By Nneka Nwogwugwu
A group at the World Economic Forum (WEF), the Alliance of CEO Climate Leaders says it is helping to accelerate the transition to a net-zero economy through credible cross-sector collaboration.
This is aimed at preserving the management of the current global resources and safely developing lasting new assets.
An open letter from WEF, hosted by the Alliance of CEO Climate Leaders and sourced from Daily Independent said: “With the ongoing challenge of the COVID 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.
“Recognising the urgency to act on climate change, many businesses are already stepping up. At least one-fifth of the world’s largest 2,000 public companies, many of which we lead, has 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.
“In addition, our 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.
“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.
“Governments are also starting to move countries that emit over 60% of the world’s greenhouse gas emissions have now committed to net-zero or carbon neutrality targets by around mid-century. We now need these commitments to turn into actions, especially in the short term.”