SWITZERLAND – Nestlé has joined ‘Race to Zero’, the global campaign to mobilize leadership and support for a healthy and resilient zero-carbon recovery in the run-up to the 26th UN Climate Change Conference of the Parties (COP26).
By supporting ‘Race to Zero’, Nestlé joins a vast and alliance of investors, activists, cities and corporates in the campaign which aims to drive a new growth and innovation agenda in support of a more inclusive and resilient economy following the COVID-19 pandemic.
‘Race to Zero’ will rally leaders who are committed to achieving net-zero emissions by 2050 at the very latest, in line with global efforts to limit warming to 1.5°C. All participants of the campaign will also submit a plan in advance of COP26 and set interim targets in the next decade.
Of the nearly 1,000 businesses that have joined the Race to Zero, it was revealed during the launch that there are 237 companies that are already reaching the highest standard of corporate climate ambition as part of the growing Business Ambition for 1.5C campaign by targeting net zero emissions by 2050 to align their business with a 1.5°C limit.
Nestlé remarked that it is already in the race to zero. The company is accelerating its actions to tackle climate change and has committed to net-zero emissions by 2050. Nestlé said that it will publish a roadmap, including interim targets consistent with the 1.5°C path.
Nestlé further noted that it recognizes that its ability to succeed relies on system-wide changes and urges others to do likewise. The company added that it will also require a concerted global effort to ensure the recovery from COVID-19 revives the economy and enables the world to tackle climate change at the same time.
Ahead of his participation in the virtual launch event of ‘Race to Zero’, Mark Schneider, CEO Nestlé, said: “We know the challenge of climate change will not wait, so neither will we.
“Time is of the essence, and we need quick wins in the short term to build a better future as we recover from the COVID-19 crisis. Nestlé is committed to this cause. We will work with others and use our scale and expertise as well as the power of our brands to drive progress – fast.
“Building a more sustainable food system will be a core element of the solution to climate change, and we intend to play our part in making this happen.”
‘Race to Zero’ is also working to define the most effective pathways to zero-emission for key sectors such as energy, transport, industry, food, retail, and finance and reach key economic tipping points faster.
The new pathways will drive coordinated action by investors, businesses, policymakers, and NGOs.
Alok Sharma, UK Secretary of State for Business, Energy and Industrial Strategy and COP26 President, said: “The way we rebuild our economies post Covid-19 will have a profound impact on our planet. We have the opportunity to build back better by investing in a clean, resilient recovery.
“The Race to Zero initiative will play an important part in encouraging businesses, other organisations and regional governments to increase their ambition and take action against climate change.”
To help companies achieve net zero, the World Business Council for Sustainable Development (WBCSD) has also launched 1.5C SOS – a framework to guide all companies through the key steps to decarbonise in line with the 1.5°C goal.
This follows 155 corporations from 33 countries, with a combined market capitalisation of more than US$2.4 trillion and 5 million employees, that urged governments to make sure their COVID-19 recovery aid is designed to limit global warming to 1.5°C.
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