Business urges government: go fossil to cleanMaría Mendiluce , CEO, We Mean Business Coalition
Ahead of COP28, over 125 businesses from across industries and regions call on national governments to address the primary cause of climate change: burning fossil fuels.
As conditions align for a historic shift, We Mean Business Coalition is proud to have convened companies large and small through our Fossil to Clean campaign in signing an open letter covered in the Financial Times and other outlets this morning.
In the letter, 131 companies with a combined revenue of nearly $1trillion urge governments to ramp up clean energy at pace, and to phase out the use and production of fossil fuels. See the letter and add your company’s name
As we look to COP28 in the UAE, businesses including Volvo Cars, Iberdrola, Mahindra Group, JLL, Unilever, Bayer and Nestlé call on all Parties at the climate conference to lay the groundwork to transform the global energy system towards a full phase-out of unabated fossil fuels and to triple global renewable electricity capacity.
To achieve this goal, the signatories from all corners of the world urge national governments to set clear timelines and targets to phase out fossil fuels, commit to 100% decarbonized power, support countries in the Global South in a just transition, and reform fossil fuel subsidies.
From multinational corporations to SMEs, signatories span sectors such as utilities, transport, consumer goods, technology and hospitality – all vital players in the just transition to a decarbonized global economy.
I thank the companies who have already signed for standing up and raising their voices, and the partners who have helped amplify this call to action. I urge other companies to sign and show governments and heads of government going to COP28 that they support immediate and decisive climate action. See the letter and sign up your company
At the International Energy Agency’s (IEA) Climate and Energy Summit this month, I addressed ministers from 30+ countries. Bringing the voice of business, I shared examples of leading companies already taking decisive action to move from fossil fuels to clean energy.
I used this platform to impress upon key ministers the need for policy coherence. To fulfil their commitments to the Paris Agreement, countries have no option but to move on phasing down and out fossil fuels. Backtracking will create confusion amongst the business community. Delaying the transition is more expensive in the long run.
Companies that have committed to science-based targets will also need to phase down and out fossil fuels to deliver on their commitments. To do so, they need governments to move decisively in the same direction to support them by setting enabling policies.
As our open letter states: the decisions made today are critical to protect people and ensure a livable, healthy and prosperous future. Policy certainty will allow businesses to develop affordable and reliable near-term alternatives to fossil fuels for their operations and supply chains.
We have no choice but to be bold. Extreme weather is costing billions, and the human impact continues to grow. Every fraction of a degree of global heating matters. And every CO2 molecule matters, whether it comes from coal, oil or gas. We can no longer ignore the root cause of the climate emergency.
Business can be the catalyst for change. Today’s letter shows that business is serious about meeting its targets and reaping the benefits of climate action. This must give governments the confidence to set policies aligned with science and the Paris Agreement.
With bold business and political leadership, we can scale clean energy and end our reliance on fossil fuels.
Together we must go from #FossiltoClean.