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European CEO alliance emphasises cross-industry collaboration to fight climate change

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Energy Global,

The European Union (EU) is committed to achieving net zero emissions by 2050, a goal which is in line with the CEO alliance companies’ own decarbonisation strategies. All members support the Paris 2050 goals, the EU Green Deal and the ambition to raise EU climate targets. They represent different industries, generate a combined €600 billion in annual revenues and employ 1.7 million people. The CEO alliance connects sectors and strategies, identifies potential for collaboration, and fosters projects and investments for a sustainable economy and society.

At its inaugural meeting in Stuttgart, the cross-industry alliance underscored that: “the climate targets of the European Union are feasible. Our industries do not block, but rather foster the shift toward a carbon-neutral economy. We see growth potential for all industries in the long run. If we manage this historic transformation successfully, sustainable development and new future-proof jobs will be the result. Together, we will support all efforts to reach a social consensus for more sustainability.”

The first face-to-face meeting highlighted the companies’ commitment to act fast and to recognise the urgency of the necessary transformation. Ignacio Galán, Iberdrola Chairman and CEO, said: “To combat the climate crisis and maximise the environmental and economic benefits of a green recovery, a unified approach is required across borders and businesses. The CEO alliance is a firm commitment from some of the world’s leading companies to work together to actively make the case for ambitious climate action, create jobs, and set the foundations of a stronger, more sustainable economy in Europe. The decarbonisation of our economies and businesses will only happen if we strongly promote electrification through renewables in Europe, and invest massively in grids and storage. Climate change is a global emergency, so we need everyone on board to fight it.”

All members believe that the new climate targets of the European Commission are manageable, envisaging emission reductions of 55% by 2030. On the industry side, members have already pledged to invest more than €100 billion in their respective decarbonisation roadmaps over the next years to help reach these targets. Every member has defined its own strategy to address decarbonisation by reducing carbon emissions across the relevant value chains and by offering sustainable products and services to customers.

The companies believe that large-scale decarbonisation and cross-sector collaboration require ambitious, cross-sector policy frameworks. For example, carbon pricing with a minimum floor price in the EU Emissions Trading System, a reform of the energy taxation system, and driving demand for sustainable, innovative and digital solutions.

The members also agree that the transformation towards a net-zero carbon future needs to be based on a broad public consensus. The group is willing to contribute to this consensus, and to establish a social contract, by intensifying the dialogue between stakeholders from the private sector, public sector and civil society. At the same time, the members call on political leaders to create the necessary political support and incentives.

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