Ahead of COP28, over 125 businesses from across industries and regions have called on national governments to address the primary cause of climate change: burning fossil fuels.
Some 131 companies with a combined revenue of nearly $1 trillion backed by We Mean Business Coalition, urge governments to ramp up clean energy at pace, and to phase out the use and production of fossil fuels.
Businesses including Volvo Cars, Iberdola, Mahindra Group, JLL, Unilever, Bayer and Nestlé call on all Parties at the climate conference to lay the groundwork to transform the global energy system towards a full phase-out of unabated fossil fuels and to triple global renewable electricity capacity.
To achieve this goal, the signatories from all corners of the world urge national governments to set clear timelines and targets to phase out fossil fuels, commit to 100% decarbonised power, support countries in the Global South in a just transition, and reform fossil fuel subsidies.
From multinational corporations to SMEs, signatories span sectors such as utilities, transport, consumer goods, technology and hospitality – all vital players in the just transition to a decarbonised global economy.
At the International Energy Agency’s (IEA) Climate and Energy Summit, Maria Mendiluce, CEO of We Mean Business coalition addressed ministers from over 30 countries. Bringing the voice of business, she shared examples of leading companies already taking decisive action to move from fossil fuels to clean energy.
Mendiluce used the platform to impress upon key ministers the need for policy coherence. To fulfil their commitments to the Paris Agreement, countries have no option but to move on phasing down and out fossil fuels. Backtracking will create confusion amongst the business community. Delaying the transition is more expensive in the long run.
Companies that have committed to science-based targets will also need to phase down and out fossil fuels to deliver on their commitments. To do so, they need governments to move decisively in the same direction to support them by setting enabling policies.
