UN – Business needs to play full part in tackling climate change

Secretary-General Ban Ki-moon kept up the drumbeat for business to play its full part in tackling climate change and promoting sustainable development for a second day today, telling the World Economic Forum in Davos that investments now will generate major savings for tomorrow. "The finance community is a key player. We need trillions of dollars of investment to move from the brown to the green economy," the United Nations chief told a session on Climate, Growth and Development, citing four areas for action. "First, we need investors, banks and other financial service providers to increase finance flows into low-carbon energy and climate-resilient infrastructure, including through setting portfolio targets and increasing the deployment of climate bonds. Second, we need to decrease the flow of finance to carbon-intensive and obsolete technologies and business practices."