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UN Climate Press Release / 05 Jun, 2020 Cities, Regions and Businesses Race to Zero Emissions

World Environment Day saw the launch of “Race to Zero” that will run up to COP26 -- an international campaign for a healthy, resilient zero carbon recovery. Led by the UNFCCC Champions for Climate Action, it brings together an unprecedented coalition of net zero emissions initiatives, covering 992 businesses, 449 cities, 21 regions, 505 universities and 38 of the biggest investors.

At a virtual launch event, UK COP26 (1-12 Nov 2021) President Alok Sharma and Chile COP25 President Carolina Schmidt called for a healthy, resilient, and inclusive recovery. UN Special Envoy for Climate Action and Finance, Mark Carney (former Governor of the Bank of England), will discuss work in the private finance agenda to help investors identify the opportunities in the transition to net zero and report the alignment of their own portfolios with net zero. 

Prioritising climate change in the economic recovery has the support of 2/3 of people worldwide. Moreover, low carbon stimulus can spur economic recovery and job creation as effectively as, or better than, environmentally neutral or harmful programs, as new research by McKinsey shows. The magnitude of stimulus packages, in the region of £10-20 trillion, will shape the economy for the next decade.

The campaign is also working to define the most effective pathways to zero emission for key sectors such as energy, transport, industry, food, retail and finance - in a bid to mass mobilize the number of companies and cities committed to net zero by at least 2050 and reach key economic tipping points faster. The new pathways will drive coordinated action by investors, businesses, policymakers, and NGOs.

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