COP26 President-Designate, Alok Sharma, will call on businesses around the world to take action to address climate change as the Business 7 Summit convenes later today (10 May).
As part of the UK’s Presidency of the G7 this year, the CBI is chairing the B7 summit to mobilise international business behind the G7 agenda and ahead of the COP26 climate summit in Glasgow this year.
Since the UK took on the G7 Presidency in January 2021 there has been a 47% increase in major companies signing up to the United Nations’ Race to Zero campaign under the robust science-based Business Ambition for 1.5C initiative. These businesses now cover more than $13tn in market capital, and employ more than 19 million staff worldwide.
As of today (10 May) a total of over 2,000 companies from across 84 countries have committed to a net zero future. Actions to deliver on these pledges include Walmart working with over 3000 of its suppliers globally to reduce their emissions through transitioning to renewable energy and making their operations more efficient. Kingfisher is promoting sustainable home products to help customers save resources and money, and is close to sourcing 100% of its wood and paper responsibly. And Enel has installed 29 million second generation smart meters, and 736,000 charging stations for electric vehicles.
The B7 summit will hear today from businesses that have recently joined the Race to Zero sharing ambition and best practice, including NatWest Group, Hitachi, Saint Gobain, Enel and HP Inc.
Alison Rose, Chief Executive Officer of NatWest Group, said: “Tackling climate change is our generation’s most pressing issue and businesses can play a huge role by acting to decarbonise the economy and our environment. NatWest Group’s ambition is to be the UK’s leading bank in helping to address climate change. Our operations are already net zero and we have committed to halve the impact of our financed emissions by 2030 and for them to be net zero by 2050. But we can’t solve this challenge alone, which is why we are supporting our customers to understand and reduce their carbon emissions.Through domestic and international collaboration like the B7 Climate Leaders’ Summit, businesses, governments, regulators and civil society must continue to work hand in glove to ensure a speedy transition to a zero carbon economy and society.”
To accelerate further ambition, the UK Government will also this week launch ‘Tech For Our Planet’, in partnership with PUBLIC. This new digital innovation challenge will invite clean tech startups with digital solutions to climate challenges to trial technology and pitch their solutions to an international audience of industry, investors and the public at COP26.
Lord Karan Bilimoria, CBI President, said: “Business is bringing investment and innovation to make net zero a reality. By committing to reduce emissions based on these science-led standards, companies aren’t just doing their bit for our planet, they’re also creating new growth opportunities, new jobs and becoming more attractive employers. As the UK’s largest business network, the CBI is delighted to become an Accelerator for the UN’s Race to Zero campaign – we’ll be supporting businesses to sign up and pick up the pace of progress.”
Race to Zero is the largest global alliance of companies, cities, investors, regions and educational institutions credibly committed to halving global emissions by 2030 and achieving net zero emissions as soon as possible, and by 2050 at the very latest. It mobilises a coalition of leading net zero initiatives, representing 2,162 companies, 708 cities, 23 regions, 127 investors, and 571 educational institutions, and alone making up over 15% of the global economy. All actors must meet stringent criteria which will bring them to the starting line to credibly race to zero emissions.
Around 800 of total companies signed up to the Race to Zero are UK-based, and the UK is the first country in the world to welcome over 100 major headquartered companies into the Race to Zero under the Business Ambition for 1.5C initiative. Over a third of FTSE100 companies are also now signed up to the Race to Zero.
The closing session of the B7 will take place on Wednesday to discuss the UK’s G7 policy priorities of climate and the environment, ahead of the UK G7 Climate and Environment Ministerial, taking place on 20-21 May which will be co-chaired by COP President Designate, Alok Sharma, and Defra Secretary of State, George Eustice.
Participating B7 businesses are expected to put forward policy recommendations at the end of the summit, which will inform discussions at the G7 Summit in June, where G7 Leaders and guests will look to build agreement among the world’s most prominent democracies on how to create and sustain a green recovery from COVID.
Source: GOV.UK
Published 10th May 2021