The G7 Summit in Hiroshima, 19-21 May, represents a pivotal moment for global cooperation and a commitment to building a resilient, equitable, and sustainable world for future generations.
The Race to ZeroHalving emissions by 2030 and reaching net zero as soon as possible - and by 2050 at the latest
Race To Zero is a global campaign to rally leadership and support from businesses, cities, regions, investors for a healthy, resilient, zero carbon recovery that prevents future threats, creates decent jobs, and unlocks inclusive, sustainable growth.
All members are committed to the same overarching goal: halving emissions by 2030 and achieving net zero emissions as soon as possible – and by 2050 at the very latest.
It mobilizes a coalition of leading net zero initiatives, representing now over 3,500 members including 23 regions, 708 cities, 2,162 companies, 571 higher education institutions, and 127 investors, alone making up over 15% of the global economy. These ‘real economy’ actors join 120 countries in the largest ever alliance committed to achieving net zero carbon emissions by 2050 at the latest. Net zero commitments globally now cover at least 68% of the global economy (US$84,575 billion), 56% of the global population (over 4.2 billion people), and 61% of global greenhouse gas emissions.
Led by the High-Level Climate Champions for Climate Action – Nigel Topping and Gonzalo Muñoz – Race To Zero mobilizes actors outside of national governments to join the Climate Ambition Alliance, which was launched at the UNSG’s Climate Action Summit 2019 by the President of Chile, Sebastián Piñera.
The objective is to build momentum around the shift to a decarbonized economy ahead of COP26, where governments must strengthen their contributions to the Paris Agreement. This will send governments a resounding signal that business, cities, regions and investors are united in meeting the Paris goals and creating a more inclusive and resilient economy.
Individual actors (such as regions, cities, businesses and investors) are invited to join an initiative or network, which is an official Race to Zero partner. By joining one of the partners they will be directly included in Race to Zero.
Actors can currently join through the following partners:
Chambers of Commerce: International Chamber of Commerce Chambers Climate Coalition
Country-wide: Japan Climate Initiative Race to Zero circle
Join the Race to Zero. Because we can do this, together. And we’re already on the way.
Across the two weeks, non-State actors offered a wide range of actions, announcements, and events across thematic areas. This included the launch of the African Cities Water Adaptation Fund, an African-led insurance commitment to provide cover for up to USD 14 billion in climate losses, and the Sharm-El-Sheik Adaptation Agenda in partnership with the COP27 Presidency.
Africa Carbon Markets Initiative launched to dramatically expand Africa’s participation in voluntary carbon market
The new Africa Carbon Markets Initiative (ACMI), which was inaugurated today at CO27, aims to support the growth of carbon credit production and create jobs in Africa.