Top executives at Coca-Cola, Google, Unilever and Ikea have called on the EU to set a greenhouse gas emissions (GHG) reduction target of at least 90% by 2040, compared to 1990s levels.
In an open letter, the CEOs of leading businesses – along with SMEs and investors across the EU – say the 90% target reflects the “urgency” and “benefits” of the action needed to be taken.
The group has made a similar call before but has now co-ordinated its call in a letter to EU leaders.
The letter has been co-ordinated by CLG Europe, which works to develop solutions on climate change with policymakers and business peers across the world. It has also been signed by other major brands including EDF, H&M and Salesforce.
The letter says that a “robust target” will bestow economic opportunities and “competitiveness benefits while increasing energy security for citizens and businesses”.
Those signing the letter say that the target – and climate more broadly – should be considered as a central element of the EU’s overall strategy to achieve these objectives.
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The letter says the target will “provide [us[ with a clear course to step up action and investments to transition towards more sustainable business models and rapidly lower our emissions. Ultimately, climate risk is an economic and financial risk”.
It adds: “It will enable the creation of quality jobs and cost savings that citizens rightly expect, while improving the health and well-being of its people.
“Businesses are ready to play a key role in translating climate targets into concrete action with the support of enabling measures and policies.
“The EU should harness the opportunities presented by the circular economy and eco-design to tackle emissions stemming from the production of materials”
Ursula Woodburn, director, CLG Europe, said: “There is no doubt, climate change is multiplying the risks we face as ecosystems, economic and people. So today – businesses and investors are demanding bold and decisive action.
“A target of at least 90% emissions cuts by 2040 will prevent future shocks and finally deliver the crucial energy transition. It will bring economic transformation and increase the EU’s competitiveness.”
