We urge policy makers to carefully consider and understand the cost and consequences of all available options and how to attain the best emission reduction return on deployment of finite investment capital. To this end, we think it is vital that key societal institutions remain engaged with business and policy makers to avoid negative economic and environmental outcomes.”147 “Greater policy parity between renewables and high-efficiency, low-emission (HELE) and carbon capture and storage (CCS) technologies will be required. Deployment of HELE technologies, particularly in developing economies, who will continue to rely on fossil fuels for secure baseload power generation, offer a compelling case for achieving material emission reductions, while still being able to achieve socio-economic development goals. Both HELE and CCS are proven technologies that can deliver material emission reductions from the global energy complex, and in the case of CCS, are also applicable to synthetic fuel production and other industrial processes. Without CCS, the cost of achieving a 450ppm (~2°C goal) target is estimated to rise to 5% of cumulative global GDP between 2010 and 2100, compared to 2% of GDP if included. We question the global ability to fund the former, while also meeting objectives of improving global living standards and eliminating energy poverty.”148 Statements on Human Rights “This commitment to sustainability also encompasses our desire to uphold respect for human rights, protect the wellbeing of our people, our host communities and the natural environment, while sharing lasting benefits with the regions where we work and society as a whole.”149 “We believe that by being a better operator with a reputation for doing things the right way, we will be seen by our stakeholders as a partner of choice. We are achieving this through taking an approach of continuous improvement. This approach is delivered through our health and safety programmes, advancing our environmental performance, respecting human rights and by developing, maintaining and strengthening our relationships with all of our stakeholders.”150 “A perception that we are not respecting human rights or generating local sustainable benefits could have a negative impact on our ‘social licence to operate’, our ability to secure access to new resources and our financial performance. The consequences of adverse community reaction or allegations of human rights incidents could also have a material adverse impact on the cost, profitability, ability to finance or even the viability of an operation and the safety and security of our workforce and assets. Locally based events could escalate to disputes with regional and national governments as well as with other stakeholders and potentially result in reputational Id. Id., pp. 16-17. 149 Glencore Plc, supra note 21, p. 6. 150 Id., p. 17. 147 148 Annex D: Corporate Statements on Climate Change and Human Rights | 38