Spanish multinational energy company Iberdrola has joined a new initiative unveiled at the recent World Economic Forum by the United Nations to accelerate the fight against climate change.
The Race to Zero Breakthough provides recommendations on how stakeholders in more than 20 sectors that make up the global economy can fight climate change, as well as support the global climate agenda.
The initiative provides a strategic plan that businesses, governments and civil society can adopt before COP26.
Recommendations include measures that key actors need to action and when in order to achieve the sectoral changes needed for a resilient, zero-carbon future by 2050 at the latest.
The initiative recommends the inclusion of green financing in COVID-19 stimulus packages.
The programme has set a target of having local governments, businesses and investors making progress in at least 10 economic sectors by the time the UN climate negotiations will be held at the COP in Glasgow in November.
Collaboration amongst cities, regions and private sector leaders has been identified as vital to achieve economy-wide transformation. This will enable stakeholders to share their skills, ingenuity and resources to achieve decarbonisation goals.
Iberdrola chairman Ignacio Galán, said this project “is a great example of the power of collective action against climate change. By joining forces, actors from all geographies and sectors can multiply the effectiveness of our individual engagement and find new collaborative solutions. The electricity sector has a key role to play if we are to accelerate the path towards a more sustainable, secure and competitive energy supply and, in this context, Iberdrola has launched its 75 billion euros investment plan which aims to boost the energy transition. We support this ambitious initiative and are ready to work together with the UNFCCC, COP26 and the WEF on its implementation.”
COP26 President Alok Sharma, adds: “It is vital businesses become zero emitting companies as part of the fight against climate change. That’s why we hope that all the sectors will reach a point where clean business becomes the norm. Because if all the sectors do their part, we will see the global economy on the right path to zero emissions by 2050.
Learn more about the Race to Zero Breakthroughs.