Time to bend the curve of emissions

Jay OwenSustainability News, Latest Headlines

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     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.