Major companies and investors operating in Maryland are urging the state General Assembly and Gov. Larry Hogan to finalize critical legislation that would align the state with the ambition needed to limit the catastrophic impacts of climate change and help businesses capture the economic opportunities of the clean energy transition.
The Maryland General Assembly passed legislation this week that would require the state to achieve net zero emissions by 2045 and reduce Maryland’s greenhouse gas emissions 60% by 2030. Corporate leaders shared their support for the net zero target in a letter submitted to Gov. Larry Hogan and members of the General Assembly today, sending a strong signal to Gov. Hogan to permit the legislation to pass into law.
“By passing a binding net zero emissions goal and setting an ambitious target for 2030, Maryland will continue to develop as a hub of innovation and attract forward-thinking companies ready to invest in the clean energy future,” the 14 businesses wrote.
The signatories—which include DSM North America, Hannon Armstrong, Nestle, Siemens USA, and Walmart, among others—are united in their support for strong climate policy action, which they say is vital for economic growth. They emphasized the need for a binding target to give businesses the policy certainty needed to inform decision making and investments to seize the economic opportunities of the transition to a zero emissions future.
“At Siemens, we know that addressing the climate crisis requires both the public and private sectors. That is why Siemens has committed globally to net-zero emissions in our operations by 2030,” said Matt Helgeson, Head of Sustainability, Siemens USA. “The net-zero legislation provides Maryland with a clear path towards a climate friendly future – one that creates well-paying jobs while fueling a strong economy for generations to come.”
“The climate crisis is both a business threat and an economic opportunity, and the signatories are responding to this moment with unprecedent levels of action,” said Anne Kelly, vice president of government relations at Ceres, a nonprofit organization that organized the letter. “Many of Maryland’s largest companies are working toward their own net zero goals and want to see the state match this ambition with policy action. We urge Maryland policy makers to come together and approve a statewide net zero emissions target. Doing so would distinguish the state as a place where leading businesses and communities can thrive.”
The final negotiations around this bill come on the heels of a new report from the Intergovernmental Panel on Climate Change that affirmed the climate crisis is worsening and urgent action from governments and the private sector is needed to limit global temperature rise to no more than 1.5 degrees Celsius.
“Given the imperative for more ambitious climate action, we believe that bipartisan state leadership and robust and equitable goals are needed now more than ever. Our state is truly at risk if we fail to act,” the letter said.
About Ceres
Ceres is a nonprofit organization working with the most influential capital market leaders to solve the world’s greatest sustainability challenges. Through our powerful networks and global collaborations of investors, companies and nonprofits, we drive action and inspire equitable market-based and policy solutions throughout the economy to build a just and sustainable future. For more information, visit ceres.org and follow @CeresNews.