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Business Regulation

UN unveils ‘Race to Zero’ emissions campaign

Businesses and cities across the world have joined a new campaign for a zero-carbon plan launched by the United Nations called ‘Race to Zero’. It’s designed to boost jobs, create sustainable growth and protect from future shocks.

The UN (@UNFCCC) hopes that many global companies, investors and cities, sign up to the campaign in order to pledge to hit net zero emissions before 2050.

Officials hope it will help build momentum for COP26, a major climate summit due to be held in Glasgow, Scotland, in November 2021.

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.

Days after the new date for COP26 was confirmed for 1-12 November 2021, Alok Sharma, UK Secretary of State for Business, Energy and Industrial Strategy and COP26 President, said: “The way we rebuild our economies post Covid-19 will have a profound impact on our planet. We have the opportunity to build back better by investing in a clean, resilient recovery.

“The Race to Zero initiative will play an important part in encouraging businesses, other organisations and regional governments to increase their ambition and take action against climate change.”

COP25 President Carolina Schmidt said: “In September 2019 we launched the Climate Ambition Alliance to commit states and non-state actors to carbon neutrality by 2050 as science asks us, in order to achieve the goal of 1.5°C. Today we applaud the Race To Zero campaign, which was born from this Alliance, and which invites non-state actors to continue joining to take on this enormous challenge we have as humanity. Despite the health crisis, climate action must continue at all levels.”

UN Climate Change Executive Secretary Patricia Espinosa added: “Race to Zero must help spur strong enhanced national climate action plans—or NDCs—due this year. Race to Zero is both a campaign for the future and today. That’s why all members are demonstrating how they’re already in the race to zero, by publishing immediate plans by COP26 and setting interim targets in 2025 and 2030.”

Of the nearly 1,000 businesses that have joined the Race to Zero, there are 237 companies that are already reaching the highest standard of corporate climate ambition as part of the growing Business Ambition for 1.5C campaign by targeting net zero emissions by 2050 to align their business with a 1.5°C limit. This includes companies in some of the hardest to abate sectors and those most impacted by COVID-19, such as aviation, shipping, rail and power generation leader Rolls-Royce, retailer Inditex and food & drink company Diageo.

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