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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. 

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.

Business action: from COP28 to the G7

Through the Fossil to Clean campaign, more than 200 businesses, with an annual revenue of $1.5 trillion, 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.

Business supports going fossil to clean

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 200+ companies representing over $1.5trillion in annual revenue.

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