COP28 in the UAE marks a crucial juncture for global climate action. The conference aims to achieve its ambitious goals through inclusivity, transparency, pragmatism, and a focus on tangible results.
In anticipation of COP28, more than 125 companies from various sectors and regions have united to address the fundamental issue of climate change: the burning of fossil fuels.
Facilitated by the We Mean Business Coalition’s Fossil to Clean campaign, these companies, both large and small, have signed an open letter. The letter, reported by the Financial Times, features 131 companies with a collective revenue approaching $1T.
They are calling on national governments to accelerate the transition to clean energy and to eliminate the usage and production of fossil fuels. The letter is a step towards a sustainable future, and other companies are encouraged to join this crucial initiative.
Transition towards a decarbonised global economy
Ahead of COP28 in the UAE, several businesses, including Volvo Cars, Iberdola, Mahindra Group, JLL, Unilever, Bayer, and Nestlé, are jointly urging all participating countries to take decisive actions.
These corporations, representing various sectors like utilities, transport, consumer goods, technology, and hospitality, call upon the conference attendees to work towards phasing out unabated fossil fuels and tripling global renewable electricity capacity.
The signatories emphasise the importance of setting clear timelines and targets for fossil fuel phase-out, committing to 100 per cent decarbonised power, assisting Global South countries in a just transition, and reforming fossil fuel subsidies.
These efforts are seen as crucial steps in achieving a just transition towards a decarbonised global economy.
Phasing out of fossil fuels is essential
María Mendiluce , CEO of We Mean Business Coalition says, “I thank the companies who have already signed for standing up and raising their voices, and the partners who have helped amplify this call to action. I urge other companies to sign and show governments and heads of government going to COP28 that they support immediate and decisive climate action.”
Mendiluce reports that during the International Energy Agency’s (IEA) Climate and Energy Summit, she emphasised the urgency for policy coherence among 30+ countries. She also showcased companies transitioning from fossil fuels to clean energy. “I used this platform to impress upon key ministers the need for policy coherence.”
According to Mendiluce, to meet Paris Agreement commitments, swift phasing out of fossil fuels is essential. Delaying this transition proves costlier, and governments must support companies with enabling policies to achieve science-based targets.
“As our open letter states: 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 have no choice but to be bold. Extreme weather is costing billions, and the human impact continues to grow. Every fraction of a degree of global heating matters. And every CO2 molecule matters, whether it comes from coal, oil or gas. We can no longer ignore the root cause of the climate emergency.”
“With bold business and political leadership, we can scale clean energy and end our reliance on fossil fuels,” adds Mendiluce.
