More than 130 companies call on the EU to raise its 2040 target for emissions reduction to 90%

Investors and companies from different sectors have sent the European Council, Commission and Parliament a letter calling on the EU’s top representatives to set a “robust” 90% emissions reduction target by 2040, which would “send a vital signal of Europe’s continued commitment to climate neutrality and industrial leadership”. The letter is entitled: For the strengthening of Europe’s industrial advantage: a business roadmap for resilience and competitiveness The Government of Spain has already expressed its commitment to this 90% target by 2040.

The letter sent today, signed by more than 130 multinational companies with a strong presence on the continent and coordinated by Corporate Leaders Groups Europe, sets out a series of proposals to the European Union institutions with this horizon: -90% of emissions by 2040 (compared to those recorded in 1990). What the signatories – Acciona, Solar Power Europe, Leroy Merlin, Coca Cola, RES coop … – are asking for is the approval of a legal framework that allows Europe to “lead the global race for clean innovation and technology”. The request comes as European leaders prepare for crucial discussions on the 2040 target and competitiveness, which will take place during their meeting in Brussels on 23-24 October. The companies propose in their open letter (1) that -90% by 2040; (2) a Clean Industrial Pact with targeted reforms to facilitate transformation and make investments in clean technologies and solutions more attractive; and (3) the creation of a leading market through clear rules, strategic public procurement and the development of the low-carbon market.

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