Climate change is a reality and a huge challenge for the global community. The science spells out both the gravity of the danger and its urgency, and the global community must act now to counter this threat.

A delay of 10 years will make any meaningful goal practically unachievable, and the longer we wait, the worse the consequences will be and the greater the cost to society. Today the global recession is dominating politics and business, but climate change is still a pressing issue. Global governance is badly needed to address both.

It is fully possible to stabilize the concentration of greenhouse gases in the atmosphere at the levels needed to avoid the most dangerous impacts of climate change. The abatement potential in the global economy is substantial,

and our conclusion is that we must do as much as possible to reduce and neutralise emissions. The period up to 2030 is crucial – by then we must have reduced today’s emissions substantially and created the platform for further reductions. We have to act now.

The cost to society of the transition to a low carbon economy can be restrained to an acceptable level, provided we have a long-term vision. A global framework must strive to maximize opportunities and minimize the costs of the needed changes. The critical point in doing so is how to manage the change needed on a global scale; all the major economies of the world need to take action in a spirit of common understanding .

The present economic crisis provides an opportunity to invest in low-emission solutions, as sidelined capital and labour can be put to work on projects that limit future greenhouse gas emissions.

We, the undersigned business leaders, urge political leaders to establish a clear, politically stable, and predictable long-term cap regime, with burden sharing that considers the differing economic capabilities of nations, future growth and the long-term goal of approaching equity.

Action at the needed scale requires that investments in lowering emissions create value for business. Countries will need to choose their reduction strategies and implement them in national contexts, but an international agreement is needed to create convergence and shared responsibility. Free riders will not be accepted by the world community.

From a business perspective global governance is also needed to:

A forceful post-2012 regime agreed in Copenhagen in December 2009 will be of crucial importance to unlock the abatement potential in the global economy. We, the undersigned business leaders, are committed, based on trustworthy global governance, to shape our investment programs in order to facilitate the transition into a low-emitting future.