New business and investor leaders, worth more than 700 billion euros, join the call for a 90% EU greenhouse gas emissions reduction target to help reach competitiveness and energy security goals.
Read the letter
34 investors and businesses – including Allianz SE, EDF, Ethos Foundation, Henkel, Hewlett Packard Enterprise (HPE), Interface, LBP AM, Nexi, Schneider Electric, Triodos Bank and Vattenfall – have joined the call for the European Union to adopt a net GHG emissions reduction target of at least 90% by 2040 in a letter to EU and national leaders on 27 May.
These new signatories join 115 business and investor leaders supporting the call last year, representing trillions of euros in assets under management. Together, they consider that a robust target will decarbonise the EU economy at scale in a way that enhances competitiveness and energy security.
The call has resonated particularly strongly within the investor community, who view the target as a way to align capital flows with the transformation of EU industry. A clear 90% target would provide the certainty and momentum needed to accelerate investment in clean technologies, supporting job creation and reinforcing Europe's position in a growing global green economy – expected to exceed $10 trillion globally by 2050.
The letter makes clear that a robust net domestic target is essential to unlock investment within the EU.
The letter outlines the following key messages:
- The EU should integrate the 2040 target into a comprehensive industrial strategy, guided by a competitive sustainability approach.
- The target should be central to the EU’s energy security strategy, by accelerating clean energy deployment, boosting efficiency, and phasing out fossil fuels.
- It should send a strong signal to national governments and the private sector on the value of investing in nature-based solutions and a nature-positive economy.
- The EU must harness circular economy and eco-design opportunities to reduce industrial emissions.
- A robust 2040 target will position the EU to lead globally on phasing out fossil fuels, tripling renewables, and doubling energy efficiency rates.
Corporate Leaders Group Europe
“As highlighted in the Draghi report, there is a clear economic case for decarbonisation which needs to be developed further through a coherent plan and political framework. Businesses and investors are already taking action to deliver projects that bring together economic benefits, energy security and climate objectives. It is time for the European Commission to support this and ensure long term clarity and consistency by proposing a robust target of at least 90% GHG reductions by 2040. This will help unlock and channel investment flows towards transforming EU industry, increasing its future competitiveness and boosting economic resilience.”
Ursula Woodburn, Director
Allianz SE
“A 2040 EU emission reduction target of at least 90% provides long-term certainty to investors. This clarity enables confident capital allocation. Aligning national policy with climate science will help avert climate impacts. It will also unlock investment in sustainable infrastructure. We encourage policymakers to deliver the clarity and ambition that investors are ready to support.”
Günther Thallinger, Member of the Board of Management, Investment Management, Sustainability
Unilever
“Unilever's ambition is to reach net zero across our value chain by 2039. A strong EU 2040 target of at least 90% greenhouse gas reduction will be instrumental in creating the regulatory certainty and investment signals we need to decarbonise our operations and supply chains at speed and scale. Prioritising deep emissions cuts is critical, not just for environmental integrity, but also for driving innovation and resilience in our business and across the European economy. This is about ensuring that climate ambition translates into real transformation, now.”
Rebecca Marmot, Unilever Chief Sustainability and Corporate Affairs Officer
Nexi
“At Nexi, we are aware that the industry can do more from an environmental standpoint, and we look forward to continuing our efforts and engaging the entire payment value chain to share our expertise and collaborate toward a sustainable future. In line with this vision, we believe European leaders should continue to play a key role by setting a bold target of at least a 90% emissions reduction by 2040, because this will will reaffirm the EU’s determination to tackle climate change and help to boost the competitiveness of Europe’s businesses.”
Saverio Tridico, Group Corporate & External Affairs and ESG Director
Schneider Electric
“It is crucial to set an ambitious climate target, to give certainty and a clear signal for investments in emission reductions. To achieve carbon neutrality, the electrification rate will have to reach at least 60% by 2050: as electrification keeps stagnating around 23% in Europe, providing a strong direction will therefore be essential. This also applies to energy efficiency, which is our “first fuel” in the road to net zero and our strategic lever, not only for sustainability, but for our energy security and competitiveness.”
Gwenaelle Avice Huet, EVP Europe Opérations, Schneider Electric
Signify
“Poll after poll has confirmed that citizens and businesses from across the world and across the political spectrum are - still!- asking governments to be more ambitious on climate action. Europe now has an opportunity to lead by setting a 90% emissions reduction target by 2040. This target is science-based and feasible - we know because Signify set the same target for our own climate transition plan. If we can do it, the European Union can do it too - we can do this together.”
Alice Steenland, Chief of Strategy, Sustainability and Marketing
Svenska Kyrkan
“A robust EU 2040 climate target is essential to give both investors and businesses the long-term clarity needed to accelerate the transition to a net-zero economy. Ambitious climate targets reduce uncertainty, guide strategic decisions, and will unlock capital for sustainable technologies and infrastructure. At the same time, the science is clear and so is our responsibility. The choices we make today will shape the lives of future generations. A bold EU target sends a strong message that Europe is committed to a just and science-based transition that protects both people and planet.”
Linda Sundberg, Head of Sustainable Investing
Triodos Bank
“A bold 2040 climate target affirms the EU’s global leadership and moral responsibility. It gives investors confidence that the green transition is here to stay—driving sustainable investment, boosting competitiveness, and strengthening energy security."
Hans Stegeman, Chief Economist
Principle for Responsible Investment (PRI)
“Investors rely on regulatory certainty and clear policy signals to make long-term investment decisions and align capital for the EU transition to a competitive, fair, and resilient net zero economy.
A science-based climate target of at least 90% GHG emission reductions by 2040 provides long-term market certainty towards EU 2050 climate-neutrality objectives, helps scale clean innovation, and will in the long run strengthen Europe's global green technology leadership. The PRI supports a strong 2040 target, detailed European sectoral roadmaps, and clarity on investment plans and vehicles to accelerate private financial flows for the transition.”
Margarita Pirovska, Director, Global Policy
Iberdrola
“A robust emission reduction target of at least 90% by 2040 will provide clear strategic direction, supporting the alignment between decarbonization efforts and industrial value creation, whilst prioritizing direct emission reductions.”
Gonzalo Saenz de Miera, CLG Europe Chair & Director of Climate Change and Alliances, Iberdrola
Interface
“The planet is at an inflection point. And bold, relentless action is needed to solve the global climate crisis. That’s why we’re ‘all in’ on carbon negative by 2040. Avoid, reduce, and store carbon—that’s how we’ll achieve our goal. Interface supports the call for the European Union to set a greenhouse gas emissions reduction target of at least 90% by 2040. Together, we can make more progress toward our climate targets, and an EU-led commitment for more action could be the driver for more companies to go ‘all in’ on climate.”
Liz Minne, Head of Global Sustainability Strategy
Read more about the joint letter calling on the EU to set a greenhouse gas emissions reduction target of at least 90% by 2040