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Boma Commits to Set Climate Targets in Line with a Net-Zero Future

Boma has committed to set 1.5°C science-based emissions reduction targets aligned with a net-zero future, responding to what the latest climate science indicates is needed to limit the worst impacts of climate change.

A member of the UN's Global Compact, Boma has responded to a call-to-action, issued by a broad coalition of business, civil society and UN leaders, to make their critical and necessary contribution to keeping global temperature increase within 1.5°C above pre-industrial levels.

"Our climate is at a tipping point. We must come together as a global network of local communities and corporations and commit to building a better future. This commitment requires a new kind of openness, collaboration, and innovation. It also demands ethical and courageous leadership to implement new systems. Boma is looking forward to being part of this effort," said Boma co-founder Lara Stein.

In June, global leaders including Her Excellency María Fernanda Espinosa Garcés, President of the UN General Assembly, Lise Kingo, CEO & Executive Director of the UN Global Compact, Patricia Espinosa, Executive Secretary of the UN Framework Convention on Climate Change, John Denton, Secretary-General of the International Chamber of Commerce, and SDG Advocate Paul Polman, former CEO of Unilever, collectively issued an open letter addressed to business leaders.

The letter challenges Chief Executive Officers to set ambitious targets for their companies in line with last October’s report by the Intergovernmental Panel on Climate Change (IPCC) which made the case for limiting global temperature rise to 1.5°C above pre-industrial levels.

Companies are asked to set verifiable science-based targets through the Science Based Targets initiative (SBTi), which independently assesses corporate emissions reduction targets against scientific best practice.

Building a prosperous, net-zero carbon economy by 2050 requires a transformation of unprecedented pace and scale, with decisive business leadership and investment in climate solutions supported by ambitious government policies. By setting ambitious policies and targets in line with a 1.5°C trajectory, Governments give business the clarity and confidence to invest decisively in the zero-carbon economies of the future.

“We need concrete, realistic plans by 2020 to reduce greenhouse gas emissions by 45% over the next decade, and to net zero by 2050,” said Ambassador Luis Alfonso de Alba, UN Special Envoy for the 2019 Climate Action Summit and one of the key advocates for the campaign. “Climate change requires an unprecedented effort from all sectors of society and business leadership demonstrated by setting science-based targets at 1.5°C will send strong market signals as we look to identify the scalable and replicable solutions needed to secure a world where no one is left behind.”

“We have less than 10 years to fundamentally change our economies or we will face catastrophic consequences,” said Lise Kingo, CEO & Executive Director of the UN Global Compact, one of the SBTi partners. “For the first time, we are seeing business and climate leaders coalesce around a common call-to-action, sending a powerful signal that science-based target setting presents a significant opportunity for businesses to step up when it comes to tackling climate change and limiting global warming to 1.5 degrees Celsius.”

Paul Simpson, CEO of CDP, one of the SBTi partners, said: “The science is clear: in order to limit the catastrophic impacts of climate change, we must ensure warming does not exceed 1.5°C. The ambition is high but it’s achievable — and science-based targets give companies a roadmap for getting there. Corporations worldwide have an unprecedented opportunity to be at the very forefront of the transition to a net-zero economy — and there is no time to lose.”

To join the movement and take action, visit: unglobalcompact.org/OurOnlyFuture

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