comment: While we wait to see what form our next government will take and where climate change will fall on its list of priorities, one thing has not changed: the climate is warming.
We are witnessing the scale and impact of catastrophic climate change accelerating. In the first 12 days of September alone, 10 countries and territories experienced severe flooding. We are already seeing climate instability in action in New Zealand when the Auckland floods and Cyclone Gabriel devastated communities earlier this year.
The scale of the humanitarian impact will only continue to grow, requiring a response from not only governments but also businesses and communities.
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I'm pleased to report that despite the political uncertainty, challenging trading conditions and inflationary pressures that have characterized this year, companies' commitment to climate change continues.
As CEO Convener of the Climate Leaders Coalition, I am honored to present our 5th Anniversary Snapshot Report. This report shows how far companies have moved towards climate action over the past five years, even in the midst of a global pandemic.
The 88 signatories, representing almost a third of Aotearoa's GDP, have achieved a total of 3.6 million tCO2e of emissions reductions since signing the coalition, an average annual reduction of 270,000 New Zealanders. Equivalent to emissions.
These achievements are supported by significant investments of $19 billion between 2020 and 2030, both to reduce emissions and improve the resilience of our operations to the impacts of climate change.
As our report shows, New Zealand's business community does the heavy lifting needed to achieve the country's goals. And in return, what we want from the next government is ambition, commitment and consistency.
Our continued investment depends on future governments setting the conditions for success, and we look forward to working with the next government and the broader Congress to continue accelerating climate action. looking forward to it.
Future emissions reductions will be challenging, especially as suppliers and customers grapple with their Scope 3 emissions. Tough decisions will also have to be made regarding adaptation and managed withdrawal, including who will pay for them.
If you haven't started your business yet, it's never too late. The hardest part is getting started. On the other hand, the risks of inaction are both the significant risks to businesses from climate change and the risk of falling behind the competition, now that action is a bet from customers and investors. It's real and important in that respect.
Ultimately, this is the direction the market is moving globally. And if we don't transform our economy, New Zealand risks being left behind and losing its competitive advantage.
So my message to businesses is simple. Now is the time to take action.
