‘Later is too late’: 800 CEOs, leaders seek strongest outcome in letter to COP28 President

Dubai: More than 800 signatories including global leaders, CEOs across business, finance, philanthropy, politics, academia and civil society join forces to call on COP28 President and all Parties to deliver a 1.5C aligned outcome in response to the Global Stocktake — “because later is too late.”

The signatories include British business magnate and founder of Virgin Group, Richard Branson, London Mayor Sadiq Khan, former New Zealand prime ministers Jacinda Ardern and Helen Clark, singer and UN Global Environment Ambassador Ellie Goulding, the chair of UN-convened Net-Zero Asset Owner Alliance Gunther Thallinger, American scientist and environmental advocate Ayana Elizabeth Johnson.

The letter text

“We — over 800 CEOs, mayors, governors, investors, Indigenous peoples, health professionals, young people, faith leaders, scientists, athletes and more — stand in courage and resolve with the COP28 President and all Parties in bringing us together behind a rapid response plan to the Global Stocktake. As we enter the final days of COP28, we are at a tipping point.

"The world and its people need the strongest possible outcome to keep 1.5 degrees within reach. But delivering on this historic task requires us to act like a team.

The signals of transformation and opportunity across sectors and society are all around us. At the same time, the climate emergency is biting harder than ever. It’s up to us to seize this opportunity — because what is achieved here in Dubai must mark a legacy moment which determines the fate of our future generations.

We — over 800 CEOs, mayors, governors, investors, Indigenous peoples, health professionals, young people, faith leaders, scientists, athletes and more — stand in courage and resolve with the COP28 President and all Parties in bringing us together behind a rapid response plan to the Global Stocktake."

Orderly phase out

To reach the positive tipping point, the signatories suggested the following:

An orderly phase out of all fossil fuels in a just and equitable way, in line with a 1.5C trajectory — whilst ensuring the tripling of global renewable energy capacity by 2030 from 2022 levels and the doubling of energy efficiency

The enabling environment to scale up and shift public and private finance, with developed countries taking the lead in action and support; putting a price on carbon and tripling investments for renewable energy

The halt and reversal of deforestation and land degradation as well as biodiversity and other ecosystem loss by 2030 and safeguarding the territories of indigenous peoples; ensure resilient food systems and deliver a strong global goal on adaptation.

The signatories said these outcomes must be supported by the implementation and ratcheting of the Nationally Determined Contributions (NDCs) and National Adaptation Plans well before COP30 in 2025 which aligns with 1.5C and incorporate multi-stakeholder efforts within them.