Global CEOs Urge Governments to Act on Climate Ahe...

Global CEOs Urge Governments to Act on Climate Ahead of COP29

Oscar J Jeke

Zim Now Reporter

In an open letter released ahead of the UN Climate Change Conference 2024, more than 100 CEOs and senior executives from the Alliance of CEO Climate Leaders have called on world leaders to accelerate climate action through stronger policies and investment.

Representing US$4 trillion in revenue and 12 million employees across 12 industries, the alliance underscored the need for transformative measures to address the global emissions reduction gap and limit global warming to 1.5°C.

In the letter, alliance members collectively reduced emissions by 10% between 2019 and 2022, while growing revenues by 18%, signalling that economic growth and climate action can go hand in hand. However, they warned that without greater collaboration between the public and private sectors, efforts to meet the Paris Agreement targets will fall short.

The CEOs laid out four key policy demands for regulators and policymakers. They urged governments to “develop more ambitious Nationally Determined Contributions, scale up climate finance, remove regulatory hurdles to renewable energy development, and support breakthrough technologies” that can decarbonise heavy-emitting industries.

The alliance pointed to the urgency of closing the approximately 600 Gt emissions reduction gap by 2050, highlighting that current NDCs will only achieve a 5% reduction by 2030—far below the 43% needed. They called for clear transition plans that provide the long-term visibility businesses need to invest in climate solutions.

Additionally, the letter emphasised the critical role of climate finance, particularly for developing nations, which require US$5.8-5.9 trillion for mitigation and adaptation by 2030. To meet this challenge, the CEOs called for expanding carbon pricing, phasing out fossil fuel subsidies, and reducing the cost of capital in low- and middle-income countries through concessional and blended finance mechanisms.

However, Zimbabwe has given no particular focus on transitioning from generating electricity from coal, with government officials noting that the rich abundance of the fossil will be used to generate electricity for years to come.

The letter also addressed the need to accelerate renewable energy deployment, noting that the capacity of renewable projects awaiting permits is five times greater than installed capacity. The CEOs called on local authorities to streamline permitting processes and expand green energy grids.

While pledging continued corporate action on climate, the alliance called on other business leaders to set science-based targets and support decarbonisation across value chains. "We stand ready to collaborate with governments and peers to build on COP28 momentum at COP29 and beyond," the letter concluded.

As COP29 approaches, the call from the Alliance of CEO Climate Leaders signals growing pressure on governments to strengthen climate commitments and unlock the full potential of private sector investment in the fight against climate change.