The latest insights from the We Mean Business coalition

Signals of change – May 2025

Accelerating a just transition from fossil fuels to clean solutions

In case you missed it, a new global poll commissioned by the We Mean Business Coalition, E3G and Beyond Fossil Fuels shows 97% of business leaders back a rapid transition to renewables, with nearly 78% advocating for a renewables-based electricity system by 2035 or sooner.

Ember reports that clean energy powered 40% of global electricity in 2024, with the fastest growth in solar. Momentum has continued into 2025: in Q1, China generated over 951 TWh of clean electricity, a 19% year-on-year increase. Meanwhile, Europe’s solar output surged 32%, putting the region on track to break annual records.

Meanwhile, business investment in the shift to renewable energy continues. Google has signed its first offshore wind deal in Asia Pacific, to supply power to its Taiwan data centers as it works towards a goal of 24/7 carbon-free power by 2030.

Turning to industrial decarbonization, the Netherlands announced plans to invest €2.1bn in green hydrogen and introduce a 4% mandate for industrial use. Meanwhile, UK businesses launched a £6.5bn green hydrogen ‘mega-project’. The initiative aims to increase the UK’s hydrogen production capacity to 1GW by 2030, cutting carbon emissions by one million tonnes annually.

In transport, new research shows EVs made up nearly 30% of all new car registrations worldwide in March. In the UK, numbers reached a record high, with more than 1.3 million now on the road. Meanwhile, EV manufacturer Polestar announced it has cut emissions per vehicle by 25% since 2020.

Latest from the Coalition

• Our new survey reveals that 52% of business leaders are willing to relocate operations to markets with better access to renewables within five years. Spanning 15 countries and surveying nearly 1,500 business executives, Powering Up: Business Perspectives on Shifting to Renewable Electricity is a collaboration between We Mean Business Coalition, E3G, and Beyond Fossil Fuels, with polling conducted by Savanta.
• Following the recent power outage in Spain, our CEO María Mendiluce argues in Expansión and Forbes that rather than get into a political blame game, this must be a wake up call to strengthen a grid designed for the 20th century.
• Most corporate political engagement is conducted indirectly by trade associations. A new Playbook from WBCSD and Volans helps companies navigate this space. Find out more in our new joint blog: Leveraging trade group membership to maximize corporate value.
• The Coalition has endorsed a new VCMI framework to guide companies in using carbon credits for Scope 3 emissions reduction. The framework introduces a Scope 3 Action Challenge to accelerate emission reductions and improve transparency in reporting.

Protecting and restoring nature

In sustainable agriculture news, Nestlé and ofi announced they have partnered with around 25,000 farmers to plant 2.8 million trees across 72,000 hectares of cocoa farms in Brazil, Nigeria, and Côte d’Ivoire.

Meanwhile, PepsiCo launched a regenerative farming programme in Latin America to reduce emissions from potato farming. Partnering with fertiliser company Yara, the initiative will help farmers switch to low-carbon fertilisers with the potential to reduce farmers’ carbon footprints by 40-60%. The program is part of PepsiCo’s commitment to scale regenerative practices across 7 million acres by 2030.

Restoration efforts have also been bolstered by new partnerships. Microsoft signed a major deal to buy 1.4 million tonnes of carbon removal credits from Living Carbon, funding the reforestation of 25,000 acres of former coal mined land in Appalachia, US.

While sustainable asset manager Mirova allocated $40 million to three nature-based carbon crediting projects across Argentina, Costa Rica, and Madagascar. The investments aim to support environmental restoration and regenerative agriculture in emerging markets.

Finance: regulation and reporting

A record 22,700+ companies disclosed climate and environmental data to our founding partners CDP in 2024, marking an 8% increase over the previous year. Additionally, 33% more companies achieved top ‘A’ scores in their climate disclosures.

A new report from sustainability consultancy Sphera finds the number of companies reporting their Scope 3 carbon emissions globally has grown by 27% over the past year, while a further 47% say they plan to start reporting within the next two years.

Accounting standards nonprofit the IFRS Foundation has announced new partnerships  to improve sustainability reporting across various domains. In addition to collaborating with the Taskforce on Nature-related Financial Disclosures to improve nature-related financial disclosures, the Foundation partnered with the Inter-American Development Bank to promote the adoption of IFRS Sustainability Disclosure Standards in Latin America and the Caribbean.

The Central Bank of Kenya finalised a taxonomy and climate risk disclosure framework for the banking sector to promote more sustainable investments. Developed with the European Investment Bank, the framework is part of a suite of green finance tools.

Deep Dive:Business poll shows no room for new gas in the power system

A deep dive into global polling showing overwhelming business support for a direct shift to renewables-based electricity, bypassing gas.  Written by Molly Walton, Director of Energy at We Mean Business Coalition, Samora Levy, Senior Policy Advisor, Coal to Clean, E3G, and Claire Smith, Senior International Campaigner, Beyond Fossil Fuels.

Read our long-form analysis [link here]

Companies taking action

Over 19,661 companies are taking action through Coalition partner initiatives. See all companies who committed in the past month on the We Mean Business Coalition website. Companies setting their ambition for net zero include:

• 10,533 companies working to cut their emissions in line with science through SBTi
• 9,179 small and medium-sized enterprises working to cut emissions with the SME Climate Hub
• 558 companies who have now signed the Climate Pledge, to reach net zero by 2040

Companies are driving down emissions through the following demand-side initiatives:

• 130 companies are accelerating the transition to electric vehicles with EV100, and 7 companies are kickstarting the transition to zero-emission medium- and heavy-duty vehicles with EV100+
• 129 companies are committed to improving their energy efficiency through EP100
• 446 companies have committed to 100% renewable energy with RE100
• 39 companies have joined ConcreteZero to create a market for net zero concrete
• 45 companies have committed to SteelZero to create a market for net zero steel

Events

London Climate Action Week – 21 – 29 June

G7 – 15 – 17 June

Climate Week NYC – 21 – 28 September

COP30 – 10 – 21 November

G20 – 22 – 23 November

Careers

Various posts at BSR

Various posts at CDP

Various posts at Ceres

Various posts at Climate Group

Various posts at WBCSD

Various posts at SBTi