UN Global Compact Calls for Faster Climate Action as Business Leaders Gather at COP31

ANTALYA, Türkiye, Nov. 12, 2026 /PRNewswire/ — Business and UN leaders gathered at COP31 today to address one of the most pressing challenges in global climate action: how to turn corporate commitments into measurable emissions reductions at a time of growing political uncertainty and economic pressure.

Convened by the United Nations Global Compact, the UN Environment Programme (UNEP) and UN Climate Change, the 14th Annual High-Level Meeting of Caring for Climate brought together chief executives and senior representatives from business, finance, Government, civil society and the United Nations to identify practical ways to accelerate climate action and overcome barriers that individual companies cannot tackle alone.

The meeting came amid renewed warnings from UNEP that the world is on course to exceed 1.5°C of warming within the next few years. With the window for limiting the scale and duration of that overshoot narrowing, participants examined how businesses can sustain science-based climate ambition while translating transition plans into tangible results.

"We meet at a defining moment for climate action. The magnitude and duration of the overshoot depends on the choices we make today, and returning to 1.5 degrees remains possible but only through urgent and sustained emissions reductions," said Sanda Ojiambo, UN Assistant Secretary-General, CEO and Executive Director of the UN Global Compact. "The next chapter of climate leadership will be defined not by the commitments we make but by the problems we solve, the emissions we cut and the clean, green energy transition that we deliver."

Ms. Ojiambo stressed that many of the policies, technologies and solutions needed to accelerate climate action already exist. The challenge is deploying them at the speed and scale required. While corporate climate commitments have grown, implementation continues to lag, held back by policy uncertainty, inadequate infrastructure, financing constraints and continued fossil fuel subsidies.

Building on the UN Secretary-General’s engagement with business leaders at September’s UN Private Sector Forum, where companies signalled their willingness to invest in the clean energy transition, the meeting focused on the conditions needed to turn that ambition into action across the wider economy.

Discussions centred on three priorities: strengthening the credibility of corporate climate action, improving accountability for results and accelerating collective action to address systemic barriers.

Participants examined how science-based targets and credible transition plans must be embedded in business strategy, operations and investment decisions, rather than treated as standalone sustainability commitments. They also explored the importance of transparent reporting, reliable data and measurable emissions reductions in demonstrating progress, identifying gaps and building confidence among investors, policymakers and other stakeholders.

A central theme was that corporate ambition alone cannot deliver the transition. Clear and predictable government policies, investment in infrastructure and greater access to finance are essential to enable businesses to move faster, particularly in emerging and developing economies. Participants also considered how stronger collaboration between business, Governments, financial institutions and the United Nations can help overcome these obstacles.

The meeting also considered how corporate climate leadership must extend beyond individual companies, including through responsible policy engagement, collaboration across value chains and support for the wider economic changes needed to achieve a just and resilient transition.

Launched in 2007, Caring for Climate is a longstanding partnership between the UN Global Compact, UNEP and UN Climate Change to advance business leadership on climate action and strengthen dialogue between the private sector and policymakers.

The High-Level Meeting is a centrepiece of the UN Global Compact’s wider programme at COP31, which includes more than 20 sessions organized with its Country Networks on the clean energy transition, industrial decarbonization, circularity, climate resilience and a just transition.

About Caring for Climate

Launched in 2007, Caring for Climate is a partnership of the United Nations Global Compact, the United Nations Environment Programme (UNEP) and UN Climate Change (UNFCCC). It works to advance the role of business in addressing climate change by encouraging practical solutions, strengthening corporate climate leadership and supporting dialogue between business and policymakers.

About the United Nations Global Compact

As a special initiative of the United Nations Secretary-General, the UN Global Compact is a call to companies worldwide to align their operations and strategies with Ten Principles in the areas of human rights, labour, environment and anti-corruption. Our vision is clear: to mobilize business to transform sustainability ambition into action at the scale the world demands. With more than 25,000 participants and a presence in over 100 countries through 5 Regional Hubs and more than 70 Country Networks and expansion territories, the UN Global Compact is the world’s largest corporate sustainability initiative. For more information, follow @globalcompact on social media and visit the UN Global Compact website.