German businesses support the planned federal climate action law, because it would provide them with important framework conditions, Michael Otto, chairman of the board of the Otto Group and chairman of the board of trustees at business initiative Foundation 2° (Stiftung 2°) writes in a guest commentary in Tagesspiegel. “For industry, climate action is very significant: If realised early enough, it can be an important driver of innovation and create important new markets all over the world,” Otto writes. He adds that he’s convinced most German businesses see climate action as an opportunity. In its 2018 coalition agreement, the government said it would introduce a federal climate action law aimed at making 2030 sectoral emissions targets in line with the Paris Agreement binding, by the end of 2019.