Climate change also represents a tremendous economic opportunity for business. As government regulations evolve in leading countries, the road will be dotted not just with environmental hurdles, but with commercial prospects.

The evidence is clear: the benefits of strong early action on climate change heavily outweigh the long-term costs of inaction. The way forward is equally plain: those who get into the game now will enjoy a significant competitive advantage over those who delay. Read more

The UK has proven that it is possible to achieve economic growth on a low emissions trajectory, and has successfully decoupled economic growth from emissions:

• UK economy has grown by 48% since 1990, whilst actual emissions have fallen by over 20%
• The EU economy has grown by 40% since 1990; whilst emissions have fallen by over 7%
• Many of these savings come from efficiency improvements and less carbon-intensive energy sources.
  

UK businesses, for example, have the potential to gain a share of the global market for low carbon goods and services, which is worth an estimated £3 trillion worldwide. Currently low carbon business is generating £107 billion a year in the UK and employing 880,000 people.

UK action on climate change for business includes:

• Carbon Reduction Commitment: a legally binding scheme for 10,000 large companies and public sector organizations.
• Emissions Trading: eases the transition to a low-carbon economy by giving companies sufficient flexibility to reduce emissions in the most cost-effective way.
• Climate Change Agreements(CCAs) allow eligible energy intensive business users to receive up to an 80% discount from the Climate Change Levy (CCL) in return for meeting energy efficiency or carbon saving targets.
  
• The Carbon Trust: helps businesses save money by cutting energy use and provides support for research and development in low-carbon technology.
• Department of Energy & Climate Change: new government department designed to link the U.K.’s energy and climate change policies and programs.
• UK Renewable Energy Strategy: aims to create 160,000 new ‘green-collar’ jobs.

Engaging business and Government

UK private sector organisations are amongst some of the most progressive in the world when it comes to taking action on climate change, and acting as advocates for a strong international agreement. UK groups such as the Confederation of British Industry, the Corporate Leaders Group on Climate Change, Business in the Community and the Carbon Trust are extremely active in working with Governments and their peers both in the UK and around the world to share their experiences and encourage action to tackle climate change. Along with organisations such as the Institutional Investors Group on Climate Change (IIGCC), the UK Business Council for Sustainable Energy (UKBCSE) and the Carbon Markets and Investor's Association these organisations have also provided valuable input into the UK's international policy-making efforts.

Similarly, initiatives by many household names such as those involved in the Climate Group's 'Together' campaign - which brings together a selection of UK high street businesses - have helped to significant amounts of CO2.