The bosses of Ikea, AstraZeneca and Volvo Cars are among the chief executives and chairs of more than 100 companies pushing governments to boost the business case for green investment, even as a growing list of corporate leaders have opted not to attend the UN climate summit this year.

The show of support from the 112 leaders from global companies across a wide range of sectors rallying for climate action in an open letter ahead of COP29 in Baku next month was organised by a World Economic Forum alliance of CEOs.

It comes as a division is emerging on corporate climate action. Many large international companies have begun rolling back their emissions targets, blaming cash-strapped governments for failing to deliver the anticipated support and standards for green energy and technology.