Following the warning "code red for humanity" issued by the UN, leading global organizations that represent around $2.5 trillion (£1.8 trillion) in revenue and support over 8.5 million people worldwide have recently wrote an open letter to G20 leaders to strengthen national climate targets.

Many of these organizations include brands like Iberdrola, Unilever, Volvo Cars, Natura & Co span, and Netflix that operate in sectors like fashion, construction and power & transport.

Apparently, businesses are encouraging the world's largest economies to follow through on their pledge to provide $100 billion in annual climate funding to developing countries, phase out fossil fuel subsidies by 2025, and impose a carbon price.

According to the letter published by signatories a month before G20 leaders meet in Rome, companies are aware of the advantages of taking climate action. Today's policy decisions can inspire investments and corporate decisions in favor of climate solutions across the G20 countries.

Business leaders have also called for a halt to new coal power development and finance, with plans to phase out coal-fired power generation in advanced economies by 2030 and in other nations by 2040.

María Mendiluce, CEO of the We Mean Business Coalition, which coordinated the letter, said that it is important that governments take confidence from this letter, which is the largest and most ambitious demand for policy action from business ever seen, and accelerate climate action plans.

Unilever CEO, Alan Jope says that the private sector has already began taking necessary steps as there is a clear need for resilient, net-zero economies. However, this could only be possible if governments consider ambitious climate goals.

Surprisingly, according to a new analysis by the Climate Action Tracker, no G20 country is presently on track to keep global warming below 1.5 degrees Celsius. G20 countries account for over 90% of world GDP, nearly 80% of global commerce, and global greenhouse gas emissions.

Source Credit - https://www.thehindubusinessline.com/news/over-600-companies-call-on-g20-to-halve-emissions-by-2030-end-support-for-coal-power/article36749185.ece