What is the B7?
The Business 7 (B7) Summit is a mainstay of the G7 Presidency calendar. Led by the Confederation of British Industry (CBI), the three-day virtual summit brought together leading business organisations from across the G7 countries, with the senior Government Ministers in attendance.
The first day of the B7 was a CEO summit, which showcased companies that are taking ambitious climate action through committing to the Race to Zero. Alongside its prominence in the G7 calendar, the B7 is a key milestone in the build up to COP26, galvanising business ambition and showcasing breakthroughs in the climate and nature space and an opportunity to deliver on a number of key climate objectives.
The second and third days were a closed door summit with the B7 and senior members agreeing recommendations on digital policy, trade, climate and biodiversity to support efforts to drive an inclusive and sustainable global economic recovery from the pandemic. Following this, the B7 published a two page communique which will be circulated to the G7 Leaders ahead of the Leaders’ Summit.
Read the B7 communique here.
What is the Race to Zero?
The Race to Zero is a global campaign to rally leadership and support from businesses, cities, regions and 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: achieving net zero emissions as soon as possible, by 2050 at the very latest, and setting concrete plans to achieve them. The targets and commitments set within Race to Zero are approved by an external Expert Peer Review Group, to reinforce the credibility of the Campaign and strengthen the annual review process.
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. It has been actively supported by the UK government, including by COP26 President Designate Alok Sharma.
How can companies commit and when do they need to do so by?
The Race to Zero campaign comprises a number of initiatives that businesses (and other non-State actors) can join to become part of the Race to Zero. A full list is available here.
The biggest initiative for businesses is Business Ambition for 1.5oC, while SMEs can join via the SME Climate Hub. These require businesses to set net zero targets by 2050 at the latest and commit to credible short term action plans that are independently verified.
We are asking businesses to commit to the Race to Zero through one of the partner initiatives by Friday 30 April and to notify us in advance at email@example.com of their intention to do so. We will showcase a range of these commitments around and at the B7 CEO Summit, including offering speaking opportunities to the most ambitious CEOs.
Over 2,100 companies have already joined the Race to Zero, and this number is growing rapidly. Businesses should join now to ensure they connect with the accelerating low carbon transition and to enable them to be part of a critical element of the G7 Presidency and a key milestone in the build up to COP26.
Please get in touch with firstname.lastname@example.org for any questions or to let us know that you are able to make a commitment to the Race to Zero, and email@example.com for media-related questions on the B7 and overall G7 Presidency.