Race to Zero is a global campaign initiated by the United Nations Framework Convention on Climate Change (UNFCCC) that aims to rally businesses, cities, and regions in the pursuit of net-zero emissions. The campaign encourages stakeholders to set science-based targets and implement measures that align with the latest climate science to mitigate the impacts of climate change. Its primary focus is to facilitate a comprehensive transition to a sustainable, resilient economy by fostering collaboration and commitment across various sectors.
The key goals of Race to Zero include driving robust action on climate change by increasing the number of participants committed to net-zero emissions, sharing best practices, and enabling access to resources that support climate action. The initiative works to ensure that net-zero commitments are credible, ambitious, and aligned with the broader goal of limiting global warming to 1.5°C above pre-industrial levels. By creating a transparent framework for accountability, Race to Zero helps organisations set measurable and verifiable targets.
In terms of structure, Race to Zero is supported by a wide range of partners, including businesses, local governments, and civil society organisations. These entities come together to share knowledge and expertise, fostering an inclusive approach to climate action. The campaign offers practical tools and resources, including guidance on setting targets, access to databases of best practices, and insights into financing mechanisms for sustainable projects.
Race to Zero significantly relates to sustainable finance by encouraging investment in low-carbon technologies and sustainable practices. It provides valuable resources and frameworks that finance professionals can utilise to understand the implications of climate commitments, guiding investment strategies that support a transition to a sustainable economy. Through these efforts, Race to Zero plays a crucial role in shaping the landscape of sustainable finance and promoting accountability in climate action.
