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. With tackling climate change and preserving the planet’s biodiversity as a key priority for the UK’s Presidency of the G7, Alok Sharma will join business leaders from G7 countries to discuss how business leadership can create a race to the top on net zero emissions.
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.
COP26 President-Designate, Alok Sharma, will continue to call for action for companies to join the Race to Zero and establish plans to meet their commitments. With 6 months to go before the UK brings world leaders together for the crucial UN climate change summit, COP26, he will today address over 200 CEOs from a range of sectors across G7+ countries, thanking companies that have already signed up and urging others to follow their lead in committing to help halve global emissions by 2030:
In the fight against climate change, it is vital that we have the ingenuity, influence and energy of the private sector on our side.
Analysis suggests that, together, 215 of the world’s biggest companies have almost $1 trillion at risk from climate impacts. Yet, those same companies have the potential to gain double that amount from the move to green economies.
Joining Race to Zero is a clear statement that you can see the possibilities our green future presents. And that you are determined to take them. And it tells your customers that you are serious about genuine climate action.
Take the opportunities presented by the low carbon economy. And play your part in this momentous year for climate action, the year of COP26, in making the goals of the Paris Agreement a reality.
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.
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