Danfoss CEO among global leaders calling for action at COP26

Danfoss CEO Kim Fausing are among CEOs of large multinational companies, all members of the Alliance of CEO Climate Leaders, committed to reduce emissions by more the 1 Gigaton annually by 2030 and believe that businesses can do more if world leaders reach agreement at COP26 that could put the world on a 1.5o pathway.

Danfoss CEO Kim Fausing.

Together with more than 90 CEOs of large multinational companies, Kim Fausing, CEO of Danfoss, signed an open letter to world leaders. The letter, which is published by the Alliance of CEO Climate Leaders, states that businesses can do more to reach a net-zero world if governments agree on climate action at COP26.

Although governments representing over 60% of the world’s greenhouse gas emissions are now committed to net-zero emissions goals, only 12% of emissions are addressed by sector-specific policies and regulations.

The Alliance of CEO Climate Leaders employ more than 8 million people worldwide, and represent some of the largest companies on the planet. All members have committed to set or have already set Paris-aligned target across their value chains, which would mitigate over 1 Gigaton of emissions annually by 2030.

The CEO Climate Alliance has proposed governments to take the following actions at COP26:

  • Publish ambitious and 1.5oC-aligned Nationally Determined Contributions that at least halve global emissions by 2030 and commit to global net-zero by 2050, underpinned by robust policy roadmaps and interim targets.
  • Ensure that developed countries meet and exceed their US$100 billion commitment to support developing countries efforts to mitigate and adapt to climate change and ensure the major development finance institutions also commit to science-based guidelines across their leading portfolio.
  • Eliminate fossil fuels subsidies, cut tariffs on climate-friendly goods, develop market based meaningful and broadly accepted carbon pricing mechanisms and take adequate measures to ensure a just transition.
  • Support and incentivise first movers, including to scale existing, proven solutions across value chains, especially in carbon-intensive sectors, and develop new technologies.
  • Invest in climate adaptation – create resilient cities, supply chains and infrastructure by scaling natural disaster defenses and risk transfer solutions, and by advancing climate-resilient, sustainable food production and securing water supplies.