OREANDA-NEWS. A group of 14 major companies, including power generators Pacific Gas & Electric, National Grid and Calpine and oil producers BP and Shell, today called for UN climate talks to produce a "balanced and durable" agreement that will help pave the way for international carbon markets.

The companies, all of which are based or have major operations in the US, said they support the adoption of a global climate agreement in upcoming talks in Paris that requires all parties to reduce greenhouse gas (GHG) emissions. The agreement should promote long-term action, require countries to be transparent about their climate policies, address economic competitiveness concerns for industries and require countries that adopt carbon trading to ensure the environmental integrity of their markets, the companies said.

"We recognize the rising environmental, social, economic and security risks posed by climate change, and that delaying action will result in greater risks and costs," the companies said in a statement developed by the Center for Climate and Energy Solutions. "We stand ready to work with governments and our civil society partners to deliver and implement a sensible and effective global climate agreement in Paris."

Other companies supporting the statement are Alcoa, Alstom, BHP Billiton, HP, Intel, LafargeHolcim, Rio Tinto, Schneider Electric and Siemens.

Talks in Paris in December will aim to establish a successor to the Kyoto Protocol that would take effect in 2020. Countries representing 87pc of global GHG emissions have submitted pledges for action they will take to limit or cut emissions under the agreement. The US says it will cut emissions by 26-28pc from 2005 levels by 2030.