Regulation - June 11, 2021
CEO Alliance Calls for Climate Action at the G7 Summit
The Alliance of CEO Climate Leaders called for bold action across private and public sectors to succeed in halving greenhouse gas emissions by 2030 and reaching net-zero by 2050.
The 90-member coalition urged world leaders ahead of the G7 Summit this week to prioritize climate action and the transition to net-zero economies. Members of the alliance themselves have already committed to initiatives like disclosing emissions, setting aggressive reduction targets, embracing low-carbon policies and encouraging others to take action.
The Alliance called on world governments to follow through on their net-zero targets and create sweeping policy changes to reach net-zero by 2050. These actions point include to:
- Publish ambitious and 1.5C-aligned Nationally Determined Contributions that halve emissions by 2030 Commit to net-zero by 2050, underpinned by robust policy roadmaps and interim targets
- Ensure that developed countries meet and exceed their $100B commitment to support developing countries mitigate and adapt to climate change, and ensure the major development finance institutions also commit to science-based guidelines across their lending portfolios
Other specific actions that the Alliance called for include developing carbon pricing schemes, compelling businesses to establish decarbonization targets and eliminating fossil fuel subsidies. They urged that governments boost spending for the development of green tech and carbon removal technology and for the investment in city infrastructure to ensure climate-resiliency.
Key sector-specific initiatives suggested by the Alliance include:
- Power: phase out coal (with provision of worker funding and reskilling for a just transition), rapidly scale up renewable energy targets, and invest in required grid infrastructure and storage
- Transport: promote low-carbon modes of transport, electrification of transport, and invest in charging infrastructure
- Buildings and cities: accelerate renovation (insulation, heating/cooling) and promote international standards aimed at boosting green procurement and improving appliance efficiency
- Industry: support the development of material and process carbon-efficiency standards and encourage procurement of green industrial goods while promoting circularity of materials
- Land and agriculture: promote partnerships to eliminate deforestation and promote restoration of degraded lands, while encouraging circular, regenerative, and climate-smart practices with a focus on people, planet, and biodiversity
- Finance: boost green finance (e.g. through fiscal and/or monetary policy) and climate-related risk transfer mechanisms
The full list of signatories is available here.