By Amy Harder
WASHINGTON--More than a dozen U.S. companies on Monday will
pledge to invest more than $140 billion in efforts to cut carbon
emissions as part of a new Obama administration initiative leading
up to the United Nations climate-change summit later this year.
Bank of America Corp., General Motors Co., Cargill Inc. and
Alcoa Inc. are among the companies set to sign onto a pledge to
address climate change at a White House event Monday with Secretary
of State John Kerry and White House adviser Brian Deese.
Monday's announcement, which also includes tech giants Google
Inc., Apple Inc. and Microsoft Corp., is one part of an expansive
effort by the Obama administration to address climate change and
make it a legacy of President Barack Obama's time in the White
House.
As soon as next week, the Environmental Protection Agency is set
to issue final rules cutting carbon emissions from U.S. power
plants. These regulations are the biggest driver behind the
administration's efforts to forge a global agreement at the U.N.
conference in Paris to cut carbon emissions.
Monday's event is important because the administration sees
corporate support for climate action as key to building momentum
for the Paris talks in December.
"It's significant because they are carbon-intensive,
energy-consuming companies making a bottom-up commitment to address
climate change," said Kevin Book, managing director at ClearView
Energy Partners, a Washington-based analysis firm.
None of the companies taking part in Monday's event produce oil,
natural gas or coal--the sector responsible for emitting most of
the carbon scientists say is causing global warming. Most U.S.
fossil-fuel companies have either resisted or are silent on efforts
to cut carbon emissions. But in June, six European oil and natural
gas companies sent a letter to the U.N. calling for a price on
carbon emissions.
Monday's announcement is the first of at least two such
corporate pledges on climate change organized by the Obama
administration, with a second round planned for this fall.
Whether or not U.S. fossil-fuel companies eventually join any
sort of pledge on climate change will depend in part on whether
"the momentum has gotten so great that they look bad by not
contributing," Mr. Book said.
The pledges to be announced Monday vary in their significance
and type. Alcoa, one of the world's largest manufacturers of
aluminum, is committing to cutting its U.S. carbon emissions by 50%
by 2025, based on emissions levels in 2005. Bank of America is
committing $75 billion through lending and other types of financing
by 2025, which is on top of a previously announced $50 billion
commitment. General Motors is pledging to cut the carbon intensity
of its facilities by 20% by 2020, based on emission levels in
2010.
The companies making pledges Monday also include Goldman Sachs
Group Inc., Coca-Cola Co., PepsiCo Inc., United Parcel Service
Inc., Wal-Mart Stores Inc. and Berkshire Hathaway Energy.
Write to Amy Harder at amy.harder@wsj.com
Access Investor Kit for Alcoa, Inc.
Visit
http://www.companyspotlight.com/partner?cp_code=P479&isin=US0138171014
Access Investor Kit for Apple, Inc.
Visit
http://www.companyspotlight.com/partner?cp_code=P479&isin=US0378331005
Access Investor Kit for Bank of America Corp.
Visit
http://www.companyspotlight.com/partner?cp_code=P479&isin=US0605051046
Access Investor Kit for Berkshire Hathaway, Inc.
Visit
http://www.companyspotlight.com/partner?cp_code=P479&isin=US0846701086
Access Investor Kit for Berkshire Hathaway, Inc.
Visit
http://www.companyspotlight.com/partner?cp_code=P479&isin=US0846707026
Access Investor Kit for The Coca-Cola Co.
Visit
http://www.companyspotlight.com/partner?cp_code=P479&isin=US1912161007
Access Investor Kit for General Motors Co.
Visit
http://www.companyspotlight.com/partner?cp_code=P479&isin=US37045V1008
Access Investor Kit for The Goldman Sachs Group, Inc.
Visit
http://www.companyspotlight.com/partner?cp_code=P479&isin=US38141G1040
Access Investor Kit for Google, Inc.
Visit
http://www.companyspotlight.com/partner?cp_code=P479&isin=US38259P5089
Access Investor Kit for Google, Inc.
Visit
http://www.companyspotlight.com/partner?cp_code=P479&isin=US38259P7069
Access Investor Kit for PepsiCo, Inc.
Visit
http://www.companyspotlight.com/partner?cp_code=P479&isin=US7134481081
Access Investor Kit for Wal-Mart Stores, Inc.
Visit
http://www.companyspotlight.com/partner?cp_code=P479&isin=US9311421039
Subscribe to WSJ: http://online.wsj.com?mod=djnwires