In a letter sent to company leaders ahead of the World Economic Forum’s Annual Meeting 2020, Klaus Schwab, the Forum's Founder and Executive Chairman, Brian Moynihan, the Chair of the International Business Council, and Feike Sybesma, Founder and Co-Chair to the Alliance of CEO Climate Leaders, invited participants to set a target to achieve net-zero greenhouse gas emissions by 2050 or sooner.

While the Net-Zero Challenge is a voluntary initiative, it is a prerequisite only for those who are or wish to be members of the Forum’s Alliance of CEO Climate Leaders, who are driving this challenge across the Alliance and wider Forum membership. The letter came after the publication of The Net-Zero Challenge report which examines the current state of global climate action by companies and governments, providing a clear way forward. Climate action is first and foremost an opportunity for countries and businesses to build a competitive advantage. The report was published ahead of the Forum’s Annual Meeting providing the analytical underpinning for the challenge ahead.

Phase 2 of the Net-Zero project, supported again this year by Boston Consulting Group, will focus on tracking the commitments of high-ambition members to commit to Net-Zero, and developing a way for business leaders to tackle emissions through their value chains.