The world’s governments have been urged to translate the ‘Nationally-Determined Contributions’ (NDCs) agreed at December’s summit in Paris into investment-grade policy frameworks “as soon as possible”.

The Business & Climate Summit, which was held in London, also called for carbon pricing to be used “as most efficient way of achieving emission reduction targets”.

Gérard Mestrallet, Chairman, of ENGIE, said: “The first priority, I think, is setting carbon price signals everywhere, at levels that reflect the objectives parties seek to achieve according to their national policies, or regional policies, as for example for the European Union Emissions Trading Scheme (EU ETS).”

Mestrallet had acted as to coordinator of the COP21 Business Dialogue at the talks in Paris.

‘Investors want to back sustainable projects’

Organisers of the summit said that $90 trillion (£68tn) needs to be invested globally in cities, land use and energy infrastructure – double the current global annual infrastructure investment – between now and 2030 to help secure a low-carbon economy.

Stuart Gulliver, Group Chief Executive at banking giant HSBC, said: “Investors want to invest in sustainable projects and reduce the carbon footprint of their portfolios.

“With better standardisation, enhanced disclosure rules and better incentives for issuing green bonds, the COP21 goals can be met, but we must continue to work in unison and at pace with the public sector.”

> See the Business & Climate Summit's statement