The business observers pointed to several steps by world leaders they said could boost sustainable business and investing efforts to mobilize the vast sums of money needed to wean the world off fossil fuels.
"There's a certain power of signaling of intentions that can't be dismissed here," Shah said. He pointed to the goal set by India's prime minister, Narenda Modi, on Nov. 1 for his country to reach net-zero carbon emissions by 2070.Although two decades later than what scientists say is needed to avert catastrophic climate impacts, the pledge was still more than India had offered in the past and could be accelerated with financial help from developed nations, Shah said.
The new board, Lacy said, "will give investors and stakeholders a much better understanding of related risks and opportunities and help guide the allocation of the huge amount of capital needed as the world transitions to net zero," he said via email.
Diplomats now must hash out rules on areas like constructing markets to help businesses price carbon and how much developed nations will help poorer ones.[nL8N2RY0GS]
Translation: We're going to tax corporations out of existence for the ClimateChage boogeyman.