What does the clause do?
When setting a climate target, climate lobbying activities can often get left behind. Jack Hiraya’s Clause requires counterparties to comply with the Global Standard On Responsible Corporate Climate Lobbying and review how their investments align with the goals of the Paris Agreement. This ensures that you and your counterparties are all working in the same direction.
How does it achieve this?
It requires a counterparty to:
- Align with the Global Standard On Responsible Corporate Climate Lobbying.
- Actively evaluate how the company can contribute to and accelerate the United Nations. Sustainable Development Goals and Paris Agreement Goals.
- Align its investments and pension schemes with Paris Agreement goals.
- Consider and contribute to a just transition to a decarbonised global economy.
Why is the clause needed?
The clause is needed for two main reasons:
- It brings attention to lobbying, an important tool that pressures and influences areas such as policy, strategy and spending.
- It mitigates the risk of greenwashing by ensuring companies and their counterparties’ lobbying activities align with the Paris Agreement.
Where can I find out more?