Dear G20 leaders,

As the world’s largest economies, G20 countries can lead by example in addressing the global climate crisis.

As heads of state prepare to meet at the G20 Summit in Rio, we are calling on G20 countries to recognize the risks that climate change poses to international stability and demonstrate true leadership by delivering on the agreements reached at COP28 in Dubai.

Building on the clear messages sent to negotiators gathered in Baku for COP29, from the World Economic Forum; ICC; Global Investors Statement, World Business Council for Sustainable Development (WBCSD), We Mean Business Coalition and others, business wants global leaders to deliver ambitious new Nationally Determined Commitments that are consistent with 1.5°C, and to reach an ambitious agreement on climate finance that will step up support for developing countries.

Major international businesses are concerned about the lack of progress and focus in Baku. Thousands of companies – representing 39% of the global economy by market capitalization – have already committed to reducing their emissions through targets aligned with climate science and are investing in clean energy technologies.

Our global economy is dependent on well-functioning and resilient global supply chains, which are at risk through the increasingly frequent and devastating impacts of climate change. Addressing climate change, protecting and restoring nature, and transitioning to clean energy brings major opportunities for energy security, competitiveness, employment or livelihoods, and global stability. Business is ready to invest and mobilise behind ambitious NDCs which will transform real world economies.

G20 leaders can galvanize the negotiations at COP29 by recognizing the urgency of the climate crisis, defining a clear and unequivocal direction towards a phase out of unabated fossil fuels and accelerated growth of clean energy, and committing to climate finance for developing countries that will unlock multiples of private investment.

The UAE Consensus, agreed at COP28, sent a clear signal that governments of the world are united in accelerating a global transition away from fossil fuels this decade, alongside tripling renewable energy capacity and doubling the rate of deployment of energy efficiency by 2030. The direction is clear, and 1.5°C remains within reach.

We call on governments, led by the G20, to meet the moment and deliver the policies for an accelerated shift from fossil fuels to a clean energy future, to unlock the essential private sector investment needed, through a COP29 outcome that commits governments to:

• “Publish the plans”: Submit NDCs that are 1.5°C aligned, sector-specific and backed up by clear plans and investment policies,
• “Move the money”: Catalyze finance to meet the needs of developing economies through financial reform and a high-ambition finance goal in Baku

Our networks connecting more than 38,000 businesses globally, stand ready to work with you in setting and delivering on the targets and policies needed for a just transition toward a more prosperous, resilient, and clean future.