Declaring a Zero Carbon Emission Goal for 2050: 87 Global Companies Lead the Way Towards the 1.5°C Goal. At the opening of Climate Week in New York on March 23, chaired by UN Secretary-General Rupert Grès, 87 of the world's largest companies announced their participation in the "Business Ambition for 1.5°C — Our Only Future" initiative, declaring their commitment to heeding scientists' warnings about global warming and avoiding the severe consequences of climate change caused by their business operations. The UN Climate Action Summit opened with a public march in the streets of New York. (Photo by Pamela Drew, CC BY-NC 2.0) These 87 companies span 28 industries, have a total market capitalization exceeding US$2.3 trillion, employ 4.2 million people, have headquarters in 27 countries, and their annual direct carbon emissions are equivalent to 73 coal-fired power plants. Their actions are a response to a call made in June by numerous businesses, civil society members, and UN leaders to commit to setting climate targets for their entire business operations and value chains to help limit global temperature rise to 1.5°C above pre-industrial levels and achieve net-zero emissions by 2050. In July, 28 companies joined; that number has now more than tripled. Notable companies that joined include Electrolux, Erichsen Group, IKEA, Nestlé, Nokia, Schneider Electric, Burberry, Novo Nordisk, Ørsted, and Daidaijing. Companies newly announcing their participation on the 22nd include HP, Levi Strauss & Co., Singtel, Telefónica, Unilever, and Zurich Insurance. A total of 87 companies have committed to setting targets through the Science-Based Targeting Initiative (SBTi). Climate scientists believe that achieving the goals of the Paris Agreement requires independent assessment of corporate emissions reduction targets, which is precisely the essence of SBTi. Of these 87 companies, some have already confirmed their compliance with the 1.5°C emissions reduction target, including greenhouse gas emissions from their operations, such as HP, Levi Strauss & Co., SAP, Schneider Electric, and Unilever. All signatory companies have increased their emissions reduction commitments, incorporating the entire value chain into the target. According to the CDP 2019 report, the average carbon emissions from the value chain are 5.5 times that of the company's own operations. Lise Kingo, Executive Director of the UN Global Compact, affirmed this at the UN Global Compact Private Sector Forum (a formal luncheon of the UN Climate Action Summit): "These courageous companies are moving towards a positive milestone, after which 1.5°C-compliant corporate strategies will become the new normal for global businesses and their supply chains. This is the change that must happen for us to achieve sustainable development goals for humanity and the planet." Andrew Steer, a board member of SBTi and Director of the World Resources Institute, stated: "Warming above 1.5°C is a catastrophe we cannot ignore. Science-based goals can guide companies in setting targets and enabling them to make clear contributions to achieving the goals of the Paris Agreement, but we must go all out. We have no time to waste." The UN Climate Action Summit opened, with people gathering in the streets of New York for a march. (Photo by Pamela Drew, CC BY-NC 2.0) Climate Action Summit Global Action Thunberg criticizes global leaders for inaction The UN Climate Action Summit allows governments, businesses, and other stakeholders to develop action plans based on the latest report from the Intergovernmental Panel on Climate Change (IPCC). The report warns of catastrophic consequences if global warming exceeds 1.5°C. Guterres stated, "It's very encouraging to see so many private sector pioneers supporting the 1.5°C target. Now we need more businesses to join in and send a clear message that markets are changing." Guterres encouraged governments to participate in the Climate Action Summit and announce revised national climate action plans and long-term net-zero targets. To demonstrate private sector support, the business community is now leading the creation of a positive cycle, the so-called "ambition cycle," where government policies and private sector leadership reinforce each other, pushing climate action to new heights. However, dissatisfaction with insufficient political action led to protests on Saturday, the 21st, with at least 4 million people in approximately 140 countries demanding concrete action from political leaders. Greta Thunberg, the Swedish youth nominated for the Nobel Prize for initiating the "climate strike," also delivered a powerful accusation at the summit's opening on the 23rd: "You have let us down!" "I should have been studying on the other side of the ocean. You stole my dreams and my childhood with empty talk." Greta Thunberg called on global leaders to take urgent action, saying, "All young people will see this."
