Commitments to net zero double in less than a year

The number of commitments to reach net-zero emissions from local governments and businesses has roughly doubled in less than a year, as many prioritize climate action in their recovery from Covid-19.

Cities and regions with a carbon footprint greater than the emissions of the US, and companies with combined revenue of over $11.4 trillion (equivalent to more than half of the US GDP), are now pursuing net-zero emissions by the end of the century, according to a major report published by the Data-Driven EnviroLab and the NewClimate Institute.

The majority of these actors are aiming for a zero-carbon economy by 2050, as part of the UN Race to Zero campaign, the largest alliance of local governments, businesses, investors, and others aiming for zero emissions in the 2040s. This now encompasses 22 regions, 452 cities, 1,101 businesses, 549 universities, and 45 of the biggest investors.

Recognizing the critical yet often overlooked role that small and medium businesses will play in the transition to a zero-carbon economy, today also sees the launch of a new platform, SME Climate Hub, to support small and medium-sized enterprises in joining the Race to Zero. SMEs make up 90 percent of businesses worldwide, employ 2 billion people, and have been among the hardest hit by Covid-19.

“Those involved in the Race to Zero have made a commitment to achieve specific goals and will be held to those promises. The world cannot afford to be let down. Nor can this campaign become something that allows nations to defer action until a later date. It’s about needing more climate ambition and climate action now — in 2020,” said Patricia Espinosa.

Corporations such as Ericsson, IKEA, Telia, BT Group, and Unilever have committed to support the SME Climate Hub by working closely with the small and medium businesses in their supply chains to reach net-zero or negative emissions before 2050.

Read the report: Accelerating Net Zero: Exploring Cities, Regions, and Companies’ Pledges to Decarbonise.

Original source: UNFCCC