oreal, Staples, renewable energy company SunEdison and Trillium Asset Management, which manages $2.2bn in assets. It is the largest group of businesses to support the rules so far. The final rules propose a 32% cut in carbon emissions from power plants by 2030 on 2005 levels, up from the initial proposal of 30%.