Andrew Griffith, the UK's Net Zero Business Champion, has written to FTSE 100 CEOs, emphasizing the "real imperative" for companies to set net-zero targets ahead of the upcoming COP26 climate conference. Griffith highlights the UK government's support for the UN's "race to zero" campaign and urges large businesses to demonstrate leadership on climate action by committing to the campaign.
The UK's Net Zero Target and Business Responsibility:
Griffith highlights that the UK was the first major economy to legislate a 2050 net zero target in 2019. Against the backdrop of concerns about consumer costs associated with transitioning to a green economy and delays in releasing key decarbonization strategies, Griffith believes that large businesses have a responsibility to show leadership on climate change.
Progress on the Race to Zero Campaign:
Currently, 47 FTSE 100 companies have signed up for the race-to-zero campaign, including major companies such as BT, Vodafone, and Unilever. This marks an increase from the 30 signatories in March 2020. Griffith suggests that companies can make initial pledges now, with detailed plans to follow within one to two years. However, more than half of the FTSE 100 companies are yet to commit to the campaign, despite a year-long campaign to encourage participation.
The Importance of Net Zero Targets:
Griffith emphasizes that setting net zero targets is crucial for companies to align their strategies with the global push to combat climate change. By committing to the race-to-zero campaign, companies can demonstrate their commitment to reducing emissions and transitioning to a low-carbon economy. It also positions businesses as leaders in sustainability and can attract investment and consumer support.
Andrew Griffith, the UK's Net Zero Business Champion, is urging FTSE 100 CEOs to set ambitious net zero targets as part of the race to zero campaign. With the UK government's support and increasing momentum in the business community, Griffith emphasizes the importance of companies taking a leadership role in addressing climate change. By committing to net zero targets, businesses can align with global efforts to combat climate change and position themselves as leaders in sustainability.
