The International Chamber of Commerce (ICC) has welcomed announcements at the US Leaders' Climate Summit and G7 meetings of increased pledges for climate change mitigation and finance.

These pledges do not yet place the world on track to achieve committed UN Climate Change Conference (UNFCCC) Paris Agreement actions, the world business organisation also said.

"With global temperatures rising, along with changing weather patterns, sea-level rise, increases in droughts and floods, the world's most vulnerable populations are facing ever-increasing risks, food insecurity and have fewer chances to break out of poverty and build better lives."

According to Climate Action Tracker, the sum of all the targets submitted so far would limit global warming to an estimated 2.4°C by century's end.

This is still short of limiting global temperature rise by 2°C – ideally 1.5°C – by the end of the century as per the Paris Agreement.

The International Chamber of Commerce Bangladesh shared the views in its quarterly news bulletin for April-June'21 published today.

Micro, small and medium enterprises (MSMEs) are the foundation of global economic system -- they make up 90 per cent of businesses worldwide, comprise an estimated 80 per cent of employment in many countries, collectively employ two billion people, it said.

"Yet, they are not a dominant voice and presence in the UNFCCC process."

The chamber suggested the governments encourage MSMEs to take on appropriate climate mitigation and adaptation measures; develop good practices that are flexible to innovation across NDCs, in particular for MSMEs tackling the social and economic impacts of the pandemic.

It also recommended creating a dedicated and recognised space inside the UNFCCC for enhanced consultation and dialogue with business and employers, inclusive of MSMEs.