Accelerate the transition to accessible, affordable energy for all
Science makes clear that to stabilize the climate, we must rapidly phase out fossil fuels and replace them with a clean energy system. A just and inclusive transition will reduce energy price volatility and increase energy security, while bringing economic stability, more jobs and better public health.
It’s achievable, it’s cost-effective and businesses are already transforming their operations and advocating for government action.
With time running out to keep warming within 1.5°C and the energy crisis exposing the vulnerability of our reliance on fossil fuels, businesses are calling for government action.
Since the G20 in October 2021, over 1,000 businesses from nearly 60 countries have urged governments to immediately set policies that accelerate the transition away from fossil fuels, and scale up clean energy including renewables, energy efficiency and electrification.
Almost 800 businesses representing US$2.7 trillion in annual revenuecalled on G20 leaders to act to keep 1.5°C in reach through harmonised policy measures including a phase out of coal, and promoting electrification of transport and uptake of renewable energy across sectors
More than 150 CEOs and business networks came together to call on the EU to strengthen energy security by accelerating the green transition through the upcoming REPowerEU Plan in a letter coordinated by CLG Europe
Nearly 50 leading companies in the US urged Congress to swiftly pass a federal economic package centred on clean energy and advanced manufacturing in a letter organised by Ceres
Business and civil society leaders including Richard Branson and Christiana Figueres made the case for an accelerated transition to clean energy in a statement of principle, issued by The B Team in response to Russia’s invasion of Ukraine.
Leading businesses are going ALL IN for Clean Energy
Companies are innovating and transforming to accelerate the clean energy transition because it makes good business sense. In 2020, renewables were the world’s cheapest source of energy, making clean energy a key enabler of sustainable, social, and economic development.
1 / 3
Thousands of companies are innovating and transforming by:
Switching to renewable power and boosting procurement through RE100 – Over 360 companies are switching to 100% renewable electricity, accelerating the global demand for clean energy and the phase-out of coal-fired power.
Expanding EV demand and charging infrastructure throughEV100 – Over 120 companies are electrifying their corporate fleets and expanding EV charging infrastructure for customers and staff.
Increasing energy efficiency in buildings throughEP100 – Over 120 companies are improving their energy productivity and switching to net zero carbon buildings.
Reducing emissions with a science-based target – Companies committed to cutting emissions in line with climate science represent one-third of global market capitalisation ($38 trillion).
Encouraging suppliers to go ALL IN for clean energy – Large corporations are asking small- and medium-sized enterprises within their supply chains to decarbonize and reach net zero through theSME Climate Hub and1.5°C Supply Chain Leadersinitiative
Affordable and in our economic best interest
A rapid transition to a diversified, reliable clean energy system is the most cost-effective way to simultaneously reduce energy price volatility, increase energy security and cut emissions.
Transitioning to a clean energy system is no longer “just” about tackling the climate crisis. The current energy crisis has laid bare that rapidly phasing out fossil fuels is also a precondition to help countries secure energy independence and price stability. Relying on clean energy instead of fossil fuels will bring lower costs overall for households, businesses and economies and hedge against risk.
IT’S CHEAPER – According to a report by IRENA, renewable energy is the cheapest power optionin most parts of the world today. European countries could collectively reduce their energy costsby €323bn by 2030 through an accelerated rollout of renewable power capacity.
Climate change is already affecting every region in the world and will be far worse in the decades to come if we fail to halve emissions by 2030 and rapidly ramp up adaptation.
Energy-related emissions, which are mainly caused by burning fossil fuels to heat our buildings, generate our electricity and power our vehicles, account for76% of global emissions. Science makes it clear that to stabilise the climate, we must rapidly cut fossil fuel use and transition to a clean energy system.
According to the IPCC, limiting warming to around 1.5°C (2.7°F) requires global greenhouse gas emissions to peak before 2025 at the latest, and be reduced by 43% by 2030.
The latest IPCC report is also explicit about the need to substantially reduce fossil fuel supply and demand: coal by 95%, oil by 60%, and gas by 45% by 2050.
1 / 3
Better Health, Jobs and Quality of Life
Through their significant contribution to emissions reductions, renewables can help avoid displacement of communities and reduce the economic cost of climate change.
Clean energy transitions will provide an important opportunity to advance economic and social development, not just through job creation, but also by providing the accessible and affordable energy needed to ensure environmental protection, a thriving economy, and a better quality of life for all. A switch to a clean energy system will:
CREATE JOBS – In the shift to clean energy, collaboration between governments and business can help ensure a fair and inclusive transition. The renewable energy sector could account for 38 million jobs by 2030 and 43 million by 2050, according to IRENA.
ENHANCE QUALITY OF LIFE – A switch to a clean energy system will substantially cut emissions and therefore limit the climate-related impacts that communities are already suffering. A just transition for all will ensure a net zero, resilient future where people and nature thrive.
A CLEANER, HEALTHIER ENVIRONMENT FOR ALL: Switching to a clean energy system reduces local air pollution and can help build healthier, more resilient communities. A net-zero-by-2050 economic scenario will see 2.2 million fewer premature deaths per year by 2030, a 40% reduction from today.