Apple, Google, Microsoft pledge $140bn for climate action

Major U.S. firms including Apple, Google, Microsoft, and Bank of America will announce $140 billion in new investments to reduce their emissions and boost clean energy on Monday.

The move is part of a White House initiative to enhance the role of the private sector in addressing climate change with the aim of supporting international climate financing mechanisms in the build up to the crucial UN climate conference in Paris at the end of the year.

 A second round of investment commitments from a rage of other companies is expected to be announced later in the year, according to media reports.

It has not been confirmed whether U.S. fossil fuel companies will also make pledges to cut greenhouse gas emissions.

According to the reports, General Motors will pledge to reduce the company’s carbon intensity by 20 per cent by 2020 compared to 2010 levels.

The commitments would assist the U.S. government meet its pledge to cut GHG emissions by up to 28 per cent below 2005 levels by 2025.

The U.S. Environmental Protection Agency (EPA) is expected to announce final regulations this week that aim to cut GHG emissions from U.S. power plants by 30 per cent over 2005 levels by 2030.