Business and Investor Sign on Letter Calling on the EU to Set a Greenhouse Gas Emissions Reduction Target of at least 90% by 2040

Increasing the EU’s Competitive Sustainability The evidence shows that the global economic opportunity from the development of clean technologies alone is enormous.3 Integrating the target into a comprehensive industrial strategy, guided by a ‘competitive sustainability’ approach, will allow the EU to lead the global race of development of sustainable industrial ecosystems and industries.4 This sh. [...] Enhancing Energy Security with the Clean Energy Transition The target will support the EU’s overall strategy to deeply enhance energy security for citizens and businesses by accelerating the clean energy transition and energy efficiency. [...] We call for the EU to set a policy environment that will phase out fossil fuels, accelerate electrification and the decarbonisation of the power sector with renewables and low-carbon electricity, ensure access to flexible energy infrastructure, and large scale roll out of energy efficiency measures in industry and buildings. [...] Meanwhile, many investors are setting net zero strategies and working to integrate climate risks and opportunities into their individual investment decisions and processes (Please refer to the Annex below for more information) Harnessing the Decarbonisation Potential of the Circular Economy The EU should harness the opportunities presented by the circular economy and eco-design to tackle emissions. [...] The 2040 climate target should create a clear signal to businesses and national governments of the importance in investing in nature-based solutions and the transition to a nature positive economy.