Over 150 business leaders and investors urge EU heads of state to set higher 2030 emissions targets

Over 150 European businesses, investors and business networks are calling on EU leaders to back the ambition set out in the European Green Deal.

More than 150 European organisation’s including Microsoft, IKEA, Deutsche Bank, Unilever, H&M, Google, EDF, Signify and Apple are calling on EU leaders to back the ambition set out in the European Green Deal and reduce greenhouse gas emissions by at least 55 per cent by 2030.

In an open letter, CEOs from across Europe and the economy have outlined their determination to work with the EU to tackle impacts of the Coronavirus pandemic while delivering a more climate-resilient and regenerative recovery.

The letter states: "What we urgently need to see next is an ambitious implementation of the recovery package focussed 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."

The initiative is led by the European Corporate Leaders Group (CLG Europe), a cross-sectoral group of European businesses working towards delivering climate neutrality.

Together, ahead of Commission President Ursula von der Leyen's State of the Union 2020 speech, and in the run up to Climate Week in New York, the signatories are urging European leaders to avoid the worst effects of climate change and secure a sustainable, competitive economic recovery by endorsing the ambition set out in the European Green Deal and submitting resilient recovery plans which enable the green investments needed to deliver climate neutrality

Casper Klynge, Vice President European Government Affairs, Microsoft said: “As we work together to achieve a green recovery from COVID-19, we have an unprecedented opportunity to act on climate change and gain momentum on our path towards carbon neutrality in Europe. Setting clear and ambitious targets is necessary to reach net zero. All of us – businesses and governments – can take actions that are good for growth, jobs and the economy, as well as for the planet.”

Eliot Whittington, Director, CLG Europe, 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."