Chief executives from 11 companies, including Iberdrola, Enel and Siemens, have pledged to help achieve net-zero emissions in Europe by 2050.
The European CEO Alliance, which held its inaugural meeting in Germany on 1 October, supports the European Commission’s goal of 55% reduction in emissions by 2030.
The alliance said the goal was manageable.
It said: “The climate targets of the European Union are feasible. Our industries do not block, but rather foster the shift toward a carbon-neutral economy.
“We see growth potential for all industries in the long run. If we manage this historic transformation successfully, sustainable development and new future-proof jobs will be the result.
“Together, we will support all efforts to reach a social consensus for more sustainability.”
The CEO Alliance members have already pledged to invest more than €100bn in their respective decarbonisation roadmaps over the next years to help reach the targets.
Each member has defined its own strategy to address decarbonisation, by reducing carbon emissions across the relevant value chains and by offering sustainable products and services to customers.
Collaboration potential of the Alliance was identified in six fields.
In energy systems, renewable power generation must be scaled up rapidly and power grids must be modernized.
In terms of mobility and transport, the EV charging infrastructure must be expanded and the low-carbon transport or shipping of goods intensified.
Zero-impact production – in particular for renewable power generation components – and sustainable battery production are key aspects in manufacturing and industrial processes.
For buildings and urban environments, the focus is on zero-emission offices and sustainable green city planning.
In regard to new business models, the focus is on carbon tracking with digital technologies in the supply chain.
The field of sustainable finance will also offer new opportunities, the alliance said.
Other members of the alliance are ABB, AkzoNobel, Eon, AP Moller Maersk, Philips, SAP, Scania, Schneider Electric and Volkswagen.
Iberdrola chairman and CEO Ignacio Galan (pictured) said: “To combat the climate crisis and maximise the environmental and economic benefits of a green recovery, a unified approach is required across borders and businesses.
“The CEO Alliance is a firm commitment from some of the world’s leading companies to work together to actively make the case for ambitious climate action, create jobs, and set the foundations of a stronger, more sustainable economy in Europe.
“The decarbonisation of our economies and businesses will only happen if we strongly promote electrification through renewables in Europe, and invest massively in grids and storage.
“Climate change is a global emergency, so we need everyone on board to fight it.”