Calling EU to set more concrete climate targets

Nordic businesses, financial sector and NGOs call for the EU to update targets for net-zero greenhouse gas emissions

Today Nordic businesses, the financial sector and NGOs are calling on the EU and its Member States to make the European Union Paris Agreement-proof, by setting and agreeing on new, sufficiently ambitious climate targets.

Update december 17.th 2018:
The CLC has revised the document after the new report IPCC report, where the EU set new 2030 targets. You can read it here:
Updated initiative after 1,5 degree report

The signatories urge EU leaders to:

• Set a target for achieving net-zero emissions at the latest by 2050 or earlier taking the IPCC findings into account.
• Based on the target, to agree on a binding carbon budget for the remaining GHG emissions.
• To revise and align the 2030 and 2040 targets with the net-zero target.

In the Nordic region countries, cities and businesses alike have already set the course towards carbon neutrality, preparing to get there well before 2050.

The statement comes prior to the High-Level EU Talanoa Dialogue where key decision makers and stakeholders will be discussing ways to step up climate action on 13 June.

Peter Damgaard Jensen, CEO of PKA, Denmark and Chair of the Institutional Investors Group on Climate Change said:

“It is vital that EU and its members step up their ambition in order to fully implement the Paris agreement. We need clear, ambitious, long-term policies which are designed to accelerate private sector investment into the low carbon transition. During these turbulent times, the EU should position itself as a global leader on climate action.”

Jorma Ollila, Former Chairman of Nokia Corporation and Royal Dutch Shell plc said:

We know that the current level of ambition is not adequate. From a business point of view, this creates uncertainty and economically inefficient short-term solutions. The investment volume for low-carbon solutions is too low; about one third of the adequate level, according to several estimates. In addition to revised targets, we need clear, long-term, market-based policies, such as a strengthened Emission Trading System to get a sufficient price on carbon and for accelerating investments.”

Odd Arild Grefstad, CEO of Storebrand Group, Norway said:

«As a leading provider of long-time pensions and savings in the Nordic market, we are committed to ensuring long-term profitability for our customers. Aligning our investment portfolios to a sustainable agenda is key to achieving our own ambition of delivering better and more sustainable pensions to our clients. By setting ambitious climate targets and outlining a detailed road map the EU has the ability to send a clear message to the private sector that the transition to a low carbon economy has begun and will only accelerate going forward.»

Marcus Wallenberg, Chairman of SEB, Sweden said:

“We need businesses and governments to work together to achieve the goals of the Paris Agreement and carbon-neutral economy. In addition to necessary climate mitigation this transformation offers major business opportunities, boosting economic growth and creating jobs. The Nordic financial sector is a pioneer in green and sustainable financing. The market growth in sustainable finance has been encouraging, but much more must be done in this area. We warmly support the EU in raising the level of ambition and clarifying its climate targets.”

Contacts:

Pelle Pedersen, Head of Responsible Investment, PKA A/S pep@pka.dk  +45 26 13 80 04

Jarl Krausing, International Director, CONCITO, jk@concito.dk +45 29896600

Jouni Keronen, Executive Director, Climate Leadership Coalition, jouni.keronen@clc.fi +358 50 4534881

Vibeke Hansen, Communications Director Storebrand Livsforsikring, vibeke.hansen@storebrand.no +4799013349

Jon Evang, Communications Manager, Zero Emission Resource Organisation (ZERO), jon.evang@zero.no  +47 93401382

Viveka Hirdman-Ryrberg, Head of Corporate Communication, SEB viveka.hirdman-ryrberg@seb.se  +46 705503500

Nina Ekelund, Executive Director, Haga Initiative, Nina.Ekelund@hagainitiativet.se  +46735022464

More information on the intiative and its progress