UN Global Compact
Global Compact joins the IDEAcarbon consortium
In May 2015 the Global Compact joined the IDEAcarbon consortium representing the global corporate communities' participation in a very important initiative to
- value carbon and climate action comparatively and consistently,
- create a global index price on carbon,
- enable credible collateralization of environmental assets for debt capital markets, comparable to other asset classes.
The Global Compact sees the IDEAcarbon global pricing product initiative as the most credible path to delivering a geo sector carbon pricing product suite, and eventually a global price on carbon. By joining the IDEAcarbon consortium the Global Compact supports the creation of a focused unit within the Global Compact umbrella to enable engagement of leading corporations and IDEAcarbon to develop and test geo sector carbon pricing. The Global Compact is committed to accelerating the development of these products for its members through a fundraising exercise.
As a member of the IDEAcarbon consortium the Global Compact will be the umbrella organisation for current and new members of the Caring for Climate initiative to engage with IDEAcarbon. The Global Compact will act within its non-profit status to channel corporate funding into the IDEAcarbon foundation and provide necessary governance. IDEAcarbon's work will be promoted under the carbon pricing working group convened by the Caring for Climate initiative.
"Whilst there are several other initiatives on the subject of carbon pricing the Global Compact believes that these are well contained within the IDEAcarbon architecture and fall far short of delivering the degree of comparability and rigour of work needed to satisfy leading investors, corporations and governments. The Global Compact and IDEAcarbon will continue to work with all parties in an inclusive and focused manner to help achieve merit-based outcomes we all seek."
-- Sir Mark Moody-Stuart, Vice Chairman, Foundation for the Global Compact
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