An alliance of CEO’s from 12 of Europe’s largest companies, representing combined revenues of €600 billion and 1.7 million employees across multiple sectors, have formed an alliance aimed at helping achieve a zero carbon future. At the Alliance’s first meeting, the CEO’s expressed support for the EU Green Deal and Paris Agreement targets, and outlined areas of collaboration towards achieving these goals.

The members of the CEO Alliance include ABB, AkzoNobel, Eon, Enel, Iberdrola, A.P. Møller Maersk, Philips, SAP, Scania, Schneider Electric, Siemens and Volkswagen.

In September, European Commission President Ursula von der Leyen proposed raising the EU’s target for emissions reductions by 2030 to 55% from 40%. In a statement, the Alliance expressed support for the EU goals:

“The climate targets of the European Union are feasible. Our industries do not block, but rather foster the shift toward a carbon-neutral economy. We see growth potential for all industries in the long run. If we manage this historic transformation successfully, sustainable development and new future-proof jobs will be the result. Together, we will support all efforts to reach a social consensus for more sustainability.”

According to the Alliance, members have collectively pledged to invest more than €100 billion in their respective decarbonization roadmaps, and have defined their own strategies to address decarbonization, by reducing carbon emissions across the relevant value chains and by offering sustainable products and services to customers. At this week’s meeting, members outlined potential pathways to collaborate to help achieve these goals. Six specific areas of collaboration were identified, including energy systems, mobility and transport, zero impact production, building and urban environments, new business models, and sustainable finance.

Ignacio Galán, Iberdrola Chairman and CEO, said:

“To combat the climate crisis and maximise the environmental and economic benefits of a green recovery, a unified approach is required across borders and businesses. The CEO Alliance is a firm commitment from some of the world’s leading companies to work together to actively make the case for ambitious climate action, create jobs, and set the foundations of a stronger, more sustainable economy in Europe. The decarbonisation of our economies and businesses will only happen if we strongly promote electrification through renewables in Europe, and invest massively in grids and storage. Climate change is a global emergency, so we need everyone on board to fight it.”