Originally published on World Economic Forum

This letter is being released ahead of COP28 by the World Economic Forum on behalf of the Alliance of CEO Climate Leaders.

Limiting the average global temperature increase to 1.5°C is at risk of slipping out of reach unless there is a rapid increase in public-private collaboration and action to accelerate emission reductions across global value chains. Our alliance members have made individual emission reduction targets amounting to an estimated 1.0 Gt CO2e by 2030 – as sustained human action to eliminate greenhouse gas emissions has the potential to alter society’s course on climate. However, success is dependent on government support to overcome the following challenges:

• Complex and lengthy regulatory and administrative processes that slow the development of renewable energy projects and hinder the uptake of green and enabling solutions;
• Lack of suitable grid infrastructure with power networks unprepared to adequately integrate an increasing share of renewable energy;
• Technological constraints that delay efforts to scale up manufacturing capacity of early-stage decarbonization solutions;
• Limited harmonization and interoperability between reporting standards that diverge across sectors and jurisdictions.

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