U.S. Companies Ask Biden, Congress to Address Climate Change

More than 40 corporations want the U.S. to rejoin the Paris Climate Accord

By
Elana Dure
Elana Dure
Full Bio
Elana Duré is a markets writer for Investopedia. She covered shareholder activism as a reporter at Reorg and Activist Insight and her work has been published in The Washington Post, Chicago Tribune, and The Jerusalem Post.
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Published December 02, 2020

Key Takeaways

  • 42 companies sent a letter to Congress, Biden in support of the U.S. rejoining the Paris Climate Agreement
  • The letter was organized by the Center for Climate and Energy Solutions
  • The companies called climate action a “business imperative”

Several large U.S. corporations, including Amazon and Intel, are urging the Biden administration and Congress to work together to address climate change.

Forty-two companies sent a letter to Congress and the Biden administration in support of the U.S. rejoining the Paris Climate Agreement, saying Biden and Congress should “work together to enact ambitious, durable, bipartisan climate solutions.”

President Donald Trump withdrew the U.S. from the Paris Climate Accord in Nov. 2019 due to “the unfair economic burden imposed on American workers, businesses, and taxpayers by U.S. pledges made under the agreement.” The country’s official last day under the agreement was Nov. 3. 

Climate Action is ‘Business Imperative’

The letter to Biden and Congress does not detail specific action plans or policy proposals, but indicates that a cohort of corporate America is lining up with environmentalists on climate change, perhaps due to pressure from consumers and employees.

The letter was organized by the Center for Climate and Energy Solutions, or C2ES, an environmental group that works with businesses and governments. It touts the signatures of corporations from various sectors and industries, including Citigroup, Ford Motor, HP Inc., and Goldman Sachs.

“The United States has made important strides — emissions are down, and clean energy is up,” the letter said. “With the election of a new President and Congress, we now have a critical opportunity to significantly strengthen these efforts.”

The companies called climate action a “business imperative,” noting the risks presented by climate-related disasters and the economic benefits of tackling climate change — from new jobs and growth to strengthened U.S. competitiveness.

Previous Corporate Action

Several of the signatories, including International Business Machines, Unilever, and Walmart, already agreed to support taxing emissions or pledged to change their own business practices to eliminate emissions from their own operations.

JPMorgan Chase, another signatory, already adopted the guidelines of the Paris Climate Agreement in October, while General Motors, which also signed the letter, said last week that it will no longer back the Trump administration’s legal battle to stop California from setting its own fuel-efficiency regulations.

Article Sources
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  1. C2ES. "Top companies call for ambitious U.S. climate policy."

  2. U.S. Department of State. "On the U.S. Withdrawal from the Paris Agreement."

  3. NPR. "U.S. Officially Leaving Paris Climate Agreement."

  4. The Wall Street Journal. "Big Companies Urge Biden, Congress to Address Climate Change."

  5. JPMorgan Chase 7 Co. "JPMorgan Chase Adopts Paris-Aligned Financing Commitment."