Top business leaders issue an expletive-laced message on the green backlash

⭐ Join our community and access the best we offer!

illuminem summarises for you the essential news of the day. Read the full piece on CNBC or enjoy below:

🗞️ Driving the news: Top business leaders at the World Economic Forum in Davos delivered a blunt defense of climate action amid a growing political and corporate backlash
• Allianz CEO Oliver Bäte dismissed short-term retreat from net zero as “bulls---,” urging leaders to stay focused on long-term climate targets
• Fortescue founder Andrew Forrest argued that renewables are already cheaper and outcompeting fossil fuels
• The comments come as parts of Europe and the U.S. soften climate rhetoric and prioritize competitiveness

🔭 The context: Political support for climate ambition is weakening, especially in the U.S.
• President Donald Trump criticized Europe’s wind and climate policies at Davos, calling renewables uneconomic
• Businesses face pressure to deprioritize climate goals amid fears of being labeled “woke” or anti-shareholder
• Davos itself shifted focus toward climate adaptation rather than emissions reduction

🌍 Why it matters for the planet: Corporate resolve is critical as emissions continue to rise
• Backtracking on climate targets risks locking in fossil fuel infrastructure and higher long-term emissions
• Business leaders argue that slowing the energy transition ignores climate physics and accelerates environmental damage
• Falling renewable costs mean delaying clean energy adoption increases both climate risk and economic inefficiency

⏭️ What’s next: Some firms are doubling down on decarbonization driven by cost curves and technology
• Others may pause or dilute targets amid political uncertainty
• The pace of emissions cuts will increasingly depend on whether businesses act despite policy headwinds

💬 One quote: “The planet doesn’t give a damn whether we talk about it or not — only how much CO₂ we emit,” — Wopke Hoekstra, EU Climate Commissioner

See on illuminem's Data Hub™ the sustainability performance of top companies like Allianz, Fortescue, and BlackRock

Click for more news covering the latest on ESG