Call for the European Union to update targets for net-zero greenhouse gas emissions

Today, June 13th, 2018, Nordic businesses, financial sector and NGOs, call on the EU and its member states to make the European Union Paris proof, by setting and agreeing on new, sufficiently ambitious climate targets.

The signatories urge EU leaders to:

The statement (link) 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 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, EU should position itself as a global leader on climate action.”

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

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

Odd Arild Grefstad, CEO, 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 achieve 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, SEB, Sweden said:

“We need to have business and governments working 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 job creation. 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 EU to raise ambition level and to clarify its climate targets.”

Nina Ekelund, Executive Director, Haga Initiative, Sweden said:

“Swedish companies have shown that it is possible to reduce emissions while increasing profitability and that it leads to strengthened brand, cost effectiveness, and strengthened employer branding. Therefore, the companies in the Haga Initiative have set their goal to reach zero net emissions by 2030. The ambition is to show that companies can reduce their climate impact while increasing profitability. Our goal with today’s call to action is that the EU will align its climate goals with the Paris agreement, which will be beneficial for both companies and states”

Read: Call for the European Union to update targets for net-zero greenhouse gas emissions

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