GSK & other corporate leaders urge EU to slash greenhouse gas emissions by 90% by 2040

UNITED KINGDOM — British pharma giant GSK, alongside other corporate leaders, Coca-Cola, Unilever, and other influential members of the Corporate Leaders Group (CLG) Europe is urging the European Union (EU) to commit to an ambitious goal: reducing greenhouse gas emissions by at least 90% by 2040.

This call comes with a set of ten guiding principles, which include phasing out fossil fuels and embracing an evidence-based approach to carbon removal.

A position paper, orchestrated by the University of Cambridge Institute for Sustainability Leadership, underscores the need to set a net reduction target of 90% or more, compared to 1990 levels.

Of this reduction, only 8-10% should come from carbon removal efforts, according to the paper. These targets are founded on assessments conducted by the European Scientific Advisory Board on Climate Change (ESABCC) and modeling by organizations like Climact and Agora Energiewende.

This robust goal aligns with the Paris Agreement’s objective to limit global warming to 1.5°C, requiring significant strides in the EU’s efforts by 2030 to meet the current 55% greenhouse gas reduction target.

However, the report highlights that the EU is currently falling short of this target and calls for immediate action to scale up existing low-carbon technologies.

Key measures outlined in the report include decarbonizing building infrastructure, developing low-carbon materials, and transitioning to low-carbon energy sources.

Several major corporations, including Coca-Cola, Salesforce, and GSK, have thrown their weight behind this target. Some have even set their sights on achieving net-zero emissions by 2040, in alignment with the Climate Pledge.

Ursula Woodburn, Director of Corporate Leaders Group Europe, emphasizes the necessity, desirability, and feasibility of the 90% emissions reduction target, stating that it will accelerate decarbonization efforts, advance clean energy adoption, and enhance industrial competitiveness, including the successful implementation of the Fit for 55 package by 2030.

Tim Christophersen, VP of Climate Action at Salesforce, highlights the significance of the EU setting a 2040 target, signaling leadership and providing clear signals for climate action. He emphasizes the speed, urgency, and benefits of taking near-term action.

Lars Petersson, CEO of Velux Group, emphasizes the role of the building sector, accounting for a substantial share of GHG emissions.

Velux Group aims for a 100% reduction in operational emissions by 2030 and a 50% reduction in carbon emissions throughout its value chain.

Harry Verhaar, Chair of CLG Europe and VP Global Public & Government Affairs at Signify, underscores the importance of this robust target in steering the EU toward climate neutrality by 2050.

He highlights how businesses are already taking concrete steps to align with climate objectives and are ready to accelerate their efforts.

The report outlines ten guiding principles to help the EU attain the 2040 target, encompassing actions such as promoting electrification, energy efficiency, and fossil fuel phase-out, ensuring equitable distribution of transition benefits and costs, and significantly increasing budget allocations for climate and nature.

This ambitious 2040 target signifies a resolute commitment to climate action and offers businesses the assurance to invest in early-stage transition efforts.

Such investments are projected to generate economic growth, create jobs, enhance well-being, and improve competitiveness.

However, further investments are needed, especially in sectors like heavy industry, aviation, shipping, and others that are still seeking effective decarbonization solutions.

This call for climate action aligns with the broader industry trend of decarbonization and emissions reduction across various sectors.

While challenges remain in some areas, like the paper industry, where legal positions may hinder decarbonization efforts, the momentum for ambitious climate targets is growing.

In parallel, new research by scientists at NASA, Duke University, and Columbia University highlights the substantial health and economic benefits of reducing emissions and improving air quality.

Projections indicate that taking action to reduce emissions over the next 50 years can prevent millions of premature deaths, hospitalizations, lost workdays, dementia cases, and crop losses.

These near-term benefits underscore the immediate advantages of clean air and a sustainable transition.

The urgency to address climate change and its health impacts is underscored by the World Health Organization (WHO), which calls for concerted efforts to reduce carbon emissions, build climate-resilient health systems, and protect health from climate change’s adverse effects.

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