As the G8 meeting begins tomorrow, much of the attention will focus on either the diplomatic maneuvers in the suites or the protests in the streets. But there's another, equally interesting story that's been largely overlooked in the last weeks -- the strong support international business groups have shown for action on climate change, action beyond the Kyoto Protocol.
Consider: A recent poll of large businesses found 80% were already addressing climate change as a business issue. British business leaders have been unequivocal on the subject while major US companies have been pushing for carbon taxes. The Carbon Disclosure Project has now rounded up 143 leading institutional investors to demand climate-impact disclosures from the planets biggest 500 companies. European business was generally firmly in favor of the recent adoption of emissions markets; while the reinsurance industry has made its feelings abundantly clear -- the world is at risk of becoming uninsurable.
Which is not to say that business is wholly united in trying to stave off the worst of global warming -- it isn't. But many powerful and highly respected business leaders are now openly describing climate change as a threat to humanity, and action to prevent it as a business opportunity. That is a gigantic step forward, one likely to be far more meaningful than anything which emerges from the G8 summit itself.
