U.S. President Barack Obama on Monday met with a group of chief executives to discuss the international climate change deal that is set to be arranged in Paris next month.

The Obama administration is set to cut carbon emissions from power plants, a center policy of the United Nations climate change conference. However, the Republican Party has been quick in saying that such negotiations would hurt American businesses and jobs.

That, of course, is not true and President Obama has reiterated the stance that this deal is actually welcomed by businesses. According to Reuters, while answering questions to reporters after the meeting, Obama said “The perception is that this is an environmental issue, it’s for tree-huggers, and that hard-headed business people either don’t care about it or see it as a conflict with their bottom line.” He also added “I just want everybody to understand that American Businesses want this to happen as well.”

Among the 81 companies that have backed President Obama in the fight against climate change, since the 68 that have signed the American Business Act on Climate pledge when it was announced in June are Coca-Cola, Intel, Monsanto, General Motors, Bank of America, Best Buy, Wal-Mart, Google, Johnson & Johnson, Berkshire Hathaway and many others. The CEOs of the companies have announced their commitment that would total at least $160 billion.

Obama singled out Wal-Mart for installing solar capacity, Intel for investing in energy and water conservation program and Apple, Google and Costco for their effort in renewable energy.

With additional companies expected to sign on to the pledge it will be very hard for the Republican led Congress to make such arguments that the international climate deal is a Democrat agenda and that it is bad for businesses, since major companies are agreeing to President Obama’s climate policy.

According to Reuters, the White House made additional statements regarding $1.2 billion in investment capital from a consortium of investors aimed at companies that can “produce impactful and profitable solutions to climate change.” The group includes TIAA-Cref, the University of California and the Alaska Permanent Fund.

Obama has made a very successful push in getting the support of corporate America, as well as the international community, including China, in concluding the Paris climate change agreement on the conference that starts on the 30th of November and is expected to conclude on the 11th of December. The Drive of the Obama administration has been encouraging to companies to increase their existing climate efforts ahead of the UN summit in Paris.


An avid reader, I consistently engage myself in the areas of current affairs and understanding of international relations, whilst at the same time, am interested in the area of economics and understanding the roles of economic concerns in the political economy. You can follow The Heralding on Twitter, Facebook, Pinterest & Google+. Alternatively subscribe to our newsletter to be kept up to date with the latest articles on the Heralding.

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