The illustrious list, comprised of Alcoa, Apple, Bank of America, Berkshire Hathaway Energy, Cargill, Coca-Cola, General Motors, Goldman Sachs, Google, Microsoft, PepsiCo, UPS, and Walmart represent $1.3 trillion in revenue in 2014 and a combined market capitalization of at least $2.5 trillion.
In addition to voicing support for a strong outcome in the upcoming Paris climate negotiations in December and demonstrating an ongoing commitment to battling climate change, the 13 companies pledged at least $140 billion in new low-carbon investments, and more than 1,600 megawatts of new renewable energy spending.
“The American Business Act on Climate Pledge shows that the U.S. private sector, with its history of innovation and ingenuity, is committed to stepping up and doing its part in taking on this global challenge,” the Obama administration said.
And the administration hopes this first round of corporate pledges is only the beginning. It said Monday’s announcements will set an example for other private American business, and that the Obama Administration will release a second round of pledges this fall with the goal of mobilizing many more companies to join the American Business Act on Climate Pledge.