Thirty-nine companies from France, which employ a combined 4.4 million people, have pledged to invest $47.75 billion in research and development within the next five years that will focus on limiting global climate change to less than 2 degrees Celsius.
The pledge was announced as leading scientists and political leaders convene in Paris to discuss the all-important issue of climate change, which has potentially devastating ramifications throughout both human society and the Earth's environments from seas to savannas.
The 39 companies from are finance, big oil and nuclear power. The companies include Alstom, AREVA, Arkema, Auchan, Avril, Axa, BNP Paribas, Carrefour, Credit Agricole SA, Danone, EDF, Eiffage, Elior, Engie, JCDecaux, Kering, Kingfisher, LafargeHolcim, Group La Poste, Legrand, L'Oreal, Michelin, Orange, Publicis Groupe, RATP, Rexel, Saint-Gobain, Sanofi, Schneider Electric, SCOR SE, SNCF, Societe Generale, Solvay, Suez, Total, Valeo, Veolia, Vinci and Aeroports de Paris.
In their announcement, the group said they expected a $15.93 billion investment in new nuclear capacities and investment of twice that in natural gas “as an energy transition solution over the next five years."
The group's pledge encompasses the years 2016 through 2020. In that period, the companies said they would invest in industrial projects and R&D “devoted to renewable energy, energy efficiency and other low carbon technologies.”
“Over the same period, they also intend to provide bank and bond financing of at least $85 billion for projects contributing to the fight against climate control, the group said.
World Nuclear Association Director General Agneta Rising said Monday that the goals set at the COP 21 conference in Paris required low-carbon energy generation, “especially nuclear energy."
Rising said that reaching the ambitious goal of less than 2 degrees Celsius in temperature increase required 1,000 Gwe of new nuclear capacity by 2050. “This will require effective regulation and markets that value low carbon emissions and reliable supplies,” Rising said.
The Intergovernmental Panel on Climate Control (IPCC) has said that carbon emissions from electricity generation should be cut by 80 percent by 2050, noting that some countries are well on their way to achieving this goal – including France, Brazil, Sweden and Switzerland.