CEOs push for stronger climate action at COP29
GENEVA, SWITZERLAND — In a powerful display of corporate commitment to climate action, over 100 CEOs and senior executives from the Alliance of CEO Climate Leaders have penned an open letter to world leaders ahead of the UN Climate Change Conference 2024 (COP29).
The alliance, representing $4 trillion in revenues and 12 million employees, is calling for urgent collaboration between governments and businesses to address the climate crisis.
Outsourcing giants among signatories
Among the 114 signatories are leaders of major outsourcing companies, demonstrating the industry’s dedication to sustainable practices.
Accenture‘s Chair and CEO Julie Sweet, Capgemini‘s CEO Aiman Ezzat, Infosys Limited‘s CEO and Managing Director Salil Parekh, and Wipro‘s CEO and Managing Director Srinivas Pallia have all added their voices to this crucial call for action.
These outsourcing powerhouses have not only pledged their support but have also shown tangible results. The alliance members collectively reduced their aggregate emissions by 10% between 2019 and 2022, while simultaneously achieving an 18% growth in aggregate revenue.
Key demands for policy makers
The CEOs are urging governments to take decisive action in several areas:
- Develop ambitious and investable Nationally Determined Contributions (NDCs)
- Scale up climate finance from billions to trillions
- Remove transition obstacles to deliver on COP28 pledges
- Support breakthrough technologies to reach commercial scale
“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,” the letter states, emphasizing the urgency of the situation.
The @wef's Alliance of CEO Climate Leaders, the largest CEO-led community focused on achieving net-zero emissions, has published an open letter to global leaders ahead of #COP29. The letter outlines specific actions needed to accelerate #decarbonization, in line with the Paris… pic.twitter.com/uecri0XZ7w
— World Economic Forum (@wef) October 10, 2024
The business leaders are also calling on their peers to commit strategically and financially to net zero goals. They stress the importance of setting science-based targets, disclosing progress, and developing climate transition plans.
This show of corporate solidarity on climate action sends a clear message: the business world is ready to play its part in combating climate change, but it needs strong governmental support and policy frameworks to succeed.
CEOs fear companies won’t survive climate change
A PwC survey of over 4,700 global CEOs reveals growing concerns about corporate longevity amid mounting pressures from climate change. Almost a third of CEOs expect it to prompt business model changes shortly.
“However, too many CEOs report having no plans for a range of other climate actions. For example, fewer than half of all respondents have incorporated climate risk into financial planning—and nearly one-third have no plans to do so,” the report said.
PwC noted that not only CEOs but every part of the organization can potentially own part of the solution.
