Seventeen countries, including France, Chile and Kenya, stressed the need for systemic transformation in all economic sectors, driven by a "global phase-out of fossil fuels". They acknowledge that emissions-reducing technologies play a minimal role in decarbonizing the energy system and cannot be used to justify the expansion of fossil fuels. Leaders stressed the importance of restoring and protecting carbon sinks in fighting climate change and called for ambitious global targets on renewable energy and energy efficiency. They urged the mobilization of trillions of dollars in funding for climate action and the implementation of reforms to the financial system to address the multiple crises facing the world. Leaders also called for the Global Stocktake (GST) as a turning point and highlighted the importance of closing ambition and implementation gaps on all aspects of climate action during this critical decade and beyond.