Mandatory Rules for All, Businesses Adopting Transition Plans Key to Achieving Net-Zero Emissions by Mid-Century, Secretary-General Tells Stocktake of Integrity Matters Event

Following are UN Secretary-General António Guterres’ remarks to the twenty-ninth Conference of the Parties to the United Nations Framework Convention on Climate Change (COP29) high-level event on the Stocktake of Integrity Matters – Implementation of the High-Level Expert Group on the Net-Zero Emissions Commitments of Non-State Entities, in Baku today:

Thank you for joining us today.  We are racing the clock.  Violent weather is inflicting human tragedy and economic destruction worldwide.  And efforts to limit the rise in global temperature to 1.5°C are slipping away.

We need a massive global effort to steer our world onto a path to safety; a path to net zero by mid-century.  Cities and regions, businesses and financial institutions play a pivotal role.  And you are out in the front:  Helping consumers, investors and regulators understand what credible net zero looks like.

Today, we will hear about progress in creating net-zero commitments in line with the recommendations of the United Nations High-Level Expert Group on Net Zero.  I thank you for your foresight, insight and commitment in taking the lead.  Now, we need others to follow.

First, I urge all non-State actors to create robust, accountable transition plans by COP30 next year.  These must align with the full recommendations of our High-Level Expert Group on Net Zero.  They must be consistent with limiting global temperature rise to 1.5°C. They must chart a course to net zero by 2050, through milestones in 2025, 2030, 2035 and beyond.  They must disclose how research and development plans, and renewables investments, align with those targets.

They must chart a course to fossil fuel phase out — based in the science.  They must disclose policies on lobbying and policy engagement.  And they must commit to deep decarbonization across the entire value chain.  And not rely on dubious offsets, including for so-called Scope 3 emissions.

This is vital.  Net-zero plans that exclude Scope 3 emissions are incomplete.  Now is the time to fast-track, not backtrack.  The time for ambition and transparency, not greenwashing.

Second, we must move from voluntary pledges to mandatory rules. The future of humanity is at stake.  Action cannot be optional.  Disclosing credible transition plans, that align with 1.5°C must be mandatory for corporates and financial institutions.

That requires Governments, regulators and financial authorities working together.  It requires processes to ensure that plans are scientifically credible, and that they measure, report and verify emission cuts.

And I urge businesses, financial institutions, cities, regions and more, to work with Governments on their national climate action plans, or Nationally Determined Contributions, due by COP30.  Help Governments ensure that they provide policy and regulatory certainty on a 1.5°C-aligned future.  We must make sure that Governments facilitate the work of other actors in this regard, and not that they complicate the work of other actors in compliance with the 1.5°C-aligned future.

I look forward to hearing about your work to lead the world to a clean and prosperous future.  Time is racing.  And you are on the right side of history.  And I’m very glad to be here with you.