The Climate Group have announced that leading businesses from around the world have set targets of the electrification of more than 2 million vehicles by the year 2030.

The 31 companies the Climate Group’s EV100 initiative brings together have a combined revenue of over half-a-trillion US dollars. 23 of these member businesses have committed to working together to switch 145,000 vehicles to electric in 66 worldwide markets by 2030. This will save over 6.6 million metric tons of CO2.

Among the businesses in EV100 are Bank of America, Ingka Group (formerly Ikea Group) and Deutsche Post DHL Group. By switching to EVs,Ingka are future-proofing their operations as from 2025 it loses direct access through deliveries to over 390,000 households due to limits being placed on emissions in Amsterdam’s city centre. This equates to about $30.2 million turnover per year.

Ingka has committed to 100% zero-emission last-mile deliveries in five cities by 2020, with this goal being reached a year early in Shanghai last month.

Over a dozen countries have promised to end sales of combustion engine vehicles by 2040 or before. Ireland, Costa Rica, the Netherlands,Norway and Denmark are aiming for 2030 or sooner. More than 24 cities across the world have pledged to have low emission zones in place by 2030.

The report revealed that of the businesses surveyed, more than 95% see reducing greenhouse gas emissions as “very significant” or a “significant”driver for switching to EVs. 80% cite the reason for switching as in response to the need to tackle air pollution. A third of businesses see financial savings as an incentive.

CEO of The Climate Group, Helen Clarkson commented: “With countries pledging to end sales of the combustion engine and cities bringing in low or zero emission zones, forward-thinking companies are getting ahead of the curve now by switching to electric vehicles.

“The private sector has an instrumental part to play in bringing down emissions and cleaning up our air – and there are big opportunities for companies taking action now here in the UK.”