Almost 1 in 3 of the UK’s largest businesses are leading the way in the world’s transition to a low carbon economy, committing to align with UK government ambitions and eliminate their contribution to climate change by 2050.
As of Tuesday 31 March, 30 of the UK’s FTSE 100 companies have signed up to the United Nation’s Race to Zero campaign – the largest ever global alliance committed to achieving net zero carbon emissions by 2050 at the latest, backed with science-based targets, with many opting to go even faster. Today’s milestone means pledges have doubled in the past 5 months, with companies including AstraZeneca, BT Group, Sainsbury’s, and Unilever and in total representing a total market capital of £650 billion.
Globally, more than 2,000 companies of all sizes have joined the UNFCCC Race to Zero so far, and around a third of these of these are British businesses from across sectors such as transport, technology and finance - putting the UK at the front of the pack internationally.
With the upcoming UN Climate Summit COP26 in Glasgow later this year, the government is today calling on more businesses in the UK and around the world to take urgent action on their carbon emissions by signing-up to Race to Zero and setting out clear pathways to get to net zero.
UK Net Zero Business Champion Andrew Griffith said:
- "Since firing the starting gun on the year-long road to Glasgow a few months ago, we have seen an accelerating rate of the UK’s largest and most successful businesses taking action on climate."
- "Today’s news of 30 of the FTSE100 joining the Race to Zero makes the UK a global leader on tackling emissions with British companies representing a third of those signed up globally. It shows what can be done but, in the months running up to COP26, every board should engage on this vital topic."
UK government is committed to supporting businesses transition to a clean, green economy and helping them put in place environmentally friendly operations, so they are fit for the future.
Through UK government support packages such as the recent Industrial Decarbonisation Strategy and North Sea Transition Deal to protect jobs and businesses in transitioning industries, aligning UK international support for the shift to clean energy, and the expansion of the plug-in electric vehicle grant scheme, the government is aiding an orderly transition to a green economy, ensuring the UK maintains its energy security of supply, supports high-value jobs, and safeguards the expertise necessary to achieve a lower carbon future.
Government actions to support businesses ahead of COP26 include the Business Leaders Roundtables chaired by COP President Alok Sharma, the work of UK Net Zero Business Champion Andrew Griffith to help the business community embrace the opportunities of the green industrial revolution, and the Together For Our Planet campaign which celebrates businesses making climate commitments and inspires more to join them.
Since his appointment in November 2020, Andrew Griffith has written to every UK FTSE100 company, engaged directly with 77 of their Chairman or CEOs and presented to thousands of businesses of all sizes at virtual events across the UK. This has contributed to British companies and investors Race to Zero pledges increasing to over 700, representing an increase of 241% in just 6 weeks.
FTSE100 companies
List of FTSE100 companies in the Race to Zero as of 23 March:
- AstraZeneca plc
- Aviva plc
- Barratt Developments
- Berkeley Group Holdings
- British Land
- BT Group plc
- Burberry Group plc
- Croda International
- Diageo plc
- Entain
- GlaxoSmithKline plc
- Intern’l Consolidated Airlines Group
- Intertek
- JD Sports
- Land Securities
- Legal & General Group plc
- London Stock Exchange Group plc
- Phoenix Group
- Reckitt Benckiser
- Rightmove
- Rolls-Royce Holdings plc
- J Sainsbury plc
- Schroders
- Severn Trent
- SSE plc
- Tesco plc
- Unilever plc
- United Utilities
- Vodafone Group plc
- WPP plc
In November 2020, the Prime Minister appointed Andrew Griffith MP as the UK’s Net Zero Business Champion to support the country’s business community to make credible plans to net zero by 2050 or earlier. In his role Mr Griffith works closely with Business Secretary, Kwasi Kwarteng and COP26 President Alok Sharma to encourage as many UK businesses as possible to commit to net zero targets, harnessing the potential of British firms as they launch new products, attract new investment and create new jobs.
The FTSE 100 is an index composed of the 100 largest companies listed on the London Stock Exchange (LSE). These are often referred to as ‘blue chip’ companies, and the index is seen as a good indication of the performance of major companies listed in the UK.
