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COP28: Businesses urge governments to phase out fossil fuels

Ahead of COP28, 200+ companies representing over $1.5 trillion in global annual revenue urged national governments to address the primary cause of climate change: burning fossil fuels.

About the campaign
This letter was coordinated by We Mean Business Coalition and its partners through the Fossil to Clean campaign. With bold business and political leadership, we can scale clean energy and end our reliance on fossil fuels.

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Dear Heads of State attending UNFCCC COP28,

We, the undersigned companies representing over $1.5 trillion in global annual revenue, celebrate the exponential growth of solutions that have made clean energy cheaper and more accessible than ever before. However, global emissions continue to rise because we haven’t addressed the primary cause of climate change: the burning of fossil fuels.

Our businesses are feeling the impacts and cost of increasing extreme weather events resulting from climate change. We recognize the need to transition in a way that safeguards our future collective prosperity on a liveable planet. That means reducing our emissions, adopting clean solutions and reducing our use of fossil fuels to limit global heating in line with the Paris Agreement’s ultimate goal of 1.5°C.

As energy purchasers and users* in the global system, we have an important role to play in sending a clear signal about our future energy use, which is rapidly becoming cleaner through renewables. We are taking action and working toward phasing out our use of fossil fuels. That is why we are setting science-based targets, developing climate transition action plans, investing in net-zero solutions and disclosing our progress. Climate action is good for business now and in the future.

To decarbonize the global energy system, we need to ramp up clean energy as fast as we phase out the use and production of fossil fuels. This means turbocharging the renewables revolution, electrifying key sectors and massively improving efficiency — thereby creating the conditions for a rapid, well-managed and just transition away from fossil fuels. The transition to net zero could boost global GDP by 4% by 2030**.

But we cannot make this transition securely or efficiently alone. Financial institutions, fossil fuel producers and governments all have crucial roles to play.

We urge:

  • Financial institutions to work collaboratively with us, and with policymakers, to ensure that capital is being allocated to accelerate the clean energy transition — creating a financial system that safeguards future growth and returns for people and planet.
  • Fossil fuel producers to join us in setting science-based, net-zero targets and to develop and publish transition plans on short- and long-term steps to decarbonize business operations, products and services. This includes shifting investments away from fossil fuels and toward clean energy to halve GHG emissions by 2030 and enable a net-zero global energy system by mid-century.
  • Governments to set the enabling conditions, policies, regulations and investments for a just clean energy transition. 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 call on all Parties attending COP28 in Dubai to seek outcomes that will lay the groundwork to transform the global energy system towards a full phase-out of unabated*** fossil fuels and halve emissions this decade.
 This can be enabled by agreeing to a global target of tripling renewable electricity capacity to at least 11,000 GW and doubling the rate of deployment of energy efficiency by 2030.

In support of the above, we urge all governments to:

  • Set targets and timelines for the phase-out of unabated fossil fuels in line with 1.5°C, supported by national plans and policies to ensure a just transition for affected workers and communities. Wealthier countries have the responsibility to be first movers and support other countries in their efforts.
  • Accelerate the clean energy transition by committing to reach 100% decarbonized power systems by 2035 in advanced economies, and by 2040 for other countries, at the latest.
  • Support countries in the Global South in diversifying their energy systems and developing 1.5°C-aligned economic pathways, including through the provision both of finance that does not exacerbate unsustainable sovereign debt, and of capacity-building for just transition planning. This must be part of a broader alignment of public and private financial flows with the objective of an equitable global phase-out of fossil fuels.
  • Ensure clear pricing signals through a meaningful price on carbon that reflects the full costs of climate change — and reform and repurpose fossil fuel subsidies toward energy efficiency, renewable energy and other measures to support a people-centered and equitable clean energy transition.

Leadership from policymakers, alongside coordinated actions from finance and fossil fuel producers, will enable us, as energy users, to develop and deploy the climate solutions of the net-zero economy.

We stand ready to support and work with you on the path away from fossil fuels, and toward healthier and more resilient communities, sustainable economic growth and shared prosperity.

*Inclusive of power generators
**IEA
***IPCC AR6 WG3 2022. “Unabated fossil fuels refers to fossil fuels produced and used without interventions that substantially reduce the amount of GHG emitted throughout the life-cycle; for example, capturing 90% or more from power plants, or 50-80% of fugitive methane emissions from energy supply.” Storage must be on a geological timescale. WGIII Summary for Policymakers Headline Statements (ipcc.ch).

Signed By

A³&Co.®️ Fortescue Porteous Groundworks Ltd
Abstrakt Creative Ltd Fortum Corporation Portt & Co
ACCIONA, S.A. Forward Green Poste Italiane
Achieve Goal 12 Frog Bikes Posti Group Corporation
Agilino Futerra Primrose Hill Therapist
Alchemi Group Futureproof Pro Adventure Ltd
Alfa Laval Geelen Counterflow Proximus
Anetic Aid Ltd Gemserv Quiip
Anne Veck Ltd Gisgns Flow RAB Consultants Ltd
Anode GLOBAL FEED ECOTRANS SL Red Glead Discovery
AstraZeneca Glovoapp23 ReNew
Atlassian Godrej Industries Limited Roche
Autumn Dahlia Creative Services Grant Instruments Royal Philips
Avery & Brown Green Frog Connect Ltd Sai Clinic and Education Council
Avocado Green Mattress H2 Green Steel SAP SE
Baluarte Cultura HEINEKEN Scania Group
Banka BioLoo Limited Helen Ltd Schüco International KG
Bayer AG Hewlett Packard Enterprise Segura Cerrajería y Ferretería125.00
Besarte Fibre Natural SL Hive19 Seismic
Bioregional Hornsbury Mill Semcon
BPSEC Srl House of Baukjen Sense-Lab
Brissco (Equipment) Limited Husstainability AB Shop Greenr Ltd, t/a Canopey
BT Group plc Hybrid Hippie Siddall and Hilton
Buckinghamshire Business First Iberdrola Signify
Buro Happold Icebug Sirkel Consulting
Cabinet ViZé IKEA SKF
Cameron Hysom Ltd T/A EcoAudit INDITEX SNF Global LLC
Capgemini Interface Somali Social Entrepreneurs Fund
Carrington West JLL Sony Group Corporation
Chaioso S.L. Junxion Sparks & Co (Solar Force) Ltd
Change Finance, PBC L SAHA Sport-Thieme GmbH
Climate Positive Consulting Landsec SRI Services
ClimateHero LanzaTech STS Commercial LTD
Climbing Trees Lassila & Tikanoja Plc Sustainable Wedding Alliance
Coca-Cola Europacific Partners Mahindra Group Swisscom AG
Competitive Insight Maigari global e-commerce Sympatex Technologies GmbH
Corbion Mammut Sports Group Talent Nation
Corona College Heights Orange and Lemon Association Manchester Pipe and Site Services Limited TalkTalk Group
Crabiz srl sb Materialise Interiors Tchibo GmbH
Crowberry Consulting Ltd Melia Hotels International Telia Company
Curating Tomorrow, UK Melius Homes Tetra Pak
Currys Plc Michelin The Globe Group CIC
Danone Mossgiel Organic Farm The New Division
Dear Green Coffee Roasters Mulberry Catering Co Limited The Standing CT Company
Decathlon MyCarbon The Typeface Group Ltd
Deltaexpress S.A. Natura &Co The Umbrella Institute
Deutsche Telekom AG Nestlé The Wellbeing Farm
DHL Group New Society Publishers Third Rock Finland Oy
Diageo Notpla Thomas Kneale & Co Ltd
E.ON SE Novozymes Thoth London
eBay OLIPOP Toast Ale
ECOS Omplim gestió i edificació responsable SL Torchbox
Eden Project Once Upon Publishing Trane Technologies
EDP One Care (BNSSG) C.I.C Triple Bottom Line Accounting Ltd
EECO Ltd One Planet Limited Uhhmami
Efeca One Stone Asia Pacific UK SustainAbility
EILEEN FISHER, Inc. Ørsted Unilever
Electrolux Group Osborne Clarke Value Match Services Limited
Elekta AB Otto Group VAUDE Sport GmbH & Co. KG
Elements OXO Living VELUX A/S
ELEVATE PACKAGING Oz Green Oasis Pty Ltd Virgin Media O2
Empower Agency Pangolin Associates Vodafone Group Plc
ENSO Par Build Ltd Volvo Cars
ePharmIT Limited Parnosa Limited We Do Ethical
Ethical Profit Agency Patagonia WHSmith
Evia Private Tours Paulig Group Wunderkind Consulting Nigeria Limited
Evolve PayCaptain YIT Oyj
Expatriate Tax Advisory Service Limited Penta Falcon Zeroverse
Fairware Promotional Products Philip Morris International Inc.. 4YaParty Weddings and Events
Familia Torres Planet Mark 600 strategy
Flow Hive

Partners

We Mean Business Coalition Founding Partners

Supporting Partners

DISCLAIMER: Although the data on this page has been produced and processed from sources believed to be reliable, no warranty, expressed or implied, is made regarding accuracy, adequacy, completeness, legality, or reliability of any information.

Business quotes

eBay – Renée Morin, Chief Sustainability Officer:
“Business and government must take decisive action to transition from fossil fuels to clean energy. By working together, we can create solutions for communities everywhere.”

Volvo Cars – Anders Kärrberg, Global Head of Sustainability:
“We know that phasing out fossil fuels is the only way forward if we are to limit global warming and keep people safe from climate catastrophe. But businesses cannot do this alone. Together with We Mean Business Coalition, Volvo Cars calls on all Parties attending COP28 to seek outcomes that will lay the groundwork to transform the global energy system towards a full phase-out of unabated fossil fuels.”

Ørsted – Mads Nipper, CEO:
“In order to stay below the 1.5°C threshold and avoid catastrophic and irreversible damage, it is time to give up business as usual. Green energy is the most impactful solution for fighting global heating, and in our race against time, we need to build it now. We know that to lift this agenda, bold decisions and unprecedented collaborative action are required at all levels of society – within and between industries, businesses, and countries.”

EDP – Miguel Stilwell d’Andrade, CEO:
“The transition from a fossil fuel era to a clean energy future is not just a choice, it is an imperative. It demands action from Governments, policy makers, companies and communities alike. Together, we must secure a safe and sustainable future for all.”

ReNew – Sumant Sinha, Founder Chairman & CEO:
“The massive scale-up of investments in clean energy is not possible without a commitment to scale down all fossil fuels. The transition needs to happen quickly and happen now. The Fossil to Clean campaign is a bold call-to-action for our collective efforts to align for the urgent need for action.”

Ingka Group/IKEA – Jesper Brodin, CEO:
“We live in an urgent time when it comes to climate change. Together with hundreds of companies we have signed the Fossil to Clean letter asking our world leaders to take the political responsibility and reach an agreement on phasing out fossil fuels at COP28. This is the most important decade to take big steps, with speed, toward achieving the goals of the Paris Agreement.”

Coca-Cola Europacific Partners Joe Franses, VP Sustainability: 
“The world is not decarbonizing fast enough. That’s why we’re calling for ambitious action to rapidly scale clean energy solutions, to help businesses transition from fossil fuels and meet net-zero targets.

Electrolux Group Jonas Samuelson, CEO:
“As a manufacturer of domestic appliances mainly powered by electricity in millions of homes around the world, we need society to shift from fossil to clean sources of power to be able to meet our climate targets. But more importantly, the phase out of fossil fuels globally must happen as quickly as possible to avoid the most severe impacts of climate change – for both current and future generations. Ensuring domestic appliances are powered by clean energy would be a significant step in the right direction.”

Natura &Co Keyvan Macedo, Sustainability Director:
“We must see an urgent and rapid transition from fossil fuels. Natura &Co is taking action both in our own business and through our power to advocate for system-level change to policy and culture. We know this is a moment that matters. We know the science is telling us we need to act now. And we know that taking action to transition from fossil to clean is being on the right side of history.”

Novozymes Ester Baiget, President & CEO:
“Business and governments have shown that it is possible to make progress for the health of our planet.  Still, there is a huge gap between climate ambitions and actions. It is essential that world leaders not only raise ambitions but also deliver on those ambitions so we can accelerate the transition to net-zero.” 

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