Although combating climate change and reducing carbon emissions have recently been viewed as the responsibility of the international community and national governments, the critical role of the private sector in global carbon mitigation has been underappreciated. Private companies and investment entities, including many in the fossil fuel industry, are becoming more environmentally responsible as they respond to current and future reputational, regulatory, and legal risks. Although the role of states and international organizations will remain important, the actions of the private sector will drive the development, deployment, and commercialization of clean energy technologies forward in spite of uncertainties in countries’ carbon policies.
