AIRLINK 62.48 Increased By ▲ 2.05 (3.39%)
BOP 5.36 Increased By ▲ 0.01 (0.19%)
CNERGY 4.58 Decreased By ▼ -0.02 (-0.43%)
DFML 15.50 Increased By ▲ 0.66 (4.45%)
DGKC 66.40 Increased By ▲ 1.60 (2.47%)
FCCL 17.59 Increased By ▲ 0.73 (4.33%)
FFBL 27.70 Increased By ▲ 2.95 (11.92%)
FFL 9.27 Increased By ▲ 0.21 (2.32%)
GGL 10.06 Increased By ▲ 0.10 (1%)
HBL 105.70 Increased By ▲ 1.49 (1.43%)
HUBC 122.30 Increased By ▲ 4.78 (4.07%)
HUMNL 6.60 Increased By ▲ 0.06 (0.92%)
KEL 4.50 Decreased By ▼ -0.05 (-1.1%)
KOSM 4.48 Decreased By ▼ -0.09 (-1.97%)
MLCF 36.20 Increased By ▲ 0.79 (2.23%)
OGDC 122.92 Increased By ▲ 0.53 (0.43%)
PAEL 23.00 Increased By ▲ 1.09 (4.97%)
PIAA 29.34 Increased By ▲ 2.05 (7.51%)
PIBTL 5.80 Decreased By ▼ -0.14 (-2.36%)
PPL 107.50 Increased By ▲ 0.13 (0.12%)
PRL 27.25 Increased By ▲ 0.74 (2.79%)
PTC 18.07 Increased By ▲ 1.97 (12.24%)
SEARL 53.00 Decreased By ▼ -0.63 (-1.17%)
SNGP 63.21 Increased By ▲ 2.01 (3.28%)
SSGC 10.80 Increased By ▲ 0.05 (0.47%)
TELE 9.20 Increased By ▲ 0.71 (8.36%)
TPLP 11.44 Increased By ▲ 0.86 (8.13%)
TRG 70.86 Increased By ▲ 0.95 (1.36%)
UNITY 23.62 Increased By ▲ 0.11 (0.47%)
WTL 1.28 No Change ▼ 0.00 (0%)
BR100 6,944 Increased By 65.8 (0.96%)
BR30 22,827 Increased By 258.6 (1.15%)
KSE100 67,142 Increased By 594.3 (0.89%)
KSE30 22,090 Increased By 175.1 (0.8%)
Business & Finance

CEOs and investors push world leaders for stronger climate action

  • Founded in 2014 and hosted by the World Economic Forum, the Alliance of CEO Climate Leaders aims to help drive the transition to a low-carbon economy.
Published June 10, 2021

LONDON: A group of 79 company bosses and investors managing $41 trillion issued separate calls on Thursday for world leaders to accelerate action on climate change by enacting more ambitious policies in areas including carbon pricing.

In an open letter to all governments as leaders of the G7 group of industrialised nations meet in Britain, and ahead of a global climate summit in November, the Alliance of CEO Climate Leaders called for "bold action" now to meet future emissions targets.

To force corporate action, governments needed to change the rules of the game, they said, including by developing a market-based carbon pricing mechanism.

Countries should also force all businesses to establish "credible" decarbonisation targets, plus disclose emissions across all parts of their business, said the CEOs who include Swiss Re's Christian Mumenthaler, Boston Consulting Group's Rich Lesser and Royal DSM's Feike Sijbesma.

The bosses also backed an elimination of fossil fuel subsidies, cuts on tariffs for climate-friendly goods, a boost in research and development funding for green technologies.

A separate statement backed by 457 investors warned governments that those countries to take the lead would become "increasingly attractive" investment destinations, while laggards would find themselves at a competitive disadvantage.

Key to that was for countries to commit to tougher emissions reduction cuts by 2030 and implement the domestic policies necessary to become net zero by 2050, added the investors, who include the likes of New York State, Fidelity International and Legal & General Investment Management.

"Strong policies, in line with limiting global warming to no more than 1.5-degrees Celsius, can accelerate and scale up private capital flows towards the net-zero transition," said the 2021 Global Investor Statement to Governments on the Climate Crisis.

Founded in 2014 and hosted by the World Economic Forum, the Alliance of CEO Climate Leaders aims to help drive the transition to a low-carbon economy.

Ahead of the COP26 climate summit on Glasgow, governments need to publish plans to halve emissions by 2030, commit to net-zero emissions by 2050 and put in place "robust" policy roadmaps and interim targets, the CEOs said.

Developed countries also needed to exceed their $100 billion commitment to help developing countries mitigate and adapt to climate change, and ensure development finance bodies commit to science-based targets across their lending portfolios.

Comments

Comments are closed.