60% of Britain's largest businesses now signed up to Race to Zero
Almost two-thirds of FTSE100 companies have signed up to the UN's Race to Zero campaign, designed to accelerate the adoption of credible net-zero targets at, during, and beyond COP26.
The milestone of 60 FTSE100 firms was announced today (4 November), to coincide with the Energy Day here at COP26 in Glasgow. This means that joining among this cohort has quadrupled within a year.
Now, large UK firms participating in Race to Zero collectively represent a total market capital of £1trn and a combined annual turnover of £700bn. This is before smaller businesses, non-listed firms and businesses covered by industry collaborations, like Water UK’s net-zero by 2030 roadmap, are accounted for.
To this latter point, Race to Zero is additionally announcing today that the number of UK small businesses committed to its initiative, through the Together For Our Planet Business Climate Leaders Campaign, has surpassed 2,000.
The Campaign was set up by the UK Government earlier this year, after Ministers heard evidence that SMEs needed more practical advice, support and opportunities for collaboration to embed climate action in their Covid-19 recovery. Organisations to have made this call to action include the British Business Bank, the British Chamber of Commerce, Lloyds Banking Group and the Zero Carbon Business Partnership. SMEs represent 99% of the total number of businesses in the UK and around half of business-related emissions nationally.
“As the world seeks bold solutions to combat climate change, we need businesses of all sizes to put the environment at the heart of their operations, making tangible climate commitments that help chart our path to net-zero emissions by 2050,” said the UK COP26 Unit’s Net-Zero Business Champion Andrew Griffith MP.
“By setting out ambitious climate targets, Britain’s leading businesses are sending a clear signal to world leaders at COP26 that now is the time to act. I hope it encourages other companies across the world to outline their own net-zero ambitions and grasp the economic opportunities of this global green industrial revolution.”
Net-Zero November: Join the conversation during edie's mega month of content and events
As critical negotiations at COP26 formally start, the award-winning edie content has launched Net-Zero November - a return to an entire month's worth of digital content and live events, all dedicated to accelerating the race to a more resilient, zero-carbon economy.
Brought to you in association with edie's headline partner EDF, Net-Zero November will offer edie readers an array of net-zero-themed exclusive interviews, downloadable guides, reader blogs, virtual events and podcasts throughout the month.