South Africa and the Durban Climate Change Negotiations: The Role of Business

This paper has the emerging factor that many calls have been made by business associations towards what form a New Climate Deal must take. Business has accepted that it will not be business-as-usual in addressing climate change moving forward. Hence something needs to be done very soon. Business indicated the need for a New Climate Deal to address, with equal importance, both adaptation and mitigation in climate action. The aspect of regulation was raised and business is clear and aware that there will be more regulation coming. Although such regulation can have the effect of short to medium term costs for business, the long term horizon is viewed as bringing opportunities. The aspect of technology innovation, deployment and diffusion remains central in terms of business financing. The carbon capture and storage technology is viewed as having potential to ‘green’ dirty industries. Overall, everybody needs climate action now and business is part of the solution.