UNITED NATIONS, New York, 23 September 2019 — A global movement of companies taking ambitious climate action aligned with limiting global temperature rise to 1.5°C is emerging, states a new report released by the United Nations Global Compact, DNV GL, and Sustainia today on the sidelines of the UN Climate Action Summit.
87 companies, with a total market capitalisation of over US$ 2.3 trillion and annual direct emissions equivalent to 73 coal-fired power plants, have joined the “Business Ambition for 1.5°C — Our Only Future” campaign. The companies have promised to scale up their climate ambitions by setting science-based targets aligned with limiting global temperature rise to 1.5°C above pre-industrial levels.
The report, 1.5°C Business Leadership, features the solutions and strategies developed by these companies to make their critical contribution to tackling the worst impacts of climate change.
“Companies have an opportunity to step up as leaders at the forefront of the climate movement, reimagining the way they can work together with both Governments and the United Nations to shift industries and transform the way we do business,” said Lise Kingo, CEO and Executive Director of the UN Global Compact.
“Existing technology can deliver the future we desire, including meeting the Paris Agreement targets, but only through considerable acceleration on many fronts,” says Remi Eriksen, Group President and CEO, DNV GL. “The transition is certainly a source of risk. But a cleaner and more efficient energy system opens up many opportunities, both for businesses today, and, with wise stewardship, for generations to come.”
The companies joining the campaign are committed to setting science-based targets through the Science Based Targets initiative (SBTi), which independently assesses corporate emissions reduction targets in line with what climate scientists say is needed to meet the goals of the Paris Agreement.
Integrating this process into corporate strategies and decision-making requires buy-in from all employees, and the 1.5°C Business Leadership report examines some of the ways in which leaders are beginning to do this.
“The Business Ambition for 1.5°C campaign should be seen as a major transformer of business models — an opportunity to rethink the raison d’être of companies in a new world order,” said Rasmus Schjødt Pedersen, CEO & Senior Partner of Sustainia.
The UN Global Compact today recognised the companies that have stepped up as part of the campaign at the Private Sector Forum — the official luncheon of the UN Secretary-General’s Climate Action Summit — which annually brings together more than 350 Chief Executives, Heads of State and leaders of UN agencies.
***
About the United Nations Global Compact
As a special initiative of the UN Secretary-General, the United Nations Global Compact is a call to companies everywhere to align their operations and strategies with ten universal principles in the areas of human rights, labour, environment and anti-corruption. Launched in 2000, the mandate of the UN Global Compact is to guide and support the global business community in advancing UN goals and values through responsible corporate practices. With more than 9,500 companies and 3,000 non-business signatories based in over 160 countries, and more than 60 Local Networks, it is the largest corporate sustainability initiative in the world.
About DNV GL
DNV GL is a global quality assurance and risk management company. Driven by our purpose of safeguarding life, property and the environment, we enable our customers to advance the safety and sustainability of their business. Operating in more than 100 countries, our professionals are dedicated to helping customers in the maritime, oil & gas, power and renewables and other industries to make the world safer, smarter and greener.
About Sustainia
Sustainia is a global sustainability think-tank and advisory, headquartered in Copenhagen with a presence in Chile and China. Since 2009, the mission of Sustainia has been to change mindsets and narratives around sustainability through impact communication and fact-based storytelling. Armed with mindsets, strategies, and solutions, Sustainia advises organisations large and small on how to create enduring sustainability transformations required in order to stay relevant in an ever-changing world.
Contact
UN Global Compact
Matthew Hunter: +1 (631) 829-4275
Leila Puutio: +1 (646) 465-3833
Email: media@unglobalcompact.org
DNV GL
Peter Lovegrove: peter.lovegrove@dnvgl.com