World's largest firms demand global emissions target

Bosses at 100 of the world's largest companies have today issued an unequivocal call for political leaders to deliver a "rapid and fundamental" strategy designed to cut global greenhouse gas emissions by "at least" 50 per cent by 2050.

The statement was organised by the World Economic Forum (WEF) and was endorsed by some of the world's most powerful businesses, representing over a tenth of global stock markets.

The signatories feature firms from every major carbon intensive industry, including energy, utilities, aviation, automotive, mining and metals, logistics, IT and financial services, and incorporate a number of emerging multinationals from developing economies as well as long-established Blue Chip firms, such as BA, Deutsche Bank, Nike, BP, Shell, E.ON, EDF, Airbus, Citigroup, PwC and Renault.

The statement, which will be delivered to Japan's prime minister Yasuo Fukuda ahead of next month's meeting of the G8 group of developed economies, calls for a new international framework to be agreed to succeed the Kyoto Treaty that incorporates all major economies, including the US, China and India, and is built around a "an unambiguous international goal for overall GHG emission reductions, such as an aspiration to at least halve global GHG emissions by 2050 ".

It also calls for the setting of a clear "intermediate target", as well as the development of a global cap-and-trade scheme and a significant increase in investment in clean technologies and climate adaptation measures.

The business leaders insist that there is a strong business case for the development of such a framework, noting that "while some uncertainties remain – applying a risk management perspective to the available information – we conclude that a reasonable approach is for all leaders of business and government to take action now".

The statement also argues that climate change represents a sizeable business opportunity. "A paradigm shift to a low-carbon economy by 2050 has the potential to drive forward the next chapter of technological innovation," it claims. "It will require a third - this time a green industrial revolution."

WEF founder and executive chairman Klaus Schwab said that greater co-operation between business and political leaders was essential for the development of a low carbon economy. "The business community has a crucial contribution to make to the design of a more effective global strategy to combat global warming, and these business leaders are sending a clear message to governments that they are willing and able to engage with ideas and other support if invited to do so," he said.

BA chief executive Willie Walsh agreed that wider co-operation was required. "Business can't operate in a policy vacuum - we need strong leadership from governments," he said. "It's important that the business community demonstrates a desire to work with governments to tackle the challenge that climate change represents."