A coalition of major business leaders, including Unilever, Coca-Cola, Tesco, Heathrow Airport, EDF, and others, have urged EU ministers to throw their weight behind ambitions to build a net zero emission economy across Europe by the middle of the century.

The Prince of Wales's Corporate Leaders Group (CLG) today called on member states to endorse a target for Europe to become a 'climate-neutral' economy by 2050 "at the latest", arguing such a goal would provide long-term certainty for businesses, unlock green investment, and help secure the EU's competitiveness.

The CLG, which counts business leaders from a raft of different industries as members, said the EU's leadership was "essential" for global climate action, arguing the IPCC's most recent report last year showed developed economies such as the EU would have to achieve net zero emissions or 'climate neutrality' by 2050 at the latest to have any chance of meeting the goals of the Paris Agreement.

Moreover, the economic benefits of achieving a net zero economy by 2050 "are greater than scenarios which are less ambitious", it added.

"As a group of business leaders who have placed climate action and sustainable business models at the heart of what we do, we understand that bold actions shape our future," CLG said in a statement. "We believe that climate risk can be successfully managed, and that the transition to a net-zero emission or ‘climate neutral' economy will create new opportunities. To harness these opportunities, governments and businesses must work together to ensure that good quality plans with adequate ambition are implemented and that the goals of the Paris Agreement are achieved."

Meanwhile, a coalition of green groups - including WWF, E3G and the European Environment Bureau (EEB) - have separately called on the EU to back an even more ambitious 2040 target date for achieving net zero greenhouse gas emissions across the bloc.

The moves are aimed at putting pressure on national trade, industry, and R&D ministers who are set to attend a meeting of the EU Competitiveness Council today to consider endorsing the EU Commission's strategic long-term vision, entitled 'A Clean Planet for All'.

Adopted by the Commission last year, the draft strategy outlines a range of scenarios for decarbonising the EU economy, including a pathway for achieving net zero emissions by 2050.

The CLG said it wanted the Commission's ambition to be "confirmed by the EU as a whole before the end of 2019" and the crucial UN Climate Summit in 2020 when the Paris Agreement is scheduled to come into full effect.

The business group said an EU net zero strategy should be developed in an open and transparent manner with input from all major stakeholders, including businesses, civil society, trade unions, investors, and regional authorities.

It should also cover all sectors of the economy and look to maximise certainty for business, investors and society, CLG added, with regular reviews in line with the Paris Agreement to ensure decarbonisation progress remains on track.

CLG member Arantza Ezpeleta Puras, chief technology and innovation officer at Spanish renewables and infrastructure giant ACCIONA, said it was "time to invest in the planet".

"The EU net-zero emissions goal by 2050 will boost innovative business models based on renewable energies, energy efficiency measures, robust carbon prices and efficient climate disclosure which stand for the right incentives for our investors," she said.

The environmental NGOs are backing an even more ambitious decarbonisation trajectory, however. In an open letter to EU national ministers on Friday, they called for a 2040 net zero target, arguing research increasingly showed that scaling up established clean energy technologies could slash emissions in a cost effective manner and even enable full decarbonisation of harder to reach sectors of the economy, such as cement, chemicals, and steel.

But they said it was "crucial" to act now as for most energy intensive companies the proposed 2040 target date was "just one investment cycle away from today".

"A climate-proof, competitive and prosperous European industry is possible, but to create this success, the EU's industrial and climate strategies need to be placed in the context of the transition towards a net-zero greenhouse gas emissions economy," the letter states.

Other signatories included Climate Action Europe, Sandbag, and Carbon Market Watch.