32 companies call for scientific climate targets in an open letter

We, climate-conscious companies active in Belgium, recognize the collective responsibility companies have in the transition to a climate-neutral economy. We see that the climate debate is often limited to highlighting the risks, negative impacts and costs of climate action. With this open letter, we want to emphasize the economic and social benefits of scientific climate targets.

As members of the Belgian Alliance for Climate Action (BACA), we are all committed to reducing our CO2 emissions in line with climate science. Together, the BACA community represents more than 150,000 jobs in Belgium and BACA members account for nearly EUR 150 billion in economic turnover in Belgium. And we are not alone. Today, like us, more than 3,600 European companies have committed to setting Science Based Targets (SBTs), or they have already set them. This includes hundreds of companies active in Belgium, including 12 from the BEL20. Globally, this places Belgium in the top 10 of European countries with the strongest SBT commitment from the business world. The number of companies in Belgium with SBTs is growing exponentially since the launch of BACA.

Economists, businesses and scientists agree that the transition to a net-zero emission economy will bring financial, economic and social benefits, which can be maximized by taking action early. Consequently, for us, sustainability and doing business go hand in hand. Aligning our actions with climate science is embedded in our professional DNA.

To meet our scientific goals, we invest in renewable energy, energy efficiency, electrification and digitization, and work with our value chains to reduce emissions. We do this to create a positive impact on the ecosystem in which we operate. Our investments have a multitude of positive side effects. They create new jobs, improve health, promote competitiveness, generate economic growth and increase productivity. Our climate goals motivate our employees and customers and create a common goal to work towards. In addition, clear, ambitious and enforceable targets provide investors with the certainty they need.

We develop concrete targets, take actions to reduce our emissions and invest in climate-neutral technologies, because we know that the cost of inaction is much higher. These investments and innovations are of great societal importance. VITO estimates that inaction could cost the Belgian economy €5-10 billion a year. At the same time, the National Bank of Belgium has calculated that the macroeconomic costs of the transition to a climate-neutral economy are manageable.

Despite our ambition, we recognize that we cannot do this alone. All societal actors must work in the same direction: companies, policymakers and the wider society. As climate policy becomes an integral part of economic policy, broad support is crucial. We invite all actors to join us in prioritizing scientific climate goals and in achieving them. With this letter, we want to send a strong, positive signal in support of an ambitious climate policy, in line with climate science. This would give companies the clarity and confidence they need to enable further investment in climate solutions. In doing so, we do see potential to maintain a prosperous Belgian economy and tackle the climate challenge together with the rest of the world.