Climate change updates
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FTSE 100 bases have been encouraged to join the net targets as part of a final push this autumn by the government to gather corporate support for global targets ahead of the COP26 climate conference in Scotland.
Andrew Griffith, the UK’s net business champion, wrote to the FTSE 100 CEOs that they were a ‘real necessity’ for companies to set net targets.
In the letter seen by the Financial Times, Griffith said he wanted to make it clear that the ‘race to zero’ campaign – the UN’s aim to achieve a net carbon emission by 2050 – was the ‘characteristic’ of the British government. fully behind for the largest companies ”.
Griffith told the FT that big business ‘has the responsibility to provide guidance on the climate’ and that they are all aiming to set a race to zero targets.
He added that “with about 70 days to go until the British COP26 climate summit, I have written to CEOs with a clear message that it is now time to get on board”.
The UK became the first major economy in 2019 to set a net zero-emission target in the law by 2050, although the run-up to COP26 did not experience any problems as some senior Conservative MPs expressed concern about the cost to poorer households to go to green energy.
The government has also been criticized for repeated delays in publishing key decarbonisation strategies, including plans for the housing sector and a review by the Treasury of where the cost of net zero will fall.
Nearly half of the FTSE 100 have so far joined the race to zero campaign, and more than half have reported by value. AstraZeneca, BT, Vodafone, J Sainsbury’s and Unilever are among the 47 companies that have made net zero plans.
This is an increase from the 30 companies that signed up in March this year, but the majority of the largest companies in the UK have yet to act despite a year-long campaign to solicit their involvement.
Griffith, a Member of Parliament and former No. 10 adviser, became the UK net business champion in November to encourage the industry to make credible net plans by 2050 or earlier.
In the letter, the former Sky CEO said that it is also possible to make the promise now, even if it takes another year or two to finalize detailed plans.
Griffith said he encouraged business to seize the economic opportunity offered by the net transition, and warned that it was a time when ‘we could not take it for granted that business by all in society as a force for good ‘is not considered.
Additional post by Camilla Hodgson in London