Nearly a third of the UK’s largest businesses pledge to eliminate their contribution to carbon emissions by 2050 by signing up to the ‘Race to Zero’ campaign. Together these firms, including AstraZeneca, BT Group, Sainsbury’s, and Unilever, represent a total market capital of £650 billion.
As of Tuesday 31 March, 30 of the UK’s FTSE 100 companies have signed up to the United Nation’s Race to Zero campaign – the largest ever global alliance committed to achieving net zero carbon emissions by 2050 at the latest, backed with science-based targets, with many opting to go even faster. Today’s milestone means pledges have doubled in the past 5 months, with companies including AstraZeneca, BT Group, Sainsbury’s, and Unilever and in total representing a total market capital of £650 billion.
Globally, more than 2,000 companies of all sizes have joined the UNFCCC Race to Zero so far, and around a third of these of these are British businesses from across sectors such as transport, technology and finance – putting the UK at the front of the pack internationally.
With the upcoming UN Climate Summit COP26 in Glasgow later this year, the government is today calling on more businesses in the UK and around the world to take urgent action on their carbon emissions by signing-up to Race to Zero and setting out clear pathways to get to net zero.
Business and Energy Secretary Kwasi Kwarteng said: “Businesses wield incredible influence to drive change across society and the economy – we need to harness this power to fight climate change. UK businesses are already leading the way in cutting carbon emissions and building back greener – it is fantastic to see so many of our biggest companies already pledging to reach net zero. But more can be done, and so today I am calling on more fantastic British companies to step up, follow suit and pledge to join the fight against climate change.”
The government has put in place measures that encourage businesses to reduce their emissions, including last year appointing Andrew Griffith as Net Zero Business Champion to spur companies to make ambitious climate targets. UK Net Zero Business Champion Andrew Griffith said: “Since firing the starting gun on the year-long road to Glasgow a few months ago, we have seen an accelerating rate of the UK’s largest and most successful businesses taking action on climate. Today’s news of 30 of the FTSE100 joining the Race to Zero makes the UK a global leader on tackling emissions with British companies representing a third of those signed up globally. It shows what can be done but, in the months running up to COP26, every board should engage on this vital topic.”
The UK is already seizing the economic opportunities to be gained in leading the green revolution, with 460,000 jobs already based in low carbon businesses and supply chains across the country and low carbon exports already worth billions of pounds each year.
Race to Zero
The brand ‘Together for our Planet’ was unveiled in November 2020, marking the one year to COP26 milestone. Together for our Planet campaign aims to engage the whole country in the conversation around climate change in the run-up to COP26, inviting businesses from every corner of the UK to join us in the Race to Zero.
As well as recruiting the UK’s biggest companies to join the Race to Zero, the government has also launched a new campaign to encourage small businesses across the country join the fight against climate change and go greener.
Race To Zero is a global initiative, backed by science-based targets, to commit businesses, cities, regions, investors and universities to achieve net zero emissions by 2050 at the very latest. Spearheaded by the United Nations Framework Convention on Climate Change (UNFCCC), it rallies together leadership and support from businesses, cities, regions, investors for a healthy, resilient, zero carbon recovery. The initiative is led by the High-Level Climate Champions for Climate Action – Nigel Topping and Gonzalo Muñoz.
To be accepted into the Race to Zero, company leaders must pledge to reach net-zero by 2050, in line with global efforts to limit warming to 1.5C. Companies are also asked to publish a 5 to 10 year plan of how they will achieve their Net Zero target, as well as to sign up to Science Based Targets as a way of monitoring and assessing progress.
UNFCCC’s Race to Zero mobilizes a coalition of leading net zero initiatives, representing 23 regions, 471 cities, 569 universities, 85 investors and over 1,600 companies, alone making up over 12% of the global economy. These ‘real economy’ actors join 120 countries in the largest ever alliance committed to achieving net zero carbon emissions by 2050 at the latest.
Source: Gov.uk
Published: 6th April 2021