Over 100 businesses and investors are calling on the EU to set a greenhouse gas emissions reduction target.

Signing a joint letter coordinated by CLG Europe, the organisations are demanding a greenhouse emissions reduction target of at least 90 per cent by 2040. The letter sets out the case that a robust target will bring economic opportunities and competitiveness benefits while increasing energy security for citizens and businesses. They argue that the target, and climate more broadly, should be considered as a central element of the EU’s overall strategy to achieve these objectives.

According to the signatories, the EU should:

Integrate the target into a comprehensive industrial strategy, guided by a ‘competitive sustainability’ approach, allowing the EU to lead the global race of development of sustainable industrial ecosystems and industries.

Place the target at the centre of the EU’s overall strategy to enhance energy security by accelerating the clean energy transition and energy efficiency, and phasing out fossil fuels.

Build on the legacy of the Green Deal and effective implementation of the Fit for 55 Package.
Harness the opportunities presented by the circular economy and eco-design to tackle emissions stemming from the production of materials.

Create a clear signal to businesses and national governments of the importance in investing in nature-based solutions and the transition to a nature positive economy.

Set a robust target that will allow the EU to play a leading role to phase out fossil fuels, triple the rate of deployment of renewables and double energy efficiency rates globally.

Ursula Woodburn, director of Corporate Leaders Group Europe, said: “There is no doubt, climate change is multiplying the risks we face as ecosystems, economic and people. So today - businesses and investors are demanding bold and decisive action. A target of at least 90 per cent emissions cuts by 2040 will prevent future shocks and finally deliver the crucial energy transition. It will bring economic transformation and increase the EU's competitiveness”.

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