Business Leaders Call for Ambitious and Investible National Climate Plans

Urgent Call for Ambitious Climate Action

The world is currently off track to meet the 1.5°C and 2°C warming goals established through the Paris Agreement. To address this, the We Mean Business Coalition is urging governments to provide clear fossil fuel phase-out roadmaps and sector-specific net-zero policies ahead of the crucial COP30 Summit.

Importance of Ambitious National Climate Plans

Nationally Determined Contributions (NDCs)

Governments are required to submit updated NDCs to the UN every five years. The upcoming round of climate plans is seen as a critical opportunity for governments to increase their ambition and align their policies with the Paris Agreement's targets.

Need for Concrete Policies

The We Mean Business Coalition emphasizes that new NDCs must drive accelerated private sector investment in the transition to a net-zero, nature-positive economy. These plans should include targets through to 2035 and clear policy frameworks that can deliver on previously agreed international targets, such as the phasing out of unabated fossil fuels, the rapid rollout of renewable energy and energy efficiency projects, and the halting and reversing of deforestation.

Role of Private Sector

The private sector is crucial in accelerating decarbonization efforts. However, it requires clarity and stability from governments to invest in climate-resilient and net-zero-aligned projects. Maria Mendiluce, CEO of the We Mean Business Coalition, stresses that working together, the public and private sectors can create a mutually reinforcing cycle of ambition that accelerates action and investment in a better future.

Key Recommendations

Fossil Fuel Phase-Out

Governments are urged to provide clear fossil fuel phase-out roadmaps to guide the transition to cleaner energy sources.

Sector-Specific Policies

The development of sector-specific net-zero policies is essential to ensure all sectors of the economy are aligned with the Paris Agreement's goals.

Accelerating Clean Tech Investment

The new NDCs should aim to boost clean tech investment by ensuring the plans are directly translatable into concrete policies and investment opportunities.

Enhancing Transparency and Comparability

Global policies to increase transparency and comparability of projects, standardize taxonomies, and strengthen climate-related disclosure requirements are vital in helping investors make low-carbon choices.

Supporting Vulnerable Communities

The plans should also include policies for bolstering climate resilience, restoring nature, and biodiversity, ensuring that the benefits of climate action are equitably distributed, particularly to marginalized and low-income communities.

Conclusion

The We Mean Business Coalition's report emphasizes that the upcoming round of updated NDCs presents a significant opportunity for governments to provide the clarity and stability businesses need to drive private investment into climate-resilient, net-zero-aligned, and nature-positive economies. The time for bold action is now, as the future of the planet depends on the decisions made today.