What is the Net-Zero 2050 Team?
The Net-Zero 2050 Team is a leadership group of CEOs and their companies, who are working together to accelerate the just transition to net-zero greenhouse gas emissions by 2050. They each have committed to set a science-based target, and further pledge to phase out all greenhouse gas emissions by January 1, 2050. They also pledge to use their influence to advocate for policies that support an economy-wide transition to net-zero greenhouse gas emissions by 2050. The Net-Zero 2050 pledge is formally recognized as part of the We Mean Business coalition’s Take Action campaign and is a collaboration with the Science Based Targets initiative.
Why should you join the Net-Zero 2050 Team?
- The urgency of 1.5°C – Companies that have set SBTs are among the most progressive in the world, doing their fair share to ensure the world does not exceed 2°C of warming. However, climate impacts are already being triggered at 1°C of warming. Under the Paris Agreement, world governments agreed to raise their ambition in line with that required to keep global temperature rise well below 2°C and pursue efforts to limit temperature increase even further to 1.5°C. By setting the Net Zero by 2050 target, companies can align themselves with this aim and challenge themselves to help the world deliver a better prognosis.
- The advantage of a long-term goal - Setting a long-term vision of what your company’s environmental footprint will look like in 2050 gives clarity in your business planning, drives innovation and entrenches sustainability in your business mission which will last beyond the tenure of current leaders. Having this goal helps companies plan out what steps it needs to take year-on-year in order to reach net-zero.
- Join a global movement - Joining this group aligns companies with the most ambitious actors from around the world, including cities with a 1.5°C target, such as New York, and Copenhagen, and countries like Sweden.
- Advocate for climate action - Net-Zero by 2050 companies can use their leadership example to influence other business leaders and policymakers to support the transition to a clean energy economy.
What do you have to do to join the Net-Zero 2050 Team?
Companies must demonstrate leadership across the following criteria:
- Commit to set a science-based target, and submit this target to the Science Based Targets initiative for verification within two years.
- Produce a roadmap demonstrating how they will implement their SBT in line with the level of ambition required to keep global temperature rise below 1.5°C and to reach net-zero emissions (in Scopes 1, 2 and 3) by 2050.
- Engage in comprehensive, consistent and transparent annual reporting.
- Commit to using their influence and advocating for policy that supports an economy-wide transition to net-zero greenhouse gas emissions by 2050.
- Commit to ensuring their transition plans account for the positive and negative impacts on workers and communities, and work in partnership with stakeholders to ensure the transition is just and fair.
How does the Net-Zero 2050 Team allow your company to make more impact?
- Leading by Example: New leader companies will have access to the current Net-Zero by 2050 CEO working group, which receives advice from leading scientists and innovators, and creates a space for peer-to-peer exchange on emissions reduction strategies. Being part of this group provides CEOs with a powerful platform to demonstrate that it’s possible to be a large, high revenue, multinational company and aim for this most ambitious of targets. Case studies, reports and CEO events produced by our Net-Zero businesses influence the wider business community, particularly in relevant industry sectors and regions.
- Using your voice: Net-Zero by 2050 company CEOs are seen as particularly credible by policy makers, as this target is aligned with the objectives national governments are being encouraged to strive for. CEOs are supported by the Leadership Group to use their spheres of influence to create a more favorable policy and business environment for achieving ambitious climate goals. CEOs are also encouraged to bring their own initiatives to the Leadership Group for collective amplification.
Which leaders and companies have committed to a science based target and joined the Net-Zero Team?
Currently five companies have committed to set science-based target, or had their target approved by the Science Based Targets initiative, and have also pledged to take their companies to net-zero. These are: Kering, Unilever, Broad Group, Safaricom, and Natura.
The B Team works with more companies that have also made bold aspirations to take their companies to Net-Zero GHG emissions by 2050, who have not yet set a science-based target, but are encouraged to do so. These include Virgin Group, Econet, Salesforce and Tiffany & Co.
How do you join the Net-Zero 2050 Team?
Take the first step towards joining the Net-Zero 2050 Team by finding out more about setting a science-based target on the Science Based Targets initiative website.
Already committed to the Science Based Targets initiative? Get in touch to discuss your company’s interest and ability to comply with the Net-Zero 2050 commitment criteria (see above). The B Team will also be doing targeted recruitment.