COP29: Business leaders urge UK government to set a world-leading example by setting ‘ambitious’ and ‘investable’ climate targets
26 October 2024 - More than 50 businesses, investors and financial institutions have signed a letter, put forward by the UK Corporate Leaders Group (CLG UK), urging the government to reassert its climate leadership on the world stage.
Read the full letter.
With the COP29 conference just weeks away, signatories including Unilever UK&I, SSE, IKEA UK&I and BT Group are calling for the UK to be one of the first countries to announce an ‘ambitious and investable’ Nationally Determined Contribution (NDC) for 2035.
The letter states that the NDC must align with the Paris Agreement and the UK’s 2050 net zero emissions target - and be underpinned by credible delivery mechanisms that encourage other countries to follow suit.
In 2023, due to a slowing of efforts to scale up climate action, the Climate Change Committee stated the UK had lost its clear global leadership position. However, the new Government’s commitment to making Britain a clean energy superpower leaves it well-placed to lead by example at upcoming international summits.
Last year in Dubai, COP28 was the first of three consecutive COP summits intended to reset global climate action – what the UN calls the ‘Roadmap to Mission 1.5°C’. COP29 is all about securing funding for a ‘course correction’ on global climate action. It’s urgent that progress is made this year, and the UK has the chance to play a crucial role.
To coincide with the letter, CLG UK has also published a report that shows how the UK can regain its climate leadership position over the next few years through five key actions. If implemented, these policies will close the 2030 delivery gap:
- Electrification: incentivise and facilitate large-scale electrification, while phasing out the use of fossil fuels
- Markets: support decarbonisation through market creation
- Skills: plan and prepare for a future-fit workforce
- Homes: implement comprehensive and stable policies to ensure UK homes are comfortable, energy efficient and low carbon
- Climate and nature targets: make climate change mitigation, adaptation and nature targets mutually reinforcing.
Beverley Cornaby, Director, UK Corporate Leaders Group, and Chair of the UK Business Group Alliance for Net Zero (BGA), said:
"The UK has an opportunity this autumn to demonstrate decisive climate leadership in taking the advice of the Climate Change Committee and setting out an ambitious and investable 2035 Nationally Determined Contribution (NDC) emissions reduction target. For all countries, delivering 2030 NDC emissions reduction targets is a necessary precondition for setting and achieving ambitious 2035 targets. If the UK can accelerate policy action towards achieving its 2030 climate target through delivering on electrification, markets, skills, homes, and aligning climate and nature targets, the UK has an opportunity for growth, innovation, investment and to build resilience.
The private sector stands ready to work with government in delivering this, with over 50 signatories calling for a new era of UK climate leadership, showing what we already knew: businesses have consistently shown their support for net zero ambition and action. The UK government needs to demonstrate leadership in this decade of delivery. To maximise their effectiveness, it is crucial to leverage policy synergies that enhance policy cohesion and cross-departmental collaboration."
Rich Marsh, Sustainability Director, BT Group, said:
“Having led on climate action for more than 30 years, we recognise the role that businesses like ours can play in the transition to net zero. To get there we need vision, transparency and certainty which is why we’re urging the Government to set an ambitious Nationally Determined Contribution (NDC) for 2035, supported by a commitment to work with industry to create a more predictable and effective system that supports long-term investments in renewable energy and decarbonises the UK grid.”
Peter Jelkeby, CEO and Chief Sustainability Officer, IKEA UK and Ireland, said:
“IKEA has worked for more than 80 years to deliver its vision; to create a better everyday life for the many people, and we believe that a vibrant economy can thrive when underpinned by a bold vision for a more sustainable world. By driving investment into the infrastructure and technical innovation that can support a circular economy, we can create jobs, new skills, opportunities, and a better community for all. We welcome the Government’s recognition that by delivering on net zero, we can grow the UK economy in a way that benefits the many. And the upcoming COP29 provides an opportunity for the UK to show global climate leadership - to offer a net zero society that is fair for all.”
Mark Caskey, Managing Director of Projects, Mitie, said:
“Setting out a 2035 NDC at COP29 can act as a clear roadmap to provide clarity, build confidence, and crowd investment into the UK’s net zero strategy. By being amongst the first to set a 2035 NDC, we will also be providing a blueprint for best practice and success globally, something that will be a powerful tool in re-affirming our position of climate leadership”.
Bevis Watts, CEO, Triodos Bank UK, said:
“The number of businesses who recognise the need to redefine success – embedding positive social and environmental impact alongside their financial bottom line – is growing, but not fast enough. We need to recognise that no business can become sustainable in an unsustainable system, and we look to the new government to create the conditions for change that will enable a fundamental shift to a genuinely sustainable economy. Setting the right context with world-leading NDCs are a crucial part of this transition.”
Richard Speak, Co-Founder & Managing Director, Finance Earth, said:
“To tackle the joint climate-biodiversity crisis domestically and globally, it’s imperative that this government connects nature protection and restoration to all climate action plans. Finance Earth fully supports the investable NDC outlined by the UK Business Group Alliance for Net Zero. Mobilising finance for nature-based solutions will substantially help to fulfil the UK’s net zero target, while enhancing environmental resilience and stimulating economic growth by fostering new market opportunities. We urge the Prime Minister to prioritise this synergy, ensuring that our policies and economic strategy contain concrete delivery plans to grow our country’s natural capital. We believe the UK can lead the building of a sustainable future – ecologically, socially, and financially.”