In a rather out-of-the-blue move, more than 300 companies from 56 countries that include the likes of Nestle, H&M and Tata Steel among others have called upon world leaders to make it compulsory to disclose their environmental impact by 2030.
Reportedly, an open letter was dispatched to heads of state ad business leaders ahead of Cop15, scheduled to take place in Montreal this December. In the letter, the businesses called for the leaders to take the pledge at the event itself.
If the world leaders agree to the proposal put forth, the pledge will apply to all large companies across 196 countries that have signed up for the Convention on Biological Diversity.
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Speaking about agreeing to sign such a proposal, clothing giant H&M said it was looking for ‘opportunities to change’.
“We are looking into opportunities to change the materials we use towards 100% recycled or sustainably sourced materials, which are less resource-intensive – basically, less land use, water, pesticides and chemicals,” said Leyla Ertur, the head of sustainability at H&M.
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Experts suggested that the business houses had finally come around to the idea that if the planet was dead, no businesses could be sustained.
“They stand ready to transform their businesses and are calling on governments to set the rules of the game through legislation that will create fair competition for business.”
Notably, the companies that have raised their hands and come on board for the proposal have combined revenues of more than $1.5 trillion. However, if other companies don’t agree to make such disclosures mandatory, it will become voluntary.
There has been an increase in the number of companies coming forward and making such pledges. UK, France and New Zealand have made climate disclosures mandatory for companies. Thus, the new proposal will put pressure on other countries to take action as well.
(With inputs from agencies)
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