Global Climate Action and Responsible Business Conduct: What does itmean for business to act responsibly in the face of a climateemergency?
3:00 - 4:30 pm
Tuesday, 10 December 2019
Room Torres del Paine- IFEMA Feria de Madrid
Objective
This session will discuss actions companies are expected to take in the face of the current climate crisis. The
discussion will unpack linkages between climate action on the part of the private sector and international
expectations and instruments on Responsible Business Conduct (RBC), including expectations under the UNFCCC
process. Panellists will present the business case for climate action and share their views on available tools andinstruments to mainstream climate change considerations into core business decision-making processes,including across supply chains.

Background
Reducing emissions often results in core business cost savings as well as along supply chains. In addition,companies that are able to address the impacts of climate change on their business operations, including
physical and transition risks, are better able to meet investor and consumer expectations, protect workers andcommunities, adapt infrastructure and technology, and access international and domestic climate financing andinvestment opportunities – thereby increasing business competitiveness. The failure of business to respond tothe climate emergency, poses a real threat to the continued existence of business itself.
Global trends in climate change litigation, legislation and voluntary regulations related to setting targets,
conducting supply chain due diligence and climate change reporting are also increasing pressure on companies
to act. In addition, multiple voluntary initiatives by national governments and international organisations
including the UNFCCC’s Climate Neutral Now Initiative and Global Climate Action programme are enabling theprivate sector to scale action on climate, including with the use of carbon market mechanisms and sector wideinitiatives.
These efforts have provided strong incentives, however more can be done to increase business understandingof the full range of risks climate change poses to business models and supply chains - as well as recognising theresponsibility of a business to positively contribute to climate solutions whilst mitigating risks and contributions
to adverse impacts.
Such expectations and actions are captured by internationally recognised and accepted standards onResponsible Business Conduct (RBC), backed by Governments and endorsed by business. This session will

discuss how these standards capture climate action and provide a both a supportive framework and practical
tools in driving cohesive, comprehensive and more ambitious climate action by every business.

Responsible Business Conduct and climate action
The OECD Guidelines for Multinational Enterprises (the OECD Guidelines) are the most comprehensive
government-backed instrument on RBC, representing international consensus on the responsibility ofcompanies regarding impacts on people and the planet. Many recommendations of the Guidelines are relevant
to action relating to climate, including those outlined in the Environment, Disclosure, Consumer Interests, andScience and Technology Chapters.
To help business implement the recommendations of the Guidelines, a number of practical tools have beendeveloped in close cooperation with policy makers, business, trade unions, CSOs, and NGOs. These include theOECD Due Diligence Guidance for Responsible Business Conduct which provides recommendations forcompanies on how to implement due diligence in accordance with the OECD Guidelines in their own
operations and in their global supply chains.
In addition, the UNFCCC secretariat is developing sectoral initiatives in the fashion and sports sectors topromote specific goals and concrete actions. These initiatives provide examples of ways to define concrete
climate actions for companies and enable collaboration across sectors.

Global Climate Action – UNFCCC process
The Global Climate Action area of the UNFCCC secretariat leads a number of initiatives to encourage, supportand recognize action by the private sector, among other stakeholders. Through these initiatives, companies
that are implementing the OECD Guidelines for RBC can look for synergies and opportunities for further
recognition and strengthening of their efforts. These include options to report on their commitments andprogress in taking action; supporting public awareness and education initiatives; committing to climate
neutrality and supporting carbon markets; or developing sectoral initiatives to promote action across thewhole value chain of the sector.

Key discussion topics
In exploring what it means for business to act responsibly in the face of a climate crisis and in today’s context,
the discussion will focus on the follow key topics:1.

The corporate response to climate change: How are companies responding to international expectations
on business with respect to climate risks and adverse impacts, including across global supply chains?

2.

Current tools available for business action on climate change: What tools are currently available to identify
and mitigate adverse climate risks and impacts, as well as opportunities to maximise positive impact? How
can we drive cohesive and comprehensive action by every business – with regard to both mitigating harms
as well as contributing positively to solutions?

3.

What can governments expect from business: How can international expectations on Responsible BusinessConduct and related tools and instruments help governments enable scaled climate action by business?

Speakers
Opening remarks•••

Mr. Ovais Sarmad, Deputy Executive Secretary, UNFCCC
Mr. Masamichi Kono, Deputy Secretary General, OECD
Mr. Peter Bakker, President and CEO, World Business Council for Sustainable Development

Panellists••••

Mr. Gonzalo Muñoz, High-Level Climate Champion of Chile
Mr. David Cumming, Chief Investment Officer, Aviva Investors
Ms. Michelle Patron, Director of Sustainability Policy, Microsoft
Mr. Stephan Seidel, Head of Corporate Sustainability, PUMA

Moderator: Stephanie Venuti, Policy Advisor and Legal Expert, OECD Centre for Responsible Business Conduct