“The U.S. Supreme Court’s ruling against the Clean Power Plan is a setback, but it does not change the fact that we’re in the midst of a dramatic and irreversible shift toward a clean energy economy,” said Keith Tuffley, CEO of The B Team.
“More and more American companies understand that fighting climate change is good business, and have called on their government to regulate greenhouse gas emissions. Clean energy investments are growing rapidly, and attracted more than US$329 billion last year. Most of this expansion is overseas, predominantly in China. The US must continue to invest for a future in which an advanced clean energy system becomes a competitive advantage and increases US energy independence. We are confident the Court will ultimately rule to support a resilient, green future for the benefit of all Americans.”
While the Supreme Court’s decision this week has temporarily halted the Clean Power Plan in the U.S for litigation proceedings, it is clear that a dramatic shift towards the clean energy economy is already underway and gaining momentum.
Investors see the opportunity for clean energy investments, which the Bloomberg New Energy Finance Report has quantified at being worth 12.1 trillion dollars over the next 25 years, and accelerating investment in renewables in the last 12 months, shows they are rushing to seize them.
Progressive businesses are also seizing the opportunity, and seeing an average IRR of 27% on low carbon investments. The B Team companies will continue to lead the way toward Net-Zero by 2050 and more than 500 businesses and investors have signed up to take bold climate action with the We Mean Business Commitments. As Christian Grossman, World Bank Group Director of Climate Change said this week “Companies do not need convincing to become more climate-friendly. They are seeing the impacts of climate change on their businesses and are ready to respond.”