The United Nations Global Compact has called on the private sector to accelerate actions linked to newly-submitted Nationally Determined Contributions (NDCs), and work with governments to align economic sectors with the 1.5°C goal.
The UN Global Compact made its call during the 13th Annual High-Level Meeting of Caring for Climate, convened alongside the UN Environment Programme (UNEP) and the UN Framework Convention on Climate Change (UNFCCC), and held at COP30 in Brazil.
‘Quantum leap’
As the meeting discussed, a ‘quantum leap’ is needed to transform ambition into implementation, with the 1.5˚C target seen as a ‘non-negotiable benchmark’ that all sectors of the economy need to adhere to.
Discussion also focused on the policy and finance mechanisms that will be required to unlock private investment in national transitions, as well as to de-risk capital flows and build credible pipelines of bankable projects in emerging and developing economies.
‘Resilient and robust’
“Reaching global net zero by 2050 – and moving swiftly to sustained net-negative emissions afterward – is the foundation for a resilient and robust global economy,” commented Sanda Ojiambo, CEO and executive director of the UN Global Compact.
“Business has both the responsibility and the opportunity to drive this transformation. Done right, this is an economic growth strategy: it can unlock trillions in private investment, lower energy and input costs, spur innovation across value chains, and create good jobs in every region. But governments must create the enabling policy environments and incentives that allow ambition to translate into immediate and deep emissions reductions.”
According to Ojambo, the UN Global Compact’s efforts at COP30 will focus on advancing an inclusive, 1.5°C-aligned energy transition; accelerating the growth of renewables and sustainable energy infrastructure; highlighting the importance of adaptation as a core business and finance priority; and mobilising finance for a just and creditable transition.
“At COP30, we need stronger alignment between public and private transition plans to bring temperatures back below 1.5°C and safeguard the future the world needs,” she added.
Elsewhere, Noura Hamladji, deputy executive secretary of UN Climate Change, added that implementation efforts have to link directly to the real economy in order to be effective, saying, “This new era of implementation is about bringing our process closer to the real economy – and ensuring that the benefits of climate action are felt by billions more people through growth, jobs, health, and security.” Read more here.
