155 global companies urge world leaders to commit to sustainable recovery from COVID-19

A total of 155 companies, with a combined market capitalization of over US$2.4 trillion, have urged governments around the world to align their COVID-19 economic aid and recovery efforts with the latest climate science.

The companies have signed a statement, calling for policies that will build resilience against future shocks by supporting efforts to hold global temperature rise to within 1.5 degrees Celsius above pre-industrial levels, in line with reaching net-zero emissions well before 2050, said a joint press release of the Science Based Targets initiative, the UN Global Compact, and the We Mean Business coalition, released on Tuesday.

The statement came as governments around the world are preparing trillions of dollars worth of stimulus packages to help economies recover from the impacts of the coronavirus pandemic, and as they prepare to submit enhanced national climate plans under the Paris Agreement.

"Saving lives and livelihoods, and building a prosperous, inclusive and sustainable future, are at the heart of our efforts to recover from COVID-19," UN Secretary-General Antonio Guterres said in the press release. "We can beat the virus, address climate change and create new jobs through actions that move us from the gray to green economy. Many companies are showing us that it is indeed possible and profitable to adopt sustainable, emission-reducing plans even during difficult times like this. I warmly welcome the ambitious, science-based actions we are seeing from leading companies who are demonstrating to policy-makers that green growth remains the best growth strategy."