[CORRECTION: We apologise for misspelling the author's name. The Reuters article is by Caroline Copley.]

German automotive supplier Bosch plans to become fully carbon neutral by 2020, making it the first major industrial company to take that step, reports Caroline Copley for Reuters. Chief Executive Volkmar Denner said rising sea levels, extreme weather conditions, drought and flooding made it imperative for companies to act without delay to stop the planet from overheating and endangering global stability. “Climate change is not science fiction; it’s really happening,” Denner said in a statement. “If we are to take the Paris Agreement seriously, then climate action needs to be seen not just as a long-term aspiration. It needs to happen here and now.”

Bosch said it aims to achieve its goal by increasing energy efficiency, expanding the share of renewables in its energy supply, buying in more green power and offseting unavoidable CO2 emissions. It expects the measures to cost it 2 billion euros but to reap savings of around 1 billion euros in energy efficiency.