UN Secretary-General António Guterres called for an extraordinary global initiative to achieve net-zero emissions and limit the rise in global temperatures to 1.5 degrees Celsius in a significant address at COP29's High-Level Event on the Stocktake of Integrity Matters. 

In his address, on the face of escalating climate-related disasters, Guterres underscored the critical need for immediate and accountable action from both state and non-state actors to prevent catastrophic outcomes.

"We are racing against time," Guterres cautioned. "Severe weather events are causing significant human suffering and economic damage across the globe, as the goal to restrict the increase in global temperature to 1.5 degrees Celsius becomes increasingly unattainable."

In a significant acknowledgement of the pivotal contributions to the global climate initiative, Guterres praised the leadership exhibited by cities, businesses, financial institutions, and regions. He emphasised their vital role in guiding consumers and investors in comprehending the true meaning of credible net zero targets. He emphasized that voluntary commitments alone are inadequate, and he urged the implementation of strong, mandatory regulations to ensure significant advancement.

He urged non-state entities to create "robust, accountable transition plans by COP 30 next year," emphasizing the importance of strictly following the recommendations put forth by the UN High-Level Expert Group on Net Zero. 

Emphasizing that these plans need to be transparent, featuring distinct milestones for the years 2025, 2030, and 2035, he said that adhering to the global temperature rise limit of 1.5 degrees Celsius critical need for comprehensive decarbonization throughout the entire value chain, with a particular focus on Scope 3 emissions, which frequently encompass indirect emissions from both suppliers and customers.

“Plans aimed at achieving net zero but overlooking Scope 3 emissions are fundamentally flawed,” he asserted, emphasizing the need to eradicate questionable offsets and urging companies to reveal their stances on lobbying, investments in fossil fuels, and commitments to renewable energy,” he said.

Urging that there is urgent need for a shift from voluntary commitments to mandatory regulations, , Guterres declared, “The future of humanity is at stake.” “Action is imperative.” 

He further urged governments and regulatory bodies to collaborate in the creation and implementation of regulations that hold corporations and financial institutions accountable for achieving scientifically credible emissions reductions.

As nations gear up to present their revised Nationally Determined Contributions (NDCs) for COP30, Guterres has called on businesses and financial institutions to lend their support to these crucial national climate action initiatives. 

He stressed the importance of establishing policy and regulatory frameworks that promote climate action instead of imposing obstacles.

Guterres warned that time is crucial, highlighting the urgency of the situation. “Now is the time to fast-track, not backtrack; the time for ambition and transparency, not greenwashing,” he concluded, calling on those present to lead in guiding the world towards a clean and sustainable future. “Time is accelerating.” "You are on the right side of history."