Over 100 business leaders are calling for “transformative” policies to accelerate net zero and decarbonisation ahead of Cop28.
In an open letter by World Economic Forum, business leaders across finance, technology, pharmaceuticals, and food called world leaders to scale up investment in renewable and phase out fossil fuels in a “just and equitable way.”
“Policy change is needed to accelerate renewable energy projects and infrastructure while respecting a just transition, local communities and environmental standards,” the letter stated.
“We call on governments to complement this with stronger investments, policies and targets that enable the private sector to improve its energy efficiency,” it added.
The businesses also urge governments to “lead by example” on public procurement practices by setting “ambitious” science-based targets to “create demand drivers and support the development of supply chains.”
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While the businesses noted that they can “never replace mitigation measures,” they argued governments need to invest in technology and nature-based carbon removals to accelerate net zero targets.
“Governments should therefore set appropriate carbon-removal targets, include them in their nationally determined contributions (NDCs) and National Biodiversity Strategies and Action Plans (NBSAPs),” they stated.
“They should incentivise corporate investments through an enabling regulatory environment and carbon markets,” the letter added.
“This includes high-quality credits and a carbon-pricing approach reflecting the true costs of climate change.”
Finally, the businesses called for a “simple” and “harmonised” climate disclosure and measuring standards.
They also called on “fellow business leaders to join us and raise their ambition by setting science-based targets and increasing the transparency of their emissions by publicly disclosing emissions data.”
“Deeper collaboration in the areas of greatest impact between business and government is needed to accelerate our net-zero actions for the benefit of society, public health and the global economy – following a just transition pathway,” the letter concluded.