As part of the campaign on ‘Business Ambition for 1.5°C — Our Only Future,’ 177 companies have pledged to set emissions reductions targets that align with limiting global temperature rise to 1.5°C above pre-industrial levels and reaching net-zero carbon dioxide (CO2) emissions by 2050. This doubles the number of signatories that have committed to such action since the UN Climate Action Summit in September 2019, when the first companies announced their commitment.

The campaign announced the growing number of companies during the High-level Meeting of Caring for Climate, which convened on 11 December 2019, on the sidelines of the 25th session of the Conference to the Parties (COP 25) to the UNFCCC, in Madrid, Spain. The UNFCCC, UN Environment Programme (UNEP) and UN Global Compact (UNGC) organized the event, which focused on private sector engagement and action to increase corporate support for enhanced nationally determined contributions (NDCs) and the SDGs.

The 177 companies’ current emissions are equivalent to the annual total CO2 emissions of France.

The 177 companies represent a combined annual direct emissions equivalent to the annual total CO2 emissions of France. The companies have a combined market capitalization of over USD 2.8 trillion, represent over 5.8 million employees, have headquarters in 36 countries and span 36 sectors. The companies will set science-based targets through the Science Based Targets initiative (SBTi), which independently assesses corporate emissions reduction targets.

UN Secretary-General António Guterres welcomed the announcement, saying he was encouraged that 177 major companies have committed to “set scientific, verifiable emission reduction targets aligned with a 1.5°C future.” By stepping up, he said these companies are pioneering new ways of doing business, driving systemic change in the economy and signalling to consumers, investors and governments that they “intend to lead as the global economy undergoes a just transition to a net-zero future.” UNGC Executive Director Lisa Kingo stressed business leaders’ role in “challenging governments to urgently match their climate ambitions.”

The ‘Business Ambition for 1.5°C — Our Only Future’ campaign represents the business contribution to the Climate Ambition Alliance, a multi-stakeholder group convened by the COP 25 Presidency to work towards achieving net-zero emissions by 2050. These companies join a group of investors who committed to converting their investment portfolios to net-zero emissions by 2050 through the UN-convened Net Zero Asset Owner Alliance, as well as the 50 fashion industry companies that committed to align with a 1.5°C through the Fashion Pact. [UNGC Press Release] [UNFCCC Press Release] [UN News Story] [SDG Knowledge Hub Story on Campaign Announcements in September 2019]