Topic: In an open letter coordinated by CLG Europe, CEOs, leading businesses, investors, networks and SMEs across the EU, call on the EU to set a greenhouse gas emissions reduction target of at least 90% by 2040. This science-based target reflects the urgency and benefits of near-term action. Businesses and investors stress that a robust target will bring economic opportunities and competitiveness benefits while increasing energy security for citizens and businesses. They argue that the target, and climate more broadly, should be considered as a central element of the EU’s overall strategy to achieve these objectives.
According to the signatories, the EU should:
- Integrate the target into a comprehensive industrial strategy, guided by a ‘competitive sustainability’ approach, allowing the EU to lead the global race of development of sustainable industrial ecosystems and industries.
- Place the target at the centre of the EU’s overall strategy to enhance energy security by accelerating the clean energy transition and energy efficiency, and phasing out fossil fuels.
- Build on the legacy of the Green Deal and effective implementation of the Fit for 55 Package.
- Harness the opportunities presented by the circular economy and eco-design to tackle emissions stemming from the production of materials.
- Create a clear signal to businesses and national governments of the importance in investing in nature-based solutions and the transition to a nature positive economy.
- Set a robust target that will allow the EU to play a leading role to phase out fossil fuels, triple the rate of deployment of renewables and double energy efficiency rates globally.