Global business groups urge world leaders to realign financial incentives for clean energy ahead of COP30
We Mean Business CoalitionAhead of the COP30 Leaders Summit, business networks representing more than 100,000 are calling on governments to urgently realign public finance and policy incentives with the clean energy transition.
In an open letter to heads of state, 35 business groups and organisations working with businesses warn that current national climate plans fall short of what is needed to meet global goals or provide the policy clarity markets require. They urge governments to use COP30 to commit to the highest level of national ambition, backed by implementation roadmaps that can rapidly unlock private investment.
The letter states: “Redirecting public finance and policy support away from fossil fuels and towards affordable and reliable clean energy solutions is one of the most powerful, strategic choices governments can make. It will strengthen energy security, enhance competitiveness, support long-term economic stability and resilience, and protect communities.”
Signatories include WBCSD, Ellen MacArthur Foundation, World Green Building Council, Spanish Green Growth Group and World Green Building Council representing more than 100,000 businesses across industries from manufacturing and transport to finance and technology and highlight that around $1 trillion a year is still spent on fossil fuel subsidies.
Gonzalo Sáenz de Miera, Chair of Spanish Green Growth Group said: “COP30 should provide robust policy support to drive a rapid shift from fossil fuels to renewable power and electrification. It makes strong business sense and ensures energy security and competitiveness. Enabling policy environments for investments in clean energy, grids and storage will be paramount to this aim.”
Mahindra Group spokesperson said: “Climate action is enabled by financially viable solutions, policy driven mandates, and via government incentives. India has enabled multiple policies around renewables, clean transportation, extended producer responsibility, reporting requirements, etc. These have created systemic industry shifts, generated millions of green jobs, and stimulated economic growth while enabling climate action. By addressing finance gap via public finance, corporate collaboration, and pragmatic policy for additional sectors, we can further accelerate action – enabling both environment and economic positive outcomes!”
The letter is coordinated by non-profit We Mean Business Coalition and, at a time when renewable energy is already the cheapest source of new electricity generation in most of the world, calls on governments to create a more enabling environment for renewable energy development through actions including:
- Promote market fairness by phasing out fossil fuel subsidies to level the playing field for clean energy and drive competition that lowers costs for citizens;
- Reform energy markets so that prices reflect the true, lower cost of renewables;
- Introduce carbon pricing and clean energy tax incentives that accelerate investment and action across sectors.
Maria Mendiluce, CEO, We Mean Business Coalition said: “Business is investing in the clean energy transition, but governments still control the incentives that shape markets. Realigning financial signals away from fossil fuels and towards clean energy is one of the fastest, smartest ways to cut costs, boost resilience and attract private investment at the scale needed. At COP30, world leaders must set clear direction so business can move faster.”
Peter Bakker, President & CEO, WBCSD said: “Ten years after the Paris Agreement, COP30 must send a clear signal: the world has moved from promises to progress. Business has the solutions and commitment to deliver the clean energy transition, but governments must set clear targets, align incentives and stimulate demand to unlock full investment. WBCSD is enabling businesses and governments to move faster together, to deliver economic growth and climate action.”
Cristina Gamboa, CEO, World Green Building Council said: “WorldGBC is proud to support the COP30 Business Group Statement. We are firmly in the era of implementation – and leading businesses are already delivering climate solutions that deliver affordable, reliable, clean energy system. Now, governments must be bold on buildings, matching this private sector ambition with policies that unlock faster progress toward a decarbonised and equitable built environment, and a clean energy transition.”
Jocelyn Blériot, Executive Lead, Policy and Institutions, Ellen MacArthur Foundation said: “Realigning public finance and policy incentives towards renewable energy and circular economy solutions will unlock economic innovation and resilience benefits, and cut emissions.”
Sarah Schwimmer, Co-Lead Executive of B Lab Global said: “As we work to build a global economy that benefits all people, communities, and the planet, realigning finance and policy away from fossil fuels toward clean energy is not just an environmental imperative; it’s an economic and social one. This realignment is core to the standards we set and the policy change we advance alongside our global B Corp community. B Lab is proud to support this collective call because inclusive, sustainable prosperity requires bold action on climate: business has both the responsibility and the opportunity to lead this transition toward solutions that protect our shared home while creating opportunities for everyone.”
The letter draws on recent data showing that 97% of executives support a shift to renewables-based electricity, 91% of companies are maintaining or increasing their net-zero investments, and more than half plan to relocate operations or supply chains to secure renewable power.
A white paper outlining the case for realigning incentives underpins the asks in the letter. Realigning incentives: The case for an affordable, secure and clean energy transition unpacks the topic further, offering an overview of the present incentives landscape, business case studies and recommendations.
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Notes to editors
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About: We Mean Business Coalition works with the world’s most influential businesses to take action on climate change. The Coalition is a group of seven nonprofit organisations: BSR, CDP, Ceres, Climate Group, CLG Europe, The B Team and WBCSD. Together, we catalyse business and policy action to halve emissions by 2030 and accelerate an inclusive transition to a net-zero economy.