The UK should "grasp the tremendous economic opportunities" from the low carbon transition by setting down in law a target to reach net zero greenhouse gas emissions by 2050 at the latest, a group of major corporates has urged the government.

In an open letter addressed to Prime Minister Theresa May yesterday, the CEOs of 10 major firms praised the UK's success in cutting emissions by 40 per cent since 1990 while growing the economy, and highlighted the fact that greener industries are now growing faster than the underlying economy.

But amid stark recent warnings from the world's top climate scientists that the world faces "significant climate related risks", the letter stresses "it is hard to imagine societies and businesses thriving and growing in these conditions".

The letter - which was coordinated by the Prince of Wales's Corporate Leaders Group and coincided with the 10th anniversary of the Climate Change Act - therefore calls on the UK and other advanced economies to up their decarbonisation efforts and set clear, long-term net zero emissions climate targets that can ensure "a safe prosperous future for all".

"As business leaders, we understand that stretching goals bring challenges but we are also aware that the transition to a climate-safe world with net zero emissions is necessary, that the work to achieve this has already begun, and that human ingenuity can achieve wonders," the letter states. "By making a smooth and managed transition over time, the risks of disruption to business operations can be mitigated. The UK can help set the direction of travel for businesses, giving clarity to planning, and decreasing exposure to climate risks, whilst allowing us to grasp the tremendous economic opportunities that this transition presents."

Other signatories to the letter include the CEOs of Anglian Water, IAG, Danone, ScottishPower, Interface, SSE, Signify, and Thames Water.

"We would welcome the chance to discuss this with you and thank you for your consideration," the letter adds.

Support for a legally bindings net zero emissions target in the UK and across Europe appears growing, with a separate open letter to the Prime Minister making similar demands having now secured the backing of more than 200 Parliamentarians, including 50 Conservative Party MPs.

At present, the UK government is legally required to achieve an 80 per cent reduction in its greenhouse gas emissions by 2050 from 1990 levels under the Climate Change Act, which celebrates its 10th anniversary this week.

A report last week by WWF and Vivid Economics argued that with swift and radical action it would be possible for the UK to operate a net zero emissions economy by as early as 2045.

The Committee on Climate Change has been instructed by the government to assess how the UK could achieve a net zero emission economy in line with the goals of the Paris Agreement, and is expected to report back before the end of April next year.

Speaking at the release of the government's latest Climate Projections yesterday, Environment Secretary Michael Gove reiterated his support for the review of whether to set a net zero emission target. 

However, environmental campaigners were left disappointed by Prime Minister Theresa May's failure to mark the anniversary of the Climate Change Act as the latest round of speculation over the future of the government's Brexit deal continued to dominate the headlines.