In an open letter, CEOs from across the economy are urging the UK to accept the recommendations of the Committee on Climate Change and lead the way by becoming the first major economy to legislate for an ambitious, domestic decarbonisation target that delivers net zero by 2050 at the latest.

The letter, signed by 128 businesses, investors and business networks, states: ‘As leading businesses and investors, we are determined to support an affordable transition and drive innovation. Many of us are setting our own net-zero and science-based targets. We are also increasingly investing in and purchasing clean energy, using low emission and electric vehicles, converting land to carbon sinks and improving energy efficiency throughout our operations and portfolios – and making new green jobs in the process.

‘We are doing this because we see the threat that climate change poses to our businesses and to our investments, as well as the significant economic opportunities that come with being an early mover in the development of new low-carbon goods and services. But we need effective, long-term policies to support the investment and innovation required if the UK is to accelerate the necessary transition and ensure it is delivered fairly.’

The signatories come from both multi-national and national businesses, across industry sectors, including energy, finance, consumer goods, retail, construction, water and communication.

The business and investment networks supporting this initiative include the CBI, The Prince of Wales’s Corporate Leaders Group (CLG), the Aldersgate Group, and the Institutional Investors Group on Climate Change (IIGCC), representing more than 190,000 businesses, more than 7 million workers, and more than £20trillion in assets under management.

The signatories acknowledge the urgency of the climate crisis, calling on the UK to legislate immediately to end its contribution to global warming within 30 years.

Carolyn Fairbairn, Director-General, CBI said: “Business stands squarely behind the ambition for the UK to have a net zero emissions economy by 2050 and build on our global leadership in cutting greenhouse gas emissions. Immediate and decisive action is needed to avoid the catastrophic impacts of climate change, and create opportunities in low carbon technologies.

“However, it is critical that when setting a net-zero target, the Government works with businesses and the public to make the changes they need to deliver this. Businesses are already helping to lead the way, and clear and aligned roadmaps are needed for the sectors that face the toughest challenge in achieving this target. The CBI has previously called for cross-Government consensus on the transition that includes those businesses that are fundamental to delivering net-zero emissions and this should be pursued once a target has been established.”

Eliot Whittington, Director, The Prince of Wales’s Corporate Leaders Group (CLG) said: “Changes in the power sector have already shown how the UK has built strong foundations for a new zero-carbon economy, and in doing so won huge benefits, such as cleaner air, and the establishment of a global lead in the offshore wind industry.

“Committing to a 2050 net-zero goal will sound the starting gun for the next wave of innovation and investment, sending a clear signal to business and investors that they should plan for a zero-carbon future, and work to position the UK at the heart of the new industries that will be created as the world steps up its response to climate change.”

Peter Simpson, CEO, Anglian Water: “We have committed ourselves to even greater reductions and recently the whole of the UK water industry agreed to achieve net-zero carbon emissions by 2030. This experience has convinced us that more ambitious national targets are not only essential but they are also good for business.”

Leendert den Hollander, Vice President & General Manager, Coca-Cola European Partners said: “As a business with significant operations in Great Britain we’re already investing in the transition to a low-carbon future. We have reduced the carbon impact of our core operations by 62% since 2010 but we know there is much more to do across all of society. A clear sense of direction from the Government’s policies on climate change is vital to allow everyone in business to plan for a zero-carbon future. That’s why we would encourage the Government to bring forward a target for net-zero greenhouse gas emissions in Great Britain by 2050 at the latest.”

Julie Hirigoyen, chief executive at UKGBC said: “The writing’s on the wall for business and policymakers alike: the time for climate action is now. This letter demonstrates that the climate crisis is rising to the top of boardroom agendas by the sheer number of business heavyweights calling for Government to legislate for a net zero carbon UK. No doubt many of these leaders recognise the growing opportunities of transforming their businesses for a net zero carbon economy. Given that the built environment contributes around 40% of the UK’s total carbon footprint, this is particularly true of the construction and property industry, so we’re delighted to see so many of our members as signatories on this letter.”

Signatories

Since sending the letter, six additional signatories have been added.