This Call to Action is a reminder to policymakers to act decisively and urgently to manage systemic risk, by committing to and implementing, national policy reforms consistent with 1.5°C carbon budgets and development pathways.

Alliance members have consistently demonstrated high climate ambition through their intermediate targets and have shown credible progress on climate implementation. The newest data reveals that, consistent with 1.5°C-aligned pathways, Alliance members have on average reduced their absolute financed greenhouse gas emissions by more than 6% annually.

While substantial success among the Alliance members has been seen, achieving net-zero commitments by 2050 depends on policy and the real economy keeping pace. Given that policies currently in place put the world on track for a 2.4°C–2.6°C temperature rise by century-end, it’s only with urgent policy action that the catastrophic outcomes occurring beyond 1.5°C of warming can be prevented.

Alliance calls on policymakers and regulators to enact the following measures:

• Undertake systemic interventions that can deliver demand reductions for oil and gas and increase low- and zero-emissions energy supply through economy-wide action. Inefficient fossil fuels subsidies must be phased out while giving adequate consideration to workers and communities affected by the transition.
• Design and implement appropriate and equitable carbon pricing mechanisms, aligned with their Paris Agreement commitments.
• Implement clear policy frameworks, strong government commitments, ambitious targets, and regulatory requirements for detailed and credible transition plans that can help overcome barriers to net-zero investment.
• Phase out all unabated existing coal-fired electricity generation following 1.5°C pathways.
• Scale blended finance to facilitate global finance flows to emerging markets and development economies (EDMEs), which are particularly vulnerable to climate change.