A sizable fraction of the international business community launched an effort to press for mandatory cuts in greenhouse gas emissions yesterday, on the eve of a major round of climate negotiations set to begin Monday in Bali.In an unprecedented show of solidarity, leaders from 150 global companies endorsed the idea of a legally binding framework in a statement published in the Financial Times newspaper.[source]

The idea is, of course, that these businesses recognize that this is gong to have to happen, but no one business can do it unilaterally. There are two reasons for that, which are closely linked. One, it is bad business, the other, that it is illegal.It is bad business to do something that cuts your profit and increases your price (thus decreasing business) unless there is some longer term gain to be had (through investment, for instance). It is illegal if you are a publicly held corporation in the United States to cause your stockholders to lose money with intentional business decisions. Not really illegal in that it is a felony, but in the sense that the CEO who does this can be sued, fired, and lose pay. Continue reading Bush Lets Down Big Business →