The Declaration aimed to accelerate climate action by the private sector, in support of the Paris Agreement. It called on businesses to set greenhouse gas reduction targets in line with climate science.

 Watch the launch here

“Setting science-based targets is a great way for businesses to future-proof growth and boost their competitive advantage in the transition to a low-carbon economy. It also sends a powerful signal to global governments that business is aligning strategy with the Paris Agreement, opening the way for us all to move further, faster on the ambition of the Agreement,” says Paul Simpson, CEO of CDP, one of the partners of the Science Based Targets initiative (SBTi).

Signatories committed to engaging with the SBTi, and to promote the adaptation of this process in their value chain and sector. The Declaration raised awareness of the considerable effort already undertaken by many businesses, while also recruiting new SBTi participants.

The launch of the Declaration was the opening event of 2018’s Business for Peace Summit in Oslo. From 15-16 May, participants examined the theme Building Trust – Accelerating Climate Leadership. Globally recognised thought and business leaders shared their experiences and ideas for advancing climate action.

Christiana Figueres, considered one of the key architects of the Paris Agreement, delivered the Keynote address at the launch. In her role as Convener for Mission 2020, Figueres worked to rally the world to meeting the ‘peak emissions by 2020’ goal. “There is no doubt that the private sector is going to play a huge role … It is the private sector that has the technology, the capital, the know-how, the ingenuity to actually get us there,” Figueres says.

The Foundation partnered with We Mean Business in developing the Declaration. The text is the result of consultations with stakeholders, including the foundation’s nominating partners.

Text of the Oslo Climate Leadership Declaration:

I agree that business and investors must take action now to achieve the goals of the Paris Agreement.

To prevent the worst effects of climate change, I understand we need to move to peak global emissions by 2020 and towards net zero emissions by 2050.

I am committed to setting and implementing science-based targets in my business, in alignment with the Paris Agreement, and to ensuring a just transition for communities and workers affected by the move to a low carbon world. I call on my peers within our sector and our value chain to do the same. I commit to working actively with other businesses, as well as city governments, investors and policy makers, to bring about the businessworthy changes needed, and to use my leadership voice to advocate the public policy required to make this a reality.

As a Signatory to this Declaration, I recognise that we can, we must, and we will tackle climate change in a sustainable manner.