Coca-Cola, Unilever and Salesforce are among businesses urging the European Union (EU) to reduce its 2040 greenhouse gas emissions by at least 90% compared to 1990 levels.
Corporate Leaders Group Europe (CLG) state the target should include no more than 8 to 10% of GHG emissions coming from carbon removals, it added.
The call comes as the EU gets ready to finalise its 2040 climate target in the by the first quarter of 2024.
Subscribe to Sustainability Beat for free
Sign up here to get the latest sustainability news sent straight to your inbox everyday
CLG director Ursula Woodburn said the target of at least 90% represents “a level of ambition aligned with the Paris Agreement – to limit global warming to 1.5°C degrees.”
“It will send a strong signal to speed up both decarbonisation efforts and the clean energy transition – and to increase the EU’s industrial competitiveness,” she added.
Salesforce vice president of climate action Tim Christophersen said: “In setting a 2040 target, the EU can provide much needed leadership and give clear market and policy signals for climate action.”
EU response
In response to the call, a spokesperson for the EU Commission said it was “premature to speculate on possible emission reduction levels for 2040,” reported BusinessGreen.
“The Commission values all input which comes from the public and stakeholders and it will contribute to the Commission’s impact assessment [of the 2040 climate target] which is due to be published early next year,” the spokesperson said.
“The Commission’s Impact Assessment will draw on all relevant scientific input and will cover a broad range of impacts. For example, it will look further into feasibility, cost-effectiveness and the investment needs associated with pathways to climate neutrality. It will also include assessments of the implications for competitiveness, for SMEs and for a just and socially fair transition.”
The spokesperson said it was “already clear” that climate would “remain at the core of the EU’s policy agenda for the coming decades”.
“We have already set into law our 2030 emissions reduction targets and our commitment to become the first climate neutral continent by 2050,” they said.
“The EU Climate Law also commits the EU to fixing a 2040 target which will chart the path forward towards the longer term target. Beyond this, we are also supporting industry by creating the necessary conditions and providing support for investments in Europe’s clean tech future, for example through the Net Zero Industry Act which was proposed earlier this year. As President von der Leyen has always said, the EU Green Deal is Europe’s growth strategy.”
