Repubished - COP28: BUSINESSES URGE GOVERNMENTS TO PHASE OUT FOSSIL FUELS

Ahead of COP28, 131 companies representing nearly $1trillion in global annual revenue are urging national governments to address the primary cause of climate change: burning fossil fuels. This letter, covered by The Financial Times, Reuters and other media outlets, was coordinated by We Mean Business Coalition and its partners through the Fossil to Clean campaign.

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Dear Heads of State attending UNFCCC COP28,

We, the undersigned companies representing $987 billion 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

Note: Companies in bold generated at least $1 billion in annual revenue in 2022.

A³&Co.®️ Fortum Corporation Paulig Group

Abstrakt Creative Ltd Frog Bikes Planet Mark

ACCIONA, S.A. Gisgns Flow Porteous Groundworks Ltd

Achieve Goal 12 Glovoapp23 Portt & Co

Agilino Godrej Industries Limited Poste Italiane

Alchemi Group H2 Green Steel Pro Adventure Ltd

Alfa Laval HEINEKEN Proximus

Anetic Aid Ltd Helen Ltd ReNew

Anode Hewlett Packard Enterprise Royal Philips

Anne Veck Ltd Hive19 SAP SE

AstraZeneca Hornsbury Mill Scania Group

Atlassian Hybrid Hippie Schüco International KG

Autumn Dahlia Creative Services Iberdrola Sense-Lab

Avocado Green Mattress Icebug Siddall and Hilton

Banka BioLoo Limited IKEA Signify

Bayer AG Interface SNF Global LLC

Besarte Fibre Natural SL JLL Somali Social Entrepreneurs Fund

Brissco (Equipment) Limited L SAHA Sparks & Co (Solar Force) Ltd

BT Group plc Lassila & Tikanoja Plc SRI Services

Buckinghamshire Business First Mahindra Group STS Commercial LTD

Cameron Hysom Ltd T/A EcoAudit Maigari global e-commerce Sustainable Wedding Alliance

Capgemini Mammut Sports Group Sympatex Technologies GmbH

Carrington West Manchester Pipe and Site Services Limited The Globe Group CIC

Chaioso S.L. Materialise Interiors The New Division

ClimateHero Melia Hotels International The Standing CT Company

Competitive Insight Melius Homes The Typeface Group Ltd

Corbion Mossgiel Organic Farm The Umbrella Institute

Crowberry Consulting Ltd Mulberry Catering Co Limited The Wellbeing Farm

Currys Plc Natura &Co Third Rock Finland Oy

Danone Nestlé Thomas Kneale & Co Ltd

Dear Green Coffee Roasters New Society Publishers Toast Ale

Decathlon Omplim gestió i edificació responsable SL Triple Bottom Line Accounting Ltd

Deltaexpress S.A. Once Upon Publishing Uhhmami

Deutsche Telekom AG One Care (BNSSG) C.I.C UK SustainAbility

Diageo One Stone Asia Pacific SL Unilever

eBay Ørsted VELUX A/S

ECOS Osborne Clarke Vodafone Group Plc

EDP OXO Living Volvo Cars

EECO Ltd Oz Green Oasis Pty Ltd We Do Ethical

Electrolux Group Par Build Ltd YIT Oyj

Elekta AB Parnosa Limited Zeroverse

Empower Agency 4YaParty Weddings and Events

ePharmIT Limited 600 strategy

Ethical Profit Agency

Evolve

Fairware Promotional Products

Flow Hive

Partners

WE MEAN BUSINESS COALITION FOUNDING PARTNERS

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SUPPORTING PARTNERS

Cambridge University Institute for Sustainable Leadership logo

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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.”

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.”

Find out more about the Fossil to Clean campaign

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