In June, global leaders including Her Excellency María Fernanda Espinosa Garcés, President of the UN General Assembly, Lise Kingo, CEO & Executive Director of the UN Global Compact, Patricia Espinosa, Executive Secretary of the UN Framework Convention on Climate Change, John Denton, Secretary-General of the International Chamber of Commerce, and SDG Advocate Paul Polman, former CEO of Unilever, collectively issued an open letter addressed to business leaders.
The letter challenges Chief Executive Officers to set ambitious targets for their companies in line with last October’s report by the Intergovernmental Panel on Climate Change (IPCC) which made the case for limiting global temperature rise to 1.5°C above pre-industrial levels.
Companies are asked to set verifiable science-based targets through the Science Based Targets initiative (SBTi), which independently assesses corporate emissions reduction targets against scientific best practice.
Building a prosperous, net-zero carbon economy by 2050 requires a transformation of unprecedented pace and scale, with decisive business leadership and investment in climate solutions supported by ambitious government policies. By setting ambitious policies and targets in line with a 1.5°C trajectory, Governments give business the clarity and confidence to invest decisively in the zero-carbon economies of the future.