Posted on May, 19 2020

19 May 2020, London and New York - 155 companies — with a combined market capitalization of over US$ 2.4 trillion and representing over 5 million employees — have signed a statement urging governments around the world to align their COVID-19 economic aid and recovery efforts with the latest climate science.

As debates on recovery packages around the world ramp up in the coming weeks, the companies, which are all part of the Science Based Targets initiative, are calling for policies that will build resilience against future shocks by supporting efforts to hold global temperature rise to within 1.5°C above pre-industrial levels, in line with reaching net-zero emissions well before 2050. The signatories span 34 sectors and have headquarters in 33 countries.

The statement comes as governments around the world are preparing trillions of dollars worth of stimulus packages to help economies recover from the impacts of the coronavirus pandemic, and as they prepare to submit enhanced national climate plans under the Paris Agreement. In the coming weeks, several major economies will take key decisions in their recovery efforts, including the European Union Recovery Plan, new stimulus packages from the United States of America and India, and the G7 Heads of State summit in June.

The 155 companies have already set, or committed to set, science-based emissions reduction targets. By signing the statement, they are reaffirming that their own decisions and actions remain grounded in science, while calling on governments to “prioritize a faster and fairer transition from a grey to a green economy.” Policy and spending that incorporates climate targets will reduce vulnerability to future shocks and disasters, create good jobs, reduce emissions and ensure clean air, according to a study from Oxford University.

“Saving lives and livelihoods, and building a prosperous, inclusive and sustainable future, are at the heart of our efforts to recover from COVID-19,” said UN Secretary-General António Guterres. “We can beat the virus, address climate change and create new jobs through actions that move us from the grey to green economy. Many companies are showing us that it is indeed possible and profitable, to adopt sustainable, emission-reducing plans even during difficult times like this. I warmly welcome the ambitious, science-based actions we are seeing from leading companies who are demonstrating to policy-makers that green growth remains the best growth strategy.”

"This statement by 155 companies confirms that climate action is always a top priority, even in these difficult times," said Manuel Pulgar-Vidal, leader of WWF International’s climate and energy practice and SBTi board member. "By aligning their economic recovery packages and climate ambition, governments can act on science and build a more sustainable, net-zero future where people and nature can thrive."