Investment institutions Allianz, Aviva Investors, BNP Paribas, Crédit Agricole, F&C Asset Management, Standard Life, The Co-operative Group and Unicredit are among 72 companies that have joined forces to call for the European Union to adopt a 30% emissions reduction target by 2020 below 1990 levels.
The companies have issued a declaration ahead of an EU Environment Council meeting on June 21 in Luxembourg and a vote on moving beyond 20% at the European Parliament on June 23 in Brussels. They want to “preserve the European Union’s competitiveness, and build a low carbon economy”.
The firms – which include household names such as Coca-Cola, Google, Nestlé, Nike and IKEA – have a combined 3.8m employees and an annual turnover of more than €1trn.
“Capital investment is vital to fund the transition to a low-carbon economy, and growing numbers of investorsstand ready to play their part,” said Alain Grisay, chief executive of F&C. “But this capital will not flow at the scale and pace that is needed unless governments set clear, credible and stretching carbon emission targets. A 30% GHG reduction target sends an unambiguous message that will mobilize capital and spur real growth in the low-carbon economy.”
The declaration has been led by the not-for-profit Climate Group, The Cambridge Programme for Sustainability Leadership and the WWF Climate Savers Programme. The Climate Group is also coordinating a similar declaration from EU regional governments.
Tony Long, Director of the WWF European Policy Office said: “Retaining an EU 20% target would simply perpetuate a cycle of low ambition that will inevitably lead to dangerous climate change. Given the 30% target is a no-regrets position for Europe economically, it is logical to move to it now.”