Chief executives from many industries across Europe have sent a letter to European Commission President Ursula von der Leyen (pictured), urging quicker action on the green transition.
The call comes ahead of the publication of the European Commission’s REPowerEU energy plan.
Leaders from sectors including manufacturing, heavy industry, finance, consumer goods, retail, power generation and technology urged the EU to see the present energy crises as further reason to act in alignment with the Paris Agreement.
The chief executives acknowledged the need to overhaul their own business models to ensure a 1.5C joint trajectory and for deep private sector investment in order to support delivery of the European Green Deal.
The letter has been signed by 120 businesses, including multinationals and SMEs, and 27 business networks, in the run up to this month’s REPowerEU Plan publication, and meetings of the G7 energy ministers and European Council.
It said: “At the core of the current energy security and price crises sits an overdependence on volatile, imported fossil gas, oil and coal.
“It is time for all of us to take necessary steps to strengthen Europe’s energy security and resilience by accelerating the green transition.
“Measures taken in response to the invasion of Ukraine must prioritise structural and just solutions that can deliver on the green and digital transition and respond to the level of emergency that we face.
“This is the time to be bold and double down on delivering the Green Deal and achieve ‘rapid, deep and immediate’ cuts to carbon emissions as demanded by the IPCC.
“Our collective experience shows that we can mobilise together to unlock acceleration, and as we pick up the pace of transition, further transformation will become easier and cheaper.”
In March the EU announced REPowerEU, its plan for secure, sustainable and affordable energy which is set to shape the EU’s short- and long-term energy policies.
It will also play a key role in the Fit for 55 Package – the package of legislation that will deliver an at least 55% cut in EU greenhouse gas emissions by 2030.
The letter reiterated business support for an ambitious and effective Fit for 55 package of legislation that can catalyse the transition from fossil fuels and increase the competitiveness of European industry.
It specifically calls for increased ambition and action on the Renewable Energy, Energy Efficiency and Energy Performance of Building Directives and highlights that a strengthened EU Emissions Trading Scheme to deliver on the EU’s targets remains critical.
Signatory Iberdrola chairman and chief executive Ignacio Galán said: “The current context demonstrates the need to accelerate the energy transition to guarantee a sustainable, robust and fair economy.
“The structural solution is clear: accelerating the implementation of Fit for 55 while firmly supporting renewable energy, efficient storage and smart networks to avoid future shocks, promote a self-sufficient energy system and reduce emissions.
“We have the technologies, a massive social consensus, and, as companies, we are ready to do our part and accompany our leaders in defining clear, stable, and coherent frameworks, based on European coordinated solutions, without exceptions, to accelerate the process.”
The letter was coordinated by the European Corporate Leaders Group, a cross-sectoral group of European businesses working towards delivering climate neutrality.