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COP30 Business Group Statement

 

Ahead of COP30, over 35 business groups, collectively representing networks of more than 135,000 companies, have come together to send a strong message to world leaders, urging them to realign public finance and policy support toward an affordable, reliable clean energy system.

Please contact [email protected] with any questions.

Dear Heads of State and Government,

The climate crisis is escalating, bringing growing costs to businesses, economies and people. Yet the climate plans submitted ahead of COP30 fall short of what is needed. They neither reflect the scale of the threat nor provide the clarity markets require to unleash the full force of business investment in the clean energy transition.

As representatives and partners of the global business community, we call on you to act with urgency and ambition. A just clean energy transition is the path to affordable, reliable energy for all, to stronger economies and more resilient societies, bringing jobs, security and growth. Business investment is the engine that can deliver these benefits quickly and at scale. But governments must set the course.

Our message to world leaders ahead of COP30 in Belém is direct and urgent:

  • At COP30, champion international cooperation and commit to the highest level of national climate ambition, with clear roadmaps for implementation.
  • Back at home, realign financial incentives with concrete steps to quickly unlock private sector investment in the clean energy transition, that will deliver faster implementation.

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.

The stakes are clear. Around the world, households are paying more as volatile fossil fuel prices drive up energy bills. Countries are weakened and made poorer by dependence on imported fuels. Renewable energy is now the cheapest power source in most of the world. It is driving growth, jobs and innovation, and combined with electrification has the potential to displace 75% of today’s fossil fuel demand as global clean energy investment races ahead.[i]

At the same time, floods, droughts, fires and heatwaves – supercharged by fossil fuel use – are taking lives and livelihoods and destabilising communities. Every year of delay deepens the risk and compounds the costs. Extreme heat events this summer caused short-term economic losses of at least €43 billion (approx. $50 billion) in Europe alone, while 67% of large corporates and SMEs have identified significant environmental risks with an estimated total global cost of US$6.5 trillion.[ii]

Businesses are already delivering. Investment and innovation are accelerating, and in many cases surpassing the ambition in national climate plans. But much more is possible. Governments must unlock this momentum by setting ambitious goals and fixing the financial incentives that are still skewed toward fossil fuels.

Business is moving:

  • 97% of executives support a shift to renewables-based electricity.[iii]
  • 91% of companies are maintaining or increasing their net-zero investments.[iv]
  • More than half will relocate operations and supply chains to secure renewable power.[v]

But progress is not fast enough. National climate plans are not aligned with an economically stable future, and fail to provide the resources for subnational governments to play their role in delivering these commitments. Outdated incentives are still holding back prosperity. Governments must act now to provide clear, predictable signals for business to accelerate action.

That means addressing the $1 trillion a year spent on fossil fuel subsidies, and making a shift toward renewable energy, grids, storage and electrification.[vi] Starting with even modest reforms could create considerable new space in constrained public budgets, given the sheer scale of these subsidies. In a fiscally constrained world, removing fossil fuel subsidies is also an act of market fairness, it levels the playing field for clean energy, frees up capital for governments to invest in cheaper, more resilient energy systems and ensures competition can drive lower costs for citizens. Governments should also reform energy markets so that prices reflect the true, lower cost of renewables, and put in place carbon pricing and tax incentives that accelerate action.

These steps are not just climate policy – they are sound economic strategy. Addressing market distortions and providing predictable and aligned global policy is a smarter use of scarce public finance and will help trigger business investment in clean energy and electrification.

We recognise the governments already showing leadership, including through COFFIS and other international initiatives.[vii] We urge all governments to deliver clear policies and plans to deliver on existing commitments, including ending inefficient fossil fuel subsidies, which have seen high-level agreement at international summits – yet little action – for many years.

This is a pivotal moment. We have the opportunity to cut bills, strengthen energy security and build resilience to future shocks. The realignment of financial incentives is one of the fastest, smartest levers at your disposal. Business is ready to partner with you to make it happen.

A new economy is rising, powered by business. Governments must now intentionally shape the incentives landscape for faster clean energy success – turning the climate challenge into the engine of prosperity.

___

[i] https://www.wemeanbusinesscoalition.org/fossil-fuel-demand-in-doubt/
[ii] https://www.cdp.net/en/insights/disclosure-dividend-2025
[iii] https://powering-up-business-poll.com
[iv] https://www.wbcsd.org/actions/business-breakthrough-barometer/
[v] https://powering-up-business-poll.com
[vi] https://fossilfuelsubsidytracker.org/country/ Total subsidies for 2023, US$1.1 trillion
[vii] COFFIS, the Coalition on Phasing Out Fossil Fuel Incentives Including Subsidies, is a coalition of 17 countries working to remove fossil fuel subsidies both collectively and through domestic action. The coalition is chaired by the Kingdom of the Netherlands. IISD hosts the secretariat. Further information available here: https://www.iisd.org/coffis

Signed by the following organizations:

  • Aldersgate Group
  • B Lab
  • BCSD Australia
  • BSR
  • Business in the Community Ireland
  • CECODES (BCSD Colombia)
  • CEDES (Salvadoran Business Council for Sustainable Development )
  • CEMDES (BCSD Ecuador)
  • Center for Climate and Energy Solutions (C2ES)
  • CER Partnership for Sustainable Economy
  • Ceres
  • Climate Governance Initiative
  • Climate Group
  • Climate Leadership Coalition
  • Confederation of Finnish Industries
  • Corporate Leaders Group
  • Ecoprenuer.eu
  • Ellen MacArthur Foundation
  • Exponential Roadmap Initiative
  • Finnish Business & Society (FIBS)
  • Finnish Energy
  • Forética
  • Global Renewables Alliance
  • Haga Initiative
  • Indonesia BCSD
  • Long Duration Energy Storage Council
  • MPP
  • NBI
  • Scope 3 Peer Group
  • SME Climate Hub
  • Spanish Green Growth Group
  • The B Team
  • UK Green Building Council
  • University of Cambridge Institute for Sustainability Leadership
  • WBCSD
  • World Benchmarking Alliance
  • World Green Building Council

Supportive quotes

ACCIONA – José Entrecanales Carrión, Chief Financial and Sustainability Officer:
“The transition to clean energy and resilient infrastructure is already underway — representing one of the greatest economic opportunities of our time, while addressing one of our greatest challenges. As countries raise their NDCs, it is time to unlock the growth, jobs, and progress that smart climate policies and investment frameworks can deliver. To do so, policymakers and businesses must move quickly and decisively.”

B Lab Global – Sarah Schwimmer, Co-Lead Executive:
“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.” 

EDP Group – Vera Pinto Pereira, Member of the Executive Board of Directors:
“For over two decades, EDP has been investing in renewable energy and innovation to help shape a more sustainable energy system. This long-term commitment continues to guide our transformation and our role in enabling the energy transition. But the pace must increase. Achieving global progress demands coherent policy and financial frameworks that empower private sector action. In a world facing multiple, urgent priorities, it’s vital to remember that climate mitigation is not a competing challenge — it’s a shared foundation for lasting solutions.”

Ellen MacArthur Foundation – Jocelyn Blériot, Executive Lead, Policy and Institutions:
“Realigning public finance and policy incentives towards renewable energy and circular economy solutions will unlock economic innovation and resilience benefits, and cut emissions.” 

Mahindra Group – Ankit Todi, Chief Sustainability Officer:
“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!”

Spanish Green Growth Group – Gonzalo Sáenz de Miera, Chair:
“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.”

Unilever – Rianne Buter Renée Morin, Global Head of Sustainability:
“Unilever supports the COP30 Business Group Statement because it drives the urgency and ambition needed for a just energy transition. Through our Climate Transition Action Plan, we’re scaling renewable energy and phasing out fossil fuels – actions that are critical to achieving net zero and unlocking long-term business value”

WBCSD – Peter Bakker, President & CEO:
“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.” 

We Mean Business Coalition – Maria Mendiluce, CEO:
“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.” 

World Green Building Council –  Cristina Gamboa, CEO:
“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.” 

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