15 sectors of global economy shift the dial on climate

With one month to go before the pivotal COP26 UN climate negotiations in Glasgow, UK, business is increasingly playing a global leadership role in the climate discussions. Over half the sectors that make up the global economy are now committing to halve their emissions within the next decade under the near-term emissions reductions targets known as the 2030 Breakthroughs.

In each of these sectors, at least 20% of the major companies globally by revenue have committed to sector-specific 2030 goals in line with delivering net zero emissions by 2050. These include targets such as 60% renewable generation in the energy sector and using 5% zero-emissions fuel in the shipping sector. Other sectors include medium- and heavy-duty vehicles, food supply, fashion, cement and concrete, consumer goods and cooling.

Stakeholders across these 15 critical sectors are poised for systemic transformation. Thai companies are encouraged to join the global movement, for the sake of their business as well as the greater good.

“Climate change threatens to disrupt virtually every part of the global economy, and it’s critical that business leaders in every industry take action and join the fight,” said Michael R. Bloomberg, UN Secretary-General’s Special Envoy for Climate Ambition and Solutions, Founder of Bloomberg LP and Bloomberg Philanthropies, and Global Ambassador for the Race to Zero and Race to Resilience Campaigns. “The 2030 Breakthroughs are an important signal that more and more companies recognise the need to reach net-zero emissions”.

As a first step towards meeting these ‘2030 Breakthroughs’, all actors are required to join the UN Race to Zero campaign. With over 6,200 members from across 110 countries, including 4,470 companies, 220 financial institutions, 799 cities and 35 regions, Race to Zero has almost doubled in size in the last year. The campaign now represents about 20% of the global economy.

At the Go Green Virtual Conference on 30 September, the British Embassy Bangkok, on behalf of the UK Presidency of COP26, urged Thai companies to join the Race to Zero. Andrew Beirne, Economic and Prosperity Counsellor, said, “Embedding low carbon transition in your business planning is about visualizing with clarity the greatest economic transition of this century. It’s about planning to ensure your business can seize its opportunities – through energy and resource efficiency, through offering new services and by adopting new technologies”.

As Presidency, the UK is asking countries to come forward with specific plans to cut their carbon emissions by 2030, setting them on course for net zero. The private sector plays an important role in this. “COP26 must be the moment when every part of society embraces their responsibility to protect our planet. Setting ambitious but credible net zero commitments sends a strong signal to markets, supply chains, governments and consumers that businesses are committed to the low carbon transition.”, said Mr Beirne.