CEOs call for committed climate action

CEOs of some of the world’s largest multinational organisations – including a number of iconic names in HVAC&R – have committed to reducing emissions by more than 1Gt annually by 2030.

All members of the Alliance of CEO Climate Leaders, the more than 90 chief executives say that if world leaders reach agreement at COP26 that would put us on a 1.5°C pathway, businesses can do more to help make that possible.

Even though governments representing more than 60 per cent of the world’s greenhouse gas emissions are now committed to net-zero emissions goals, only 12 per cent of emissions are addressed by sector-specific policies and regulations.

The group of CEOs believes more could be done in that sector-specific space “to create a better world for people today and for generations to come”.

The Alliance released a manifesto in the form of an open letter ahead of COP26.

“We, the Alliance of CEO Climate Leaders, stand ready to work side-by-side with governments in a joint public-private effort to accelerate the race to net-zero,” according to the letter.

“We believe that after the publication of the recent IPCC report, we should use the COP26 in Glasgow as our best chance to agree the steps that are required to halve greenhouse gas emissions by 2030, reach net-zero emissions by 2050 and build nature-positive economies.”

The letter calls on governments to

• Publish ambitious and 1.5°C-aligned Nationally Determined Contributions that at least halve global emissions by 2030 and commit to global net-zero by 2050, underpinned by robust policy roadmaps and interim targets

• Ensure that developed countries meet and exceed their US$100Bn commitment to support developing countries’ efforts to mitigate and adapt to climate change, and ensure the major development finance institutions also commit to science-based guidelines across their lending portfolios.

Members of the Alliance represent some of the largest organisations on the planet, which employ more than eight million people. All members have committed to set or have already set Paris-aligned targets across their value chains, which would mitigate more than 1Gt of emissions annually by 2030.

Included in the Alliance are the corporate leaders of ABB, Arup, Danfoss, Jacobs, Johnson Controls, Grundfos, Mott MacDonald, Schneider Electric, and Seimens.

“We will and must do more, but we can’t do it alone,” the Alliance says. “We need bold climate policy agreements at COP26 to keep a chance to limit the global average temperature increase to 1.5°C and achieve a just transition.

“We have identified three key points that would help us and other businesses accelerate emission reductions, scale up innovations and achieve a net-zero world by 2050.”

Broadly, the three points fall under implementing market mechanisms such as eliminating fossil fuel subsidies and creating market-based carbon pricing; supporting and incentivising first movers; and investing in climate adaptation.

Says the Alliance: “We are ready to work side-by-side with governments to scale up public-private efforts this decade in the race to net-zero.”

To read the open letter, click here.