Statement of the Climate Solutions Working Group

The Climate Solutions Working Group, an informal coalition of U.S. Chamber of Commerce members, have made strong climate commitments in our businesses to promote policies that support the United States in meeting its Nationally Determined Contribution under the Paris Climate Agreement. In 2017, we formed the Climate Solutions Working Group with the goal of engaging the U.S. Chamber of Commerce on climate policy to better align its positions with a growing number of its members’. The Chamber has made progress in recent years to update its climate policy position statement in support of the Paris Agreement and a market-based mechanism for carbon. Most recently, its support of the Infrastructure Investment and Jobs Act was helpful in gaining necessary momentum. We recognize the urgency to act on climate legislation, and we support efforts by Congress to come together to enact strong, science-based and durable climate action policies.

The latest Intergovernmental Panel on Climate Change (IPCC) and International Energy Agency (IEA) reports warn of the real risk of hitting 1.5°C warming in the near term and the criticality of halving global greenhouse gas emissions in the next decade. The private sector is playing a leading role in meeting the urgency of climate change. Companies are realigning their business models, making their operations more efficient, shifting to renewables and other low-carbon sources of energy, and working to develop innovative clean technologies. Thousands of companies representing tens of trillions in assets have made pledges to reach net zero emissions by 2050 and are taking concrete steps to meet those commitments. Businesses have committed to invest multiple trillions of dollars in low- and zero-carbon solutions over the next decade.

In short, the business community is poised to invest trillions of dollars, change the way we operate day to day, transform sectors of the economy and drive significant job growth. The private sector seeks the strong partnership and support of government to create complementary policies to create the conditions that can help businesses meet climate commitments while remaining competitive in the global market as we strive to meet the demands of the next decade.

We urge Congress to take action on comprehensive legislation that helps businesses accelerate the transition to a more decarbonized economy. A range of options are needed in these efforts including market-based strategies such as carbon pricing that support the development of emerging technologies while ensuring a just transition for economically disadvantaged communities. We support policies designed to promote low-carbon infrastructure, along with carbon capture and sequestration programs that will help support the transition of high-emitting sectors. To be effective, climate legislation will require a combination of robust federal policy tools including consistent standards and methodologies, investments, tax incentives, blended finance programs, research and development, and procurement. In addition to addressing emissions, strong climate policies will create jobs and sustainable career pathways; improve air quality and public health, and build in resiliency, especially for low-income communities and communities of color that are disproportionately impacted by the impacts of climate change. These policies would also help keep the United States competitive as countries across the globe work rapidly to address the urgent issue of climate change.

As businesses, we are committed to continuing to incorporate climate action into our business plans. However, we need robust public policies to accelerate our work. Swift action will produce profound and sustainable changes to improve human and economic activity now and in the future. We look forward to working with Congress and our fellow private sector partners to continue efforts to move these critical policies forward.

Signatory Companies

American Express

Bank of America

Citi

DSM North America

Exelon

Logitech

Morgan Stanley

Salesforce

Media Contact-

Nik Laabs, VOX Global

nlaabs@voxglobal.com

(682) 429–7258