LONDON — The chairman of Swiss banking giant UBSCNBC’s David A. Smith has spoken out in support of regulation and collaboration when raising capital for sustainability.

Axel Weber stated, “We must understand the urgency,” “We need to raise, between now and 2050 … 120 to 160 trillion [dollars]”We need capital to get the energy transition, and the carbon transition we have been promised.”

Weber spoke against the background of the COP26 summit on climate change in Glasgow (Scotland). The central part of COP26 is the discussion around mobilization of financing. This will be discussed on Wednesday, also known as Finance Day.

Weber continued, “We are all in it together: the markets, clients, industry, and banks as financing tools.” “We need to work together in getting this done and we need regulation, we need rules … the entire market infrastructure needs to be built from scratch and we have no time to do that, so we better do it fast.”

Weber continued to emphasize the need for government action. We need to see more government engagements.[s] … we haven’t seen enough commitments, and we need transition financing.”

Weber described President Joe Biden’s presence at the summit as an “important player” and a “gamechanger”. He said, “The Americans have returned to the table, they’re supporting us push this forward.” While rules are important, we need global carbon prices.

He said that the carbon impact had to be stopped. “We need to put a price on it so that we get a price signal every day, in every industry, in every activity that we have … the Chinese have started, Europe already has a carbon market — it’s not pricing where it should, but prices will increase.”

The U.K. hosts COP26 between October 31 and November 12, 2012. Weber’s urgency chimes well with high-profile figures like Prince Charles of Britain.

The Prince of Wales addressed the crowd during Monday’s summit opening ceremony and called for action. time had “quite literally run out.”

The conference has already seen a number of commitments. Narendra Modi was India’s Prime Minister on Monday. pledge to reach net-zero carbon emissions by 2070. 

Additionally, more than 100 global leaders including the U.S. President Joe Biden and China’s Xi Jinping as well as Brazilian President Jair Bolsonaro were present. have committed to end deforestation by 2030.

—CNBC’s Lucy Handley and Chloe Taylor contributed to this report