Bali, 13 December 2007 - "There is a real sense of urgency now," said Bjorn Stigson, President of World Business Council for Sustainable Development (WBCSD) at the Bali Global Business Day on Monday. "Regulators need to come up with a clear policy framework, which can then 'guide the investment decisions by businesses', and within which businesses can then 'do the right thing'"

"There is an urgency to act and define a new global policy framework post 2012 to guide long-term investments in technology and infrastructure" "The private sector is the major source of innovation, technology and investments that can transform the global energy system. We are making investment decisions that will impact the climate issue for 20, 30, 50 years or more into the future. To do “the right thing” we need clarity on the policy framework within which we do our business" said WBCSD President, Bjorn Stigson at the Bali Global Business Day.

"You have made a clear statement that you stand ready to deliver" "I firmly believe that the engagement of the business sector in fighting climate change is crucial... An international climate change deal for the post 2012 period should therefore be designed in a way that makes sense from a business point of view. But first we need political agreement on the launch of negotiations on such a new climate deal. And that has to happen this week here in Bali" said UNFCCC's Executive Secretary, Yvo de Boer, during his opening remarks at the Bali Global Business Day.

The World Business Council for Sustainable Development (WBCSD) and the International Chamber of Commerce (ICC) jointly organized a Global Business Day during the 13th Conference of the Parties to the United Nations Framework Convention on Climate Change (UNFCCC) in Bali.

The Bali Global Business Day (10 December 2007) brought together some 350 decision makers from companies, governments, inter-governmental and non-governmental organizations. (view agenda)

This event sent a strong message that business wants a successful completion of a new global climate change framework beyond 2012 that includes a clear and ambitious long-term strategy for reducing global carbon and greenhouse gas emissions.

It also demonstrated the capacities and commitments of leading companies and business sectors to provide solutions to the climate challenge.

And the day highlighted the policies and financing requirements that will enable companies and markets to successfully develop and disseminate the technologies and practices required by an ambitious global mitigation plan.

Four panels including business leaders, government officials and civil society experts reviewed the issues at stake for COP 13. They explored and suggested ways forward. The Bali Global Business Day provided a unique and useful focus on the main challenges in designing a new global climate mitigation and adaptation regime.

The name of the event, Tri Hita Karana, is derived from the Balinese philosophy of life. Tri Hita Karana emphasizes that happiness can only be attained if the Creator, people and nature live in harmony with each other. It reflects the objectives of responsible business, balancing people, the planet and profit as the basis for sustainable development.

The event was organized with the support of Asia Pacific Resources International Holdings Limited (APRIL), an Indonesian member company of the WBCSD.

World Business Council for Sustainable Development (WBCSD)
The World Business Council for Sustainable Development (WBCSD) brings together some 200 international companies in a shared commitment to sustainable development through economic growth, ecological balance and social progress.

Our members are drawn from more than 30 countries and 20 major industrial sectors. We also benefit from a global network of about 60 national and regional business councils and partner organizations.

International Chamber of Commerce (ICC)
The International Chamber of Commerce (ICC) is the largest, most representative business organization in the world. Its tens of thousands of member companies in over 130 countries have interests spanning every sector of private enterprise.

A world network of national committees keeps the ICC International Secretariat in Paris informed about national and regional business priorities. More than 2,000 experts drawn from ICC’s member companies feed their knowledge and experience into crafting the ICC stance on specific business issues.
The United Nations, the World Trade Organization, and many other intergovernmental bodies, both international and regional, are kept in touch with the views of international business through ICC.