Many of the world's largest companies, key industry players and business leaders including Iberdrola, Unilever, Netflix, Volvo and others have called on the G20 leaders to reduce outgoing carbon emissions by 50% by 2030 and work together to end support for new coal projects.
Carbon emissions. Credit: Pexabay / Pexels (Licence: CC0)
An open letter has been signed to call on G20 leaders to halve emissions by 2030 and cease coal operations. Credit: Pexabay / Pexels (Licence: CC0)
Following the IPPC's recent "code red for humanity", these businesses, representing more than $2.5 trillion in revenue and employing over 8.5 million people worldwide signed an open letter in order to address one of the largest threats Earth currently faces.
Read more: "Strong and sustained" emissions reductions key for climate future
Specifically, businesses are urging the world's leading economies to deliver on the existing $100 billion commitment to tackle climate change, end fossil fuel subsidies by 2025 and increase the carbon price.
“Our businesses recognise the benefits of climate action,” the signatories said in the letter. “The right policy decisions taken today can drive further investments and spur business decisions in favour of climate solutions across G20 countries.”
Plans to phase out the use of coal would differ depending on the nation, with current plans to involve a phase-out in developed nations by 2030 and by 2040 in developing economies.
The letter has been published a month before G20 leaders meet in Rome ahead of the COP26 conference, planned to be held in Glasgow in November.
Aside from reducing emissions, the letter also calls for scaling up of electrification across the renewable and transport sectors while "removing barriers" to allow for corporate purchasing of 100% renewable electricity to "enable companies to go quicker in their clean energy transition".
A recent analysis by the Climate Action Tracker suggests that no G20 country is currently equipped to reach the 1.5ºC target laid out by the Paris Climate Agreement, and only one - the UK - is considered to be "nearly sufficient", meaning a little more work is needed to reach the net-zero targets.
A number of G20 nations, including Australia, New Zealand, India, South Africa and the US are currently not equipped to meet these goals.
According to this same study, the only country analysed that is in range of the 1.5ºC target is the Gambia.
There have also been worries that the US, which has only just begun to set out climate goals following the administration of climate-denier Donald Trump, will not be able to reach "even halfway" to net-zero by 2050, despite plans to completely decarbonise within this time frame.
Read more: US may not reach halfway to net-zero by 2050, study suggests
Unilever's CEO Alan Jope said: “Time is running out to keep 1.5 degrees within reach. The private sector is already taking bold action as the business case for resilient, net-zero economies is crystal clear. But we can only get there if governments set ambitious climate goals.
“We urge the G20 leaders to go all-in on the goal of halving global emissions by 2030, with targets, policies and public investment commensurate with the scale of that challenge. In doing so, they can set the world on course for a new era of sustainable, inclusive and resilient growth, at a time when it has never been more necessary.”
Motoi Oyama, the CEO of Asics, another signatory, echoed similar sentiments, suggesting the market has the potential to bring about rapid change but called for governments to implement "clear and consistent policies" to drive the business investments and decisions" that will help build stronger and more resilient economies.
"We believe that for people to achieve a sound mind in a sound body, we need a sound earth", he added.
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