Standing by is not an option. Reaching net zero by 2050 is an ambitious target, but it is crucial that we achieve it to ensure we protect our planet for future generations.”
UK Prime Minister Theresa May
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Welcome to the June edition of the We Mean Business coalition newsletter.
The sheer number and scale of businesses determined to take action on climate change is reaching unprecedented levels. The +910 companies committed via the coalition partners’ initiatives now have a collective market cap $19.3 trillion - nearly one quarter of the entire global economy and equal to that of the US economy, in terms of GDP.
But we need to move further and faster. That’s why the We Mean Business coalition, the Science Based Targets initiative and the UN Global Compact are calling on all companies to step up to help bend the curve of emissions to limit global warming to 1.5°C. It is crucial that companies do this now to help get the world on track to reach net-zero emissions by 2050 and ensure their businesses thrive.
Companies committing to a science-based target aligned with the 1.5°C trajectory are encouraged to signal their commitment in the run up to the UN Secretary General summit in September by signing this pledge >
Meanwhile, progress is being made at the policy level. This month the UK announced its commitment to legislate for net-zero emissions by 2050 - the first G7 country to do so. The new Finnish government has pledged to make the country carbon neutral by 2035, Ireland aims to slash its greenhouse gas (GHG) emissions to net zero by 2050 and the state of New York has agreed to pass a sweeping climate plan to all but eliminate its GHG emissions by 2050.
Almost a sixth of the entire global GDP is now covered by net-zero carbon emissions targets, according to a report - but it's not enough.
That’s why the We Mean Business coalition is calling on all G20 leaders to harness the benefits of climate action and develop an ambitious long-term strategy that pursues net-zero carbon emissions by 2050.
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We’re calling on all companies that haven’t yet done so to respond to growing demands for progress from the public and commit to set an ambitious science-based target that’s aligned with what science says is necessary to limit global warming to 1.5°C.
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G20 leaders have the opportunity to harness the benefits of bold climate action and help to create the net-zero carbon economies of the future where no one is left behind, communities thrive, and which are resilient to the impacts of climate change.
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From the We Mean Business blog
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Companies from across sectors welcomed the UK Prime Minister’s announcement of legislation to commit the country to net-zero greenhouse gas emissions by 2050. The move sets the UK on track to become the first G7 country to legislate for net-zero emissions by 2050.
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The Climate Ambition Benchmarks project seeks to break down the overall goal of limiting global warming to no more than 1.5°C, into a set of intermediate sectoral benchmarks, to demonstrate what can and must be achieved in key systems and geographies to be on track.
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20 major companies call for ambitious 2030 renewable targets in Japan
Major Japanese companies including Sony Corporation, AEON and Fujitsu called on the Japanese government to set an ambitious target of sourcing at least 50% of its electricity from renewables by 2030 – more than double its current ambition.
Ceres: US power sector continues march away from coal
The US power sector is transitioning away from coal and toward zero-carbon energy resources, as the largest electricity producers reduce air pollutant emissions and their corresponding contributions to climate change, according to a new analysis.
Europe: Business priorities to deliver a prosperous, climate neutral economy
The Prince of Wales's Corporate Leaders Group identifies key areas where policymakers and businesses must work together to position European economies in the forefront of the new industries and business models that will be required.
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Companies see $1 trillion in climate risk, but more in potential reward
Companies that capitalize on a shift to climate friendly products and services or that find ways to help people adapt to changing conditions could reap $2.1 trillion worth of potential rewards, CDP research shows, Bloomberg reports.
WBCSD: Guidelines to achieve company sustainable energy objectives
New guidelines to help companies achieve their sustainable energy objectives provide companies with an understanding of the business case for sourcing and using low-carbon energy, while driving innovation across their value chain.
New York to approve one of the world’s most ambitious climate plans
New York lawmakers have agreed to a sweeping climate plan that calls for the state to all but eliminate its greenhouse gas emissions by 2050, envisioning an era when gas-guzzling cars, oil-burning heaters and furnaces would be phased out, The New York Times reports.
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The scale of the climate crisis is more visible than ever, citizens are waking up to the consequences of the climate threat as never before and the science is unequivocal. Now is the time for companies and governments to commit to limiting global warming to 1.5°C.
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We call on EU countries to step up ambition to implement the Paris agreement. Significant efforts have been made but more ambition is needed to set the EU on the right track to meet the EU 2030 energy and climate targets. More → https://europa.eu/!bq63jG #United4Climate
The UN summit in september and COP25 in december, it looks like a large part of our future will probably be decided in New York and Santiago. I’ve been invited. And I’ve decided to go. The tricky part is getting there without flying. I haven’t solved that yet.. #ClimateBreakdown
The UK is the latest country to announce #netzero by 2050. Great to see momentum building, pushed forward by @theBTeamHQ, @WMBTweets, @ClimateCLG and many others.
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We Mean Business is a global coalition of nonprofit organizations working with thousands of the world’s most influential businesses to accelerate the transition to a low-carbon economy.
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We Mean Business wants to hear from you:
info@wemeanbusinesscoalition.org
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