Global CEOs' alliance urges G-7 leaders to deliver on climate change goals

More than 70 CEOs from across the world urged the G-7 leaders on Thursday to accelerate the transition to a net-zero economy through credible cross-sector collaboration and deliver on climate ambitions ahead of the COP 26 in Glasgow later in November this year.

As many as 79 CEOs, including Anand Mahindra, Chairman of Mahindra Group; Mahendra Singhi, Managing Director and Chief Executive Officer of Dalmia Cement; and Salil Parekh, Chief Executive Officer and Managing Director of Infosys wrote a letter to the world leaders saying that they were ready to work with the world to reduce emissions.

The open letter was written by the Alliance of CEO Climate Leaders, a CEO-led community open to all companies worldwide that want to make clear commitments and work to transition to net-zero economy.

The alliance, hosted by the World Economic Forum (WEF), was founded in 2014 to support the Paris Agreement and corporate climate action by setting ambitious targets, reducing their own emissions, and inspiring others to do the same.

"We call upon all world leaders including those meeting at the G7 Summit this week to deliver on our shared climate ambitions and enable a net-zero world – and additionally to work together with the private sector for bolder actions on shared ambitions within a clearer and more ambitious policy framework," the letter said.

The 47th G-7 summit is scheduled to be held from June 11-13 in the United Kingdom, which is also presiding over it.

The G-7 member countries comprise the UK, USA, Canada, Japan, Germany, France and Italy and the European Union. India, South Korea, Australia and South Africa have been invited as guest countries in the summit.

Dominic Waughray, Managing Director, World Economic Forum, said it is an important move for so many CEOs to come forward.

"It is an important and significant move for this many CEOs to put their names forward for deeper collective collaboration. It sends a clear signal to policy-makers that many global business leaders are ready to make the transition to a net-zero future.

"As we move towards COP26, public-private collaboration will be key to unlocking investment, setting more ambitious targets to reduce emissions, and turning this ambition into action," he said.

In the letter, the CEOs said the world needs to limit warming to 1.5 degrees Celsius for which bold action is required across public and private sectors to avoid the worst impacts of climate change.

"With the ongoing challenge of the COVID-19 pandemic, it is easy to forget that climate change is an immediate and growing threat to people, ecosystems, and economies – with our current trajectory leading us to potentially irreversible outcomes.

"To avoid the worst impacts of climate change we need to limit warming to 1.5°C, which will require nearly halving greenhouse gas emissions by 2030 and reaching net-zero by 2050. This drastic departure from today's emissions growth trajectory requires bold action across private and public sectors five months before COP26 in November," it said.

The letter stated that many businesses are already stepping up efforts as they are recognising the urgency to act on climate change.

"At least one-fifth of the world's largest 2,000 public companies, many of which we lead, have now committed to meet net-zero targets by mid-century or sooner, and the number is growing fast.

"The Race to Zero initiative championed by UNFCCC and COP26 is working with hundreds of companies and investors across the global economy to scale climate change solutions," the CEOs said.

They said the alliance of global CEOs is helping to accelerate the transition to a net-zero economy through credible cross-sector collaboration.

"Our members disclose emissions, set aggressive emissions reduction targets, embrace the right policies towards a low carbon economy and take actions in their businesses while encouraging and collaborating with others to do the same," it said.

The alliance members believe the private sector has a responsibility to actively engage in global efforts to reduce greenhouse gas emissions and help lead the global transition to a low-carbon, climate-resilient economy.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)