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G7: lead the way on fossil fuel phase-out


As the world’s strongest economies, G7 countries have an outsized responsibility to lead the transition from fossil to clean. 

This year’s G7 summit in Italy brings an opportunity for governments to show how they will deliver on the strong international agreement from COP28 to accelerate the transition away from fossil fuels this decade, in line with climate science. Collaboration will be key to ensure that ambitions to go from fossil to clean are firmly embedded in national plans and followed by action. With bold business and political leadership, we can scale clean energy and end our reliance on fossil fuels.

Policy leadership to accelerate the transition from fossil to clean

The target is set for 1.5°C. Now it’s time for action to get there. 

Hundreds of companies are moving from fossil fuels to clean energy solutions, and they are urging governments to do the same. 

Companies and countries that transition from fossil to clean soonest and fastest will be more competitive in the long run – reaping benefits like greater energy security, energy affordability, economic growth and public health. But they must act today or risk falling behind others due to missed opportunities for investment and innovation.  

Business wants to see clear plans and timelines from the G7 to accelerate this transition and deliver on the goals of the UAE Consensus.

Business urges G7 governments to:

Deliver on 2023 G7 commitment to phase-out unabated fossil fuels, and UAE Consensus, by committing to set national targets and timelines, embedded in new NDCs, for the phase-out of unabated fossil fuels in line with 1.5°C. These should be supported by national plans and policies to ensure a just transition for affected workers and communities.

Commit to embed in new NDCs how national targets will contribute to global goal to triple renewable energy capacity and double the average annual rate of energy efficiency improvements by 2030, and report on collective progress so far.

Commit to achieving fully decarbonized power systems by 2035.

Communicate national action plans to reform fossil fuel subsidies by 2025 with detail on how these subsidies will be repurposed toward energy efficiency, renewable energy and other measures to support a just, people-centered and inclusive clean energy transition. 

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.

Ensure nature and biodiversity targets are reflected in NDCs that are aligned with National Biodiversity Strategies and Action Plans (NBSAPs), including commitments towards halting and reversing deforestation and forest degradation by 2030. 

Business action: from COP28 to the G7

Through the Fossil to Clean campaign, hundreds of businesses alongside scores of countries, thousands of scientists, health workers, investors, faith leaders and youth activists sent a clear message to negotiators that moving from fossil fuels to clean solutions is the only way to limit global heating and keep people safe. And their voices echoed loudly.

The result was a new deal reached at COP28 in Dubai, known as the UAE Consensus. It commits nations to tripling renewable energy capacity globally, doubling the global average annual rate of energy efficiency improvements by 2030 and to taking action to transition away from fossil fuels. 

The G7 can bolster the global economy by accelerating the clean energy transition. With bold business and political leadership, we can scale clean energy and end our reliance on fossil fuels.

FOSSIL FUEL PHASE-OUT IN ACTION ACROSS THE G7

Canada: New Society Publishers

In 2002, New Society began printing in Canada on 100% Ancient Forest Friendly recycled paper, using vegetable-based inks, replacing printing inks which commonly use carbon black derived from fossil fuels.  

France: Danone

Thanks to the switch to renewable electricity sources in Thailand and India, 99 of Danone’s production sites are now purchasing 100% clean electricity. In 2023, Danone bought 71% of its electricity from clean sources. Additionally, Danone has reduced its Scope 1 and 2 emissions by 20.7% since 2020.  

Germany: Tchibo

Tchibo is a founding partner of the Zero Emission Maritime Buyers Alliance, which launched a zero-emission shipping tender in September 2023, looking for a 90% reduction in shipping emissions by 2025.  ZEMBA members are committed to exclusively using zero-emission shipping for ocean freight by 2040. 

Italy: Poste Italiano

99% of the Group’s electricity needs to come from 100% renewable sources. Poste Italiano has also entered the energy market, selling 100% green energy produced in Italy.  

Japan: Sony Corporation

In 2022, Sony reduced the amount of plastic packaging per product by 22.2%, more than double its 10% target.  

UK: AstraZeneca

AstraZeneca is the first pharmaceutical firm to join all three of RE100, EV100 and EP100. By 2025 they will double energy productivity, use 100% renewable energy and electrify their road fleet.

USA: Patagonia

Patagonia has a climate goal to use no more virgin petroleum fibers by 2025. In its Spring 2024 line, only 4% of garments contained virgin polyester.

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Business supports going fossil to clean

I urge G7 leaders to set NDC targets that triple renewable energy and double energy efficiency by 2030. This will help unleash emissions reductions across our value chain.

Hein Schumacher, CEO, Unilever

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.

Joe Franses, VP Sustainability, Coca-Cola Europacific Partners

Business and government must take decisive action to transition from fossil fuels to clean energy. By working together, we can create equitable solutions for communities everywhere.

Renée Morin, Chief Sustainability Officer, eBay

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.

Miguel Stilwell d’Andrade, CEO, EDP

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.

Mads Nipper, CEO, Ørsted

How business is playing its part

FOLLOW THE FOSSIL TO CLEAN PRINCIPLES

We have developed a set of principles for business, with advice from leading experts including SBTi and ETC.

VIEW THE LETTER

See the Fossil to Clean letter, signed by 260+ companies representing over $1.6 trillion in annual revenue.

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