Every fraction of a degree counts to stop global warming: Time for governments and business to double down on climate action – Image: World Economic Forum
Governments and the private sector need to enhance collaboration to deliver on the Paris Agreement goals, closing the ~600 Gt emissions reduction ambition gap by 2050 to limit global warming to 1.5°C. These are the demands from more than 100 CEOs and Senior Executives from Alliance of CEO Climate Leaders in an open letter to world leaders ahead of the UN Climate Change Conference 2024 (COP29) in November.
The letter is being released by the World Economic Forum on behalf of the Alliance of CEO Climate Leaders.
This alliance – representing a combined $4 trillion in revenue, 12 million employees and 12 industries – is committed to accelerating corporate climate action at the pace and scale needed and has delivered collectively ~10% emissions reduction from 2019 to 2022, outperforming major economies.
“We welcome COP28 pledges on renewable energy and energy efficiency and consensus on transitioning away from fossil fuels in a just, orderly and equitable manner while strengthening adaptation and the nexus with nature, food and health,” according to the open letter. “To move from pledges to impact and accelerate action at scale, governments and businesses need to combine efforts and address obstacles, such as complex and inefficient policy, permitting and reporting frameworks.”
Ahead of COP29 in Baku (Azerbaijan), 112 CEOs, including 48 First Movers Coalition and 27 regional CEO climate group members, are making the policy asks to regulators and policy-makers to improve the business case for climate action and spur investment.
“Every fraction of a degree counts in the race to net zero: we need transformative policies and actions to stand a chance of winning it, ” say the underwriters. (WEF/NN – 14-10-24)
