The 90 CEOs of large multinational companies signed an open letter to world leaders which is which is formally published by the Alliance of CEO Climate Leaders.

Although governments representing over 60 per cent of the world’s greenhouse gas emissions are now committed to Net Zero emissions goals, only 12 per cent of emissions are addressed by sector-specific policies and regulations.

The Alliance of CEO Climate Leaders employs more than eight million people worldwide and represents some of the largest companies on the planet. All members have committed to set or have already set Paris-aligned targets across their value chains, which would mitigate over 1 Gigaton of emissions annually by 2030.

Mr Fausing said: “It is time for governments to create a sustainable future for all. Businesses stand ready to support and boost investments – but we need action from policymakers and greater ambition if we are to achieve net-zero emissions by 2050. And we need to get started at the #COP26 to act now.

I want to remind everyone that energy efficiency is the fastest and cheapest way to kick-start our collective efforts to reach the goals of the Paris Agreement. Together with the World Economic Forum Alliance of CEO Climate Leaders I am happy to highlight steps that enable a #NetZero world.

Mr Fausing will be participating at the COP26 in Glasgow, UK.

The CEO Climate Alliance proposes governments take the following actions at COP26:

• Publish ambitious and 1.5°C-aligned Nationally Determined Contributions that at least halve global emissions by 2030 and commit to global net-zero by 2050, underpinned by robust policy roadmaps and interim targets.

• Ensure that developed countries meet and exceed their $100B commitment to support developing countries efforts to mitigate and adapt to climate change and ensure the major development finance institutions also commit to science-based guidelines across their lending portfolios.

• Eliminate fossil fuel subsidies, cut tariffs on climate-friendly goods, develop market based meaningful and broadly accepted carbon pricing mechanisms and take adequate measures to ensure a just transition.

• Support and incentivize first-movers, including to scale existing, proven solutions across value chains (especially in carbon-intensive sectors) and develop new technologies.

• Invest in climate adaptation: create resilient cities, supply chains and infrastructure by scaling natural disaster defenses and risk transfer solutions, and by advancing climate-resilient, sustainable food production and securing water supplies.