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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

Sep 15, 2021 - Politics & Policy

Scoop: Biden to host Boris Johnson at the White House next week

President Biden speaks at the White House during a virtual event with U.K. Prime Minister Boris Johnson on Wednesday. Photo: Win McNamee/Getty Images

President Biden plans to host British Prime Minister Boris Johnson at the White House next week, according to people familiar with the preparations.

Why it matters: Rewarding Johnson with a White House visit is another indication that the two leaders plan to work collaboratively on COVID-19, China and climate change.

Ben Geman, author of Generate
Sep 15, 2021 - Politics & Policy

The precarious White House climate posture

President Biden at the National Renewable Energy Laboratory in Colorado on Sept. 14, 2021. Photo: Helen H. Richardson/MediaNews Group/The Denver Post via Getty Images

The White House is stepping up its PR push for strong climate measures on Capitol Hill even while arguing it can make lots of progress with executive powers.

Driving the news: President Biden yesterday called for congressional action in remarks at the National Renewable Energy Laboratory in Colorado.

Trump voices support for Saturday's pro-Capitol riots rally

Photo: Tayfun Coskun/Anadolu Agency via Getty Images

Former President Trump on Thursday expressed solidarity with people facing prosecution in connection to the Capitol insurrection.

Why it matters: The statement was issued ahead of Saturday's rally to protest the treatment of Capitol rioters. Over 600 known federal defendants face charges related to the Jan. 6 insurrection.