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

• Allianz CEO Oliver Bäte called short-term opposition to net zero 'bulls---' and emphasized his company has reduced energy consumption by over 40%, maintaining its 2050 net zero target despite political pressure.
• Fortescue chairman Andrew Forrest argued that 'renewable energy is eating fossil fuels for lunch' due to declining costs and rising technology capabilities, criticizing net zero offsets as 'rubbish' while advocating for 'real zero' by 2040.
• President Trump attacked EU energy policy during his Davos speech, claiming wind turbines 'destroy land and lose money,' while EU Climate Commissioner Hoekstra countered that 'the physics of the planet doesn't give a damn' about political rhetoric.

Summary: Business Leaders Defend Climate Action Amid Political Backlash

At the 2026 World Economic Forum in Davos, top business executives delivered forceful defenses of climate action against growing political resistance to net-zero targets.

Key Executives and Statements:

Allianz CEO Oliver Bäte dismissed short-term thinking on climate goals as "bulls---," maintaining the insurer's 2050 net-zero target. He noted Allianz has reduced its energy consumption by over 40%, emphasizing practical implementation over what he called making climate action "a religion."

Andrew Forrest, founder of Fortescue (world's fourth-largest iron ore miner), advocated moving beyond "net zero" to "real zero" by 2040, arguing the term enables excuses like carbon credits. He asserted that "renewable energy is eating fossil fuels for lunch" due to declining costs and improving technology, while praising China for backing "every horse in the race" on energy.

Political Context:

President Trump attended Davos after organizers agreed to downplay "woke" topics. In his speech, he criticized EU energy policy and wind turbines. EU Climate Commissioner Wopke Hoekstra countered that "the physics of the whole matter and the planet doesn't give a damn whether we talk about it or we don't."

Market Implications:

Business leaders expressed concern that companies are increasingly avoiding climate commitments in favor of competitiveness. The Davos focus has shifted from emissions reduction to managing climate crisis impacts. However, executives emphasized renewable energy's economic advantages and technological advancement, suggesting continued private sector momentum despite political headwinds.

Siemens Chairman Joe Kaeser stressed practical technology solutions over regulatory mandates.