The White House said that Alcoa(AA) - Get Report, Apple(AAPL) - Get ReportBank of America(BAC) - Get Report, Berkshire Hathaway(BRK.A) - Get Report, Cargill, Coca-Cola(KO) - Get Report, General Motors(GM) - Get Report, Goldman Sachs(GS) - Get Report, Google(GOOGL) - Get Report, Microsoft(MSFT) - Get Report, PepsiCo(PEP) - Get Report, United Parcel Service(UPS) - Get Report and Wal-Mart(WMT) - Get Report are signing the climate pledge on Monday.
In doing so, the White House said these companies are voicing support for a strong outcome in the Paris climate negotiations this December. It also said that each company is announcing new pledges to reduce their emissions, increase low-carbon investments and deploy more clean energy.
These announcements total at least $140 billion in new low-carbon investment and more than 1,600 megawatts of new renewable energy. They also include company-specific goals to cut emissions as much as 50%, reduce water intensity as much as 15% and purchase 100% renewable energy.
According to the White House, President Barack Obama's plan will ultimately cut almost 6 billion tons of carbon pollution through 2030, which is equivalent to taking all cars in the U.S. off the road for more than four years. Obama has called climate change the "one issue that will define the contours of this century more dramatically than any other."
The Obama administration plans to release a second round of pledges this fall, with the goal of including many more companies on the climate pledge.
In October, Secretary of State John Kerry will hold a forum at the State Department to focus on American leadership in climate investment and solutions to financial challenges regarding climate action.