A group of over 150 leading European businesses and investors have joined together to call on the European Commission to establish more stringent climate targets. In an open letter coordinated by the European Corporate Leaders Group (CLG Europe), the businesses, including Deutsche Bank, Microsoft, IKEA, Unilever, H&M, Google, EDF, Signify and Apple, urge EU policymakers to support an EU 2030 greenhouse gas (GHG) emissions reduction target of at least 55 per cent. The letter also calls for implementation of the EU recovery package focused on achieving a green and digital transition.

The letter was signed by 157 businesses representing from a wide range of sectors, including manufacturing, heavy industry, finance, consumer goods, power generation and technology, and by 21 business networks. The letter states:

“What we urgently need to see next is an ambitious implementation of the recovery package focused on achieving a green and digital transition, with the European Green Deal at its core and an elevated short-term emissions reduction target in its sights.

“The right decisions now can help create and protect healthy, thriving and fair communities and secure a roadmap for a prosperous economy. From a business and investor perspective, clarity on the net zero transition pathway and timetables for each sector, as well as policy that enables substantial investments in carbon neutral solutions is essential. This in turn would provide us with the confidence needed to invest decisively at the necessary pace and scale to reduce emissions, create decent green jobs, drive innovation, and accelerate the rebuilding of a resilient zero carbon economy.”

According to CLG, the letter is being profiled by the UN Climate Champions Race To Zero campaign at the Opening Day of Climate Week NYC. The letter is being presented to Executive Vice President of the European Commission Frans Timmermans.

CLG Director Eliot Whittington said:

“European businesses and investors know that the only viable economic future that can deliver prosperity and wellbeing is one that stabilises the climate. They are standing up and standing together to call on the EU to ensure its near-term emissions targets get the continent on track to reduce the worst impacts of climate change and deliver net zero by 2050. We must learn from the pandemic that putting in place resilient and socially just economic systems is vital and that building back better must be at the core of the EU’s recovery package.”