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Illustration: Sarah Grillo/Axios

Executives representing 78 companies worth north of $2 trillion are pressing leaders of the Group of 7 major economies to work with the private sector on bold actions to address climate change.

Driving the news: They issued an open letter to G7 leaders just ahead of their meeting in the U.K. that begins this week, and they published it as a full-page ad in today's Financial Times.

Why it matters: The corporate effort provides private sector cover that may make it easier for world leaders to take potentially costly steps to reduce emissions.

It's organized via the Alliance for CEO Climate Leaders, a program hosted by the World Economic Forum.

State of play: The letter is signed by the CEOs of Allianz, Biogen, Boston Consulting Group, Hewlett Packard Enterprise, ING, Salesforce, PepsiCo and Unilever, among many others.

The big picture: The CEOs call for G7 leaders to commit to halving greenhouse gas emissions by 2030 and getting to net zero by 2050.

  • They call on countries to ensure that developed nations "meet and exceed" their $100 billion commitment to helping developing nations cut their emissions and adapt to global warming.
  • The letter warns of massive economic losses to come from failing to address climate change, versus gains from transitioning to a more sustainable economy.

What we're watching: Other private-sector efforts to press G7 leaders at the summit and ahead of the big United Nations climate conference.

"Investors managing more than $41 trillion in assets are loudly calling on world leaders to immediately step up their climate game if they don't want to miss out on a wave of clean energy investment," CNN reports.

Go deeper

UN warns of "catastrophic" climate change failure without more emissions cuts

UN Secretary-General António Guterres at a news conference. Photo: Fabrice Coffrini/AFP

A United Nations report released Friday warned that the planet will likely warm by more than 2.7 degrees Celsius by the end of the century unless governments take extra steps to curb greenhouse gas emissions.

Why it matters: The report, released just months ahead of November's UN Climate Summit, highlights the growing pressure on global leaders to crack down on emissions to avert the worst effects of climate change.

Updated Sep 23, 2021 - Axios Events

Watch: A conversation on investing in advanced climate tech

On Thursday, September 23rd, Axios business editor Dan Primack and Axios Today host Niala Boodhoo explored how alternative energy investments toward climate solutions function in the private and public sector today, featuring Sen. Ron Wyden (D-Ore.) and Galvanize Climate Solutions co-founder Tom Steyer.

Sen. Ron Wyden explained his support for overhauling the existing tax code to incentivize companies to reduce their emissions, his belief that all Americans should pay their fair share of taxes, and Congressional efforts to increase electric vehicle usage.

  • On his support for modifying the tax code: “One of the little secrets about the tax code is that many billionaires pay little or no income taxes. The way they do that is they don’t take a wage, and so Americans have read all these stories about prominent billionaires paying virtually nothing in the way of income taxes for years and years on end. I don’t think that’s right.”
  • On the future trajectory of electric vehicles: “Getting a critical mass of these electric vehicles on the road is going to bring down costs. It’s going to be good for the environment, good for marketplace forces, and the American economy.”

Tom Steyer highlighted the importance of cleaning up electricity generation across the country, how the climate tech investment landscape has changed over the last decade, and what areas of climate tech he believes need more attention and investment.

  • On the future of the infrastructure and reconciliation bills: “I believe that the Democratic Party will come to a negotiated place which will include very important climate regulations, climate initiatives, and that specifically they will be encouraging the move to clean electricity generation across the United States during this decade.”
  • On the need for more tangible innovations in climate tech: “It’s going to be incredibly important for us too to do well in the businesses like manufacturing, where you can touch the product. We have dominated the kinds of businesses like software that you can’t touch.”

Axios co-founder and CEO Jim VandeHei hosted a View from the Top segment with HSBC’s Group Chief Sustainability Officer Celine Herweijer, who discussed how sustainability is moving to the forefront of many corporations’ long-term goals.

  • “We’ve committed to essentially have a net zero target across all of our finance commissions portfolio. So to be able to do that, that means fundamentally changing how we finance it, fundamentally changing our risk appetite, changing our culture, our policies, our processes of capability.”

Thank you HSBC for sponsoring this event.

Go deeper: Get smarter, faster on the growing field of climate tech with our free short course.

Axios roundtable on the future of climate change and lung health

On Wednesday, September 15, Axios’ health care reporter Caitlin Owens and climate and energy reporter Andrew Freedman hosted a virtual roundtable discussion with policy leaders, healthcare professionals, and environmental experts on the impact of climate change on people living with respiratory illnesses. 

Andrew Lindsley, Medical Director and Asset Lead at Amgen, started off the conversation by addressing the gravity of climate change as it relates to lung health and respiratory diseases.

  • “Climate change can directly cause or aggravate pre-existing respiratory diseases, and they can drive an increased exposure to risk factors associated with respiratory diseases, including asthma.”

National Assistant Vice President of Healthy Air at the American Lung Association, Laura Kate Bender, explained how recent research confirmed that devastating wildfires have negatively impacted air quality levels. 

  • “What we found is that we are continuing to see the impact of climate change on the quality of the air nationwide. Where that really showed up in this year’s report was with particle pollution. We saw more people were exposed to harmful short-term levels of particle pollution that we can tie back to the wildfires.”   

Executive Director of Indiana University’s Environmental Resilience Institute, Dr. Gabriel Filippelli, referenced a study he conducted in several U.S. cities to highlight the connection between small vehicle transit usage and decreases in levels of NO2, a harmful lung irritant.  

  • “It shows a roadmap that with different transportation systems of different models or even electrifying vehicles, it can have a significant local improvement in air quality and also deal with climate change at the same time.” 

Abby Young, Manager of Bay Area Air Quality Management District’s Climate Protection Program, described how climate change especially exacerbates health issues among vulnerable populations.

  • “When a community is already suffering from a high degree of air pollution and respiratory ailments, and then you layer on all these impacts that we’re talking about from climate change, you make a bad situation even worse.”

Interim Director of the Center for Climate, Health, and the Global Environment at Harvard T.H. Chan School for Public Health, Aaron Bernstein, emphasized the importance of broader social change in ensuring equitable access to healthcare. 

  • “My biggest hope in this year is that we realize that we can no longer work on issues related to climate or pandemics by trying to build more technological limbs on a tree of life. Through our technologies, our ventilation systems, our vaccines, our drugs. We obviously need those, they’re critical and we have to get people vaccinated, but as we’ve already shown, those things benefit the people who are least at risk first.”   

Research scientist at the Sean N. Parker Center for Allergy and Asthma Research at Stanford University, Dr. Juan Aguilera, noted the importance of understanding the intricate make-up of particles that enter our lungs as air quality levels continue to fluctuate.

  • “We’re currently researching on what are the effects on the immune system, because as we breathe in these pollutants, it’s also important to notice what’s in the pollutants. We can no longer just focus on the size of the particle, we must know what’s in the particle and what are the effects on the respiratory system, the circulatory system, and the immune system. We’re getting to that point.” 

Dr. Georges C. Benjamin, Executive Director of the American Public Health Association, articulated the significance of focusing on vulnerable communities in mitigating the effects of climate change on a policy level. 

  • “We ought to recognize that the fact that we have these vulnerable communities and where they are, it’s not a secret. These are the same communities that have food insecurity, housing insecurity, income insecurity. While they may have been exposed to some degree because of wildfires that are broader in nature, in terms of polluting the air and floods that are now capturing the communities in which they live, we just have to remember that these communities, while everyone will experience them pretty much the same, these other communities are much less resilient, and they don’t recover.” 

Rep. Sheila Jackson Lee (D-TX) acknowledged the crucial role that policymakers play in shaping the future of environmental policy, noting the opportunity and responsibility that lawmakers have to act quickly on the matter. 

  • “I, for one, will be working to ensure passage of the Build Back Better Act, it has this huge footprint that will implement provisions throughout the country and the state to be able to assure that the warming climate will be addressed.” 

Thank you Amgen for sponsoring this event.