U.S. Companies Pledge Financial, Political Support for U.N. Climate Deal

Thirteen big name American companies on Monday were to announce $140 billion in low-carbon investments to lend support to a global climate change deal in Paris in December, the White House said.

Companies including General Motors (GM.N), Bank of America (BAC.N), Microsoft (MSFT.O) and Coca Cola (KO.N), were to join U.S. Secretary of State John Kerry at the White House to launch the American Business Act on Climate Pledge to support the administration as it tries to secure a climate agreement.

Under the pledge, the companies announced measures they would take internally to reduce their own greenhouse gas emissions and deploy more clean energy.

In addition to announcing a collective $140 billion in new low-carbon investments, the companies announced they would bring at least 1,600 megawatts of new renewable energy on line, reduce water use intensity by 15 percent, purchase 100 percent renewable energy, and target zero net deforestation in their supply chains.

United Nations climate change negotiators have called on the private sector to bolster public sector finance to aid efforts globally to reduce greenhouse gas emissions, especially in developing countries.

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