Race To Zero: how your business can drive the green revolution

Businesses must stand together for our planet in order to make systemic change, commit to credible targets, learn from each other and drive the green revolution. One of the platforms for this, is the Race To Zero campaign.

The campaign was launched by the UN on June 5th 2021 to build momentum around the shift to a decarbonised economy ahead of COP26. The aim is to get the ‘real economy’ actors including businesses, cities, regions, and investors to join 120 countries in the Climate Ambition Alliance, to create the largest ever alliance committed to achieving net zero carbon emissions by 2050 at the latest.

The CBI is an official ‘accelerator’ for the campaign and plays an active role in encouraging its membership to sign-up through both campaigns and support channels.

Overall objective 

The mantra of Race To Zero is to:

“Highlight the credible voices from businesses and investors – ensure that it is clear that ‘clean and ‘growth’ go hand in hand, rather than stand in opposition. Challenge the assumption that it is only the ‘expected’ climate activists calling for a better recovery, who are easier to dismiss”

The initial objective was to build momentum around the shift to a decarbonised economy ahead of COP26, where governments must strengthen their contributions to the Paris Agreement. As the UK holds the COP presidency for the next year, it will remain a key driver for business action on climate change, both in setting targets, but also seeing targets that have been set turn into action.

Why should you sign-up?

Whilst there are many campaigns in the net zero space, Race To Zero reaches a global audience and stems from the centre of international diplomacy: the UN. The success of the campaign has sent resounding message to national governments - that businesses are united in meeting the Paris goals and it vital to also holding governments accountable for their own action.

By joining the Race To Zero, a company can show it has credible and science-based targets that are rigorously benchmarked. Also on offer is a community of more than 5,000 businesses spanning regions and sectors. Many are UK based firms, including 60 are FTSE100 firms and more than 2,000 small businesses. The community shares best practice and support for putting net zero plans into action.

How do you sign up?

Current members of Race To Zero have joined the campaign through the following initiatives and networks – all of which are official partners. There will also be instances where an individual actor is signed-up to multiple initiatives.

The Race to Zero partners are:

• Businesses: Business Ambition for 1.5 C, B Corporation, Business Declares, The Climate Pledge, SME Climate Hub, Exponential Roadmap Initiative, Business Declares and Pledge to Net Zero
• Chambers of Commerce: International Chamber of Commerce Chambers Climate Coalition

• Cities: Cities Race to Zero, including C40’s Deadline 2020, RED Argentina de Municipos Frente al Cambio Climatico, ICLEI’s Climate Neutrality Framework
• Sectoral initiatives: Health Care Without Harm, Fashion Industry Charter for Climate Action, Water UK, and International Wineries for Climate Action
• Investors: UN-convened Net-Zero Asset Owner Alliance, Net-Zero Asset Managers Initiative, and the Paris Aligned Investment Initiative
• Regions/States: Under2Coalition
• Country-wide: Japan Climate Initiative Race to Zero circle
• Universities: Global Universities and Colleges for the Climate, Second Nature

What is the commitment?

The commitment can be summarised with four P’s: 

1. Pledge: Pledge at the head-of-organization level to reach (net)-zero in the 2040s or sooner, or by mid-century at the latest, in line with global efforts to limit warming to 1.5C

1. Plan: In advance of COP26, explain what steps will be taken toward achieving net zero, especially in the short- to medium-term. Set an interim target to achieve in the next decade, which reflects a fair share of the 50% global reduction in CO2 by 2030 identified in the IPCC Special Report on Global Warming of 1.5C

1. Proceed: Take immediate action toward achieving net zero, consistent with delivering interim targets specified

1. Publish: Commit to report progress at least annually, including via, to the extent possible, platforms that feed into the UNFCCC Global Climate Action Portal. Make sure they are public!

All the targets must include Scopes 1, 2, and 3 emissions.

For more detailed information, you can see the minimum criteria for participation document on the Race to Zero website.

We encourage each member to take this step towards driving a green revolution and sign up to Race To Zero. For questions and further information, please contact Milda Jardine.