310 businesses and investors support US federal climate target in open letter to President Biden

• Signatories represent over $3 trillion in annual revenue and over $1 trillion in assets under management
• Read the open letter to President Biden.

April 13, 2021 — 310 businesses and investors with a footprint in the U.S. signed an open letter to President Biden indicating their support for the Biden administration’s commitment to climate action, and for setting a federal climate target to reduce emissions. The letter was organized and published by the We Mean Business coalition and Ceres today.

An excerpt from the letter states, “To restore the standing of the U.S. as a global leader, we need to address the climate crisis at the pace and scale it demands. Specifically, the U.S. must adopt an emissions reduction target that will place the country on a credible pathway to reach net-zero emissions by 2050. We, therefore, call on you to adopt the ambitious and attainable target of cutting GHG emissions by at least 50% below 2005 levels by 2030.”

The letter demonstrates the U.S. business and investor communities’ strong support for a highly ambitious 2030 emissions reduction target, or Nationally Determined Contribution (NDC) pursuant to the Paris Agreement, in pursuit of reaching net-zero emissions by 2050. Latest climate modeling shows that at least halving emissions by 2030 is achievable, and provides strong economic benefits. The Biden administration is expected to announce its NDC prior to the Leaders Summit on Climate.

Business signatories of the letter collectively represent over $3 trillion in annual revenue and employ nearly 6 million U.S. workers across all 50 states. They range in size from small- and medium-sized enterprises (SMEs) to large multinational corporations, and represent a number of industries.

Business signatories include Apple; Ben & Jerry’s Homemade, Inc.; BT Americas; Boston Consulting Group; Burton; the Coca-Cola Company; Danone North America; DSM North America; Edison International; Etsy; Facebook; Gap Inc.; General Electric; Google; H&M; Hewlett Packard Enterprise; HP Inc.; IKEA Retail U.S.; Impossible Foods Inc.; Interface; JLL; Johnson & Johnson; Keap Candles; Kellogg Company; LafargeHolcim; Levi Strauss & Co.; Lyft, Inc.; MARS; Mastercard; McDonald’s Corporation; Microsoft; National Grid; Natura & Co; New Belgium Brewing; Nestlé; Nike; Novozymes North America; Ørsted North America; Ralph Lauren Corporation; Salesforce; SAP SE; Schneider Electric; Seventh Generation; Siemens; Solvay; Starbucks; Stonyfield Organic; Tiffany & Co; Unilever; Verizon; VF Corporation; and Walmart, among others.

Investor signatories of the letter collectively represent more than $1 trillion in assets under management and include CalSTRS, the New York State Comptroller, the New York City Comptroller and the California State Controller’s Office, among others.

“The U.S. business community is committed to doing its part to reduce emissions because it is good for the economy and helps us build back better. Companies want to work with the Biden administration toward a better future for all,” said María Mendiluce, CEO of the We Mean Business coalition. “I applaud businesses and investors for raising their voices in support of at least halving U.S. emissions by 2030. This is what the climate crisis requires, and will strengthen the country’s competitiveness and create more good jobs.”

“A strong national emissions reduction target is just what we need to catalyze a net-zero emissions future and build back a more equitable and inclusive economy,” said Anne Kelly, vice president of government relations at Ceres. “Businesses of all sizes recognize that reducing emissions is vital to keeping the U.S. competitive, and protecting the health and well-being of people and the planet. By setting a strong target, the Biden administration can ensure the U.S. is ready to return to its role as a global climate leader and spur further action from the private sector.”