More than 130 leading businesses urge UK Government to legislate for 2050 net zero economy

More than 130 leading UK businesses, investors and business networks, including the CBI, Anglian Water, the John Lewis Partnership, BT, Aviva, Arup, Coca-Cola and Kingfisher, are today calling on the UK Government to put climate neutrality by 2050 into legislation immediately.

In an open letter, CEOs from across the economy are urging the UK to accept the recommendations of the Committee on Climate Change and lead the way by becoming the first major economy to legislate for an ambitious, domestic decarbonisation target that delivers net zero by 2050 at the latest.

The letter, signed by 131 businesses, investors and business networks, states: ‘As leading businesses and investors, we are determined to support an affordable transition and drive innovation. Many of us are setting our own net-zero and science-based targets. We are also increasingly investing in and purchasing clean energy, using low emission and electric vehicles, converting land to carbon sinks and improving energy efficiency throughout our operations and portfolios – and making new green jobs in the process.

‘We are doing this because we see the threat that climate change poses to our businesses and to our investments, as well as the significant economic opportunities that come with being an early mover in the development of new low-carbon goods and services. But we need effective, long-term policies to support the investment and innovation required if the UK is to accelerate the necessary transition and ensure it is delivered fairly.’

The signatories come from both multi-national and national businesses, across industry sectors, including energy, finance, consumer goods, retail, construction, water and communication.

The business and investment networks supporting this initiative include the CBI, The Prince of Wales’s Corporate Leaders Group (CLG), the Aldersgate Group, and the Institutional Investors Group on Climate Change (IIGCC), representing more than 190,000 businesses, more than 7 million workers, and more than £20trillion in assets under management.

The signatories acknowledge the urgency of the climate crisis, calling on the UK to legislate immediately to end its contribution to global warming within 30 years.