Dear President Biden,
We, the undersigned businesses and investors with a major presence in the U.S., applaud your administration’s demonstrated commitment to address climate change head-on, and we stand in support of your efforts.
Millions of Americans are already feeling the impacts of climate change. From recent extreme weather to deadly wildfires and record-breaking hurricanes, the human and economic losses of the past 12 months alone are profound. Tragically, these devastating climate impacts also disproportionately hit marginalized and low-income communities who are least able to withstand them. We must act now to slow and turn the tide.
As business leaders, we care deeply about the future of the U.S. and the health of its people and economy. Collectively, our businesses employ over 7 million American workers across all 50 states, representing over $4 trillion in annual revenue, and for those of us who are investors, we represent more than $1 trillion in assets under management. We join the majority of Americans in thanking you for re-entering the U.S into the Paris Agreement and for making climate action a vital pillar of your presidency. To restore the standing of the U.S. as a global leader, we need to address the climate crisis at the pace and scale it demands. Specifically, the U.S. must adopt an emissions reduction target that will place the country on a credible pathway to reach net-zero emissions by 2050.
We, therefore, call on you to adopt the ambitious and attainable target of cutting GHG emissions by at least 50% below 2005 levels by 2030.
A bold 2030 target is needed to catalyze a zero-emissions future, spur a robust economic recovery, create millions of well-paying jobs, and allow the U.S. to “build back better” from the pandemic. New investment in clean energy, energy efficiency, and clean transportation can build a strong, more equitable, and more inclusive American economy.2 A 2030 target will also guide the U.S. government’s approach to more sustainable and resilient infrastructure, zero-emissions vehicles and buildings, improved agricultural practices, and durable carbon removal. Finally, the commitment would inspire other industrialized nations to set bold targets of their own.
Many of us have set or are setting emissions reduction goals in line with climate science since the establishment of the Paris Agreement. The private sector has purchased renewable energy at record rates and along with countless cities across the country, many have committed themselves to a net zero-emissions future.3
If you raise the bar on our national ambition, we will raise our own ambition to move the U.S. forward on this journey. While an effective national climate strategy will require all of us, you alone can set the course by swiftly establishing a bold U.S. 2030 target.
Mr. President, we ask that you invest in a resilient, economically sound, net zero-emissions future for all. You can count on our support.