Danish Grundfos, Swedish IKEA and Norwegian Orkla have together with 152 other large companies signed a statement urging governments around the world to align their COVID-19 economic aid and recovery efforts with the latest climate science.
By signing the statement, the companies are reaffirming that their own decisions and actions remain grounded in science, while calling on governments to “prioritise a faster and fairer transition from a grey to a green economy.”
"To ensure we recover better, we are calling on Governments and policy-makers to match our ambitions in their recovery efforts aligned with reaching net-zero emissions well before 2050," Science Based Targets wrote in their statement letter where the 155 companies are declared.
Climate Change Not Forgotten
Mads Nipper, Group President & CEO of Grundfos, expressed a passionate belief and said:
“In spite of its severity, the current health and economic crisis should not lead decision makers across the world to lower their climate ambitions and slow down the green transition.”
“For all of us to truly recover better, we need the very opposite. This means massive investments in energy efficiency, renewable energy production and green electrification,” Nipper added.
Economic Recovery Packages
As debates on recovery packages around the world gather pace, the companies, which are all part of the Science Based Targets initiative, are calling for policies that will build resilience against future shocks by supporting efforts to hold global temperature rise to within 1.5°C above pre-industrial levels, in line with reaching net-zero emissions well before 2050.
“Green investment is not only necessary for reaching the 1.5 degree climate target,” Nipper said.
The 155 companies who signed the statement proclaims that there are multiple benefits to invest in green technologies.
“It is also a far better way to kickstart the economy during a crisis, as investments in green technologies create more than three times as many new jobs as fossil fuel equivalent investments per million USD invested. Green business is good business. Not just in times of high growth, but especially in tough times like now,” said Nipper.
Orkla and Grundfos want Green Business
The Norwegian giant, Orkla, supports the initiative to focus on "green business" alongside Nipper at Grundfos and the 153 other companies, spanning 34 sectors, headquarters in 33 countries and representing a combined total of over 5 million employees.
By signing the “Uniting Business and Governments to Recover Better” statement, Orkla are highlighting the need to ensure that efforts to achieve the climate targets do not come to a halt as a result of the COVID-19 pandemic.
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