COP25: Business unites behind the science

Jay Owen Green Prosperity, Transforming Finance, Latest Headlines

It is critical that policymakers step up and urgently commit to implement the key policies needed to embed climate action into our financial system
– Feike Sijbesma CEO of Royal DSM

Welcome to the mid-COP25 edition of the We Mean Business coalition newsletter.

With progress underway at the summit in Madrid, the call from business for negotiators to deliver an ambitious outcome continues to be heard.

A group of CEOs from more than 75 companies, who employ over 2 million people in the US, along with union leaders who represent 12.5 million workers, signed a statement to underline their conviction that a commitment to the Paris Agreement requires a just transition of the workforce.

And in Japan, 126 companies – led by Climate Leaders’ Partnership (JCLP) – sent an open letter to relevant ministers calling on the Japanese government to raise its ambition to align with the Paris Agreement.

Meanwhile evidence of impact from companies committed to climate action is growing.

The first progress report from the Science Based Targets initiative (SBTi) reveals that by meeting their targets, 285 companies will reduce their emissions by 265 million metric tons of CO2 equivalent, approximately equivalent to shutting down 68 coal-fired power plants.

More than 30 member companies of RE100 – led by The Climate Group in partnership with CDP – have already reached their 100% renewable electricity target, the 2019 RE100 Progress and Insights Annual Report shows.

Also in this edition, we look at the need to continue multi-stakeholder collaboration beyond the Marrakech Partnership’s current 2020 mandate. We hear from The B Team CEO Halla Tómasdóttir about why governments need to deliver on their commitment to a just transition.

Plus we welcome the launch of Countdown – a new global initiative to cut emissions to zero powered by TED and Future Stewards.

At COP 25, and throughout 2020, the We Mean Business coalition is calling on governments to:

  • Commit to achieving a just transition to economy-wide net-zero emissions by 2050 at the latest
  • Strengthen their NDCs and 2030 targets in line with a 1.5ºC trajectory
  • Lay out national policies, plans and laws to enable the achievement of these targets

Read more about our asks of governments here >