Cities, Regions And Businesses Ramp Up Ambition On Climate Change To Deliver Healthier Economies
Avast and unlikely alliance of investors, activists, cities and corporates gathered virtually for the launch of Race to Zero, the global campaign to mobilize leadership and support for a healthy, resilient, zero carbon recovery which creates well-paying jobs, unlocks inclusive, sustainable growth and prevents future threats.
The campaign under the stewardship of Nigel Topping and Gonzalo Muñoz, the UN High Level Climate Champions for the UK and Chile will rally ‘real economy’ leaders to join the largest ever coalition of businesses, investors, cities and regions committed to the same overarching goal: achieving net zero emissions by 2050 at the very latest, in line with the scientific consensus on limiting warming to 1.5 degrees Celsius.
Already covering 23% CO2 emissions and 53% of GDP and sounding the drumbeat to COP26, the campaign aims to drive a new growth and innovation agenda in support of a healthier, more inclusive and resilient economy. To maintain quality control, Oxford University has set out minimum criteria for robust Race to Zero targets, published today.
Prioritising climate change in the economic recovery has the support of over two-thirds of people worldwide. Moreover, low carbon stimulus can spur economic recovery and job creation as effectively as—or better than—environmentally neutral or harmful programs, as new research by McKinsey shows. The magnitude of stimulus packages, in the region of £10-20 trillion, will shape the economy for the next decade.
The campaign is also working to define the most effective pathways to zero emission for key sectors such as energy, transport, industry, food, retail and finance – in a bid to mass mobilize the number of companies and cities committed to net zero by at least 2050 and reach key economic tipping points faster. The new pathways will drive coordinated action by investors, businesses, policymakers, and NGOs.
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