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Firms go after fossil fuel phase-out by 2030

24 October 2023

A coalition of 131 companies with a total combined revenue of close to $1tn has urged all parties attending the Cop28 climate summit in Dubai next month to seek outcomes that will lay the groundwork for transitioning the global energy system towards a full phase-out of unabated fossil fuels and a halving of emissions this decade.

Among the coalition are:

  • Acciona (Spain)
  • Alfa Laval (Sweden)
  • Astra Zeneca (Sweden)
  • Bayer (Germany)
  • BT Group (UK)
  • Capgemini (France)
  • Decathlon (France)
  • Deutsche Telekom (Germany)
  • eBay (US)
  • Electrolux (Sweden/US)
  • Ikea (Sweden/Netherlands)
  • Heineken (Netherlands)
  • HP (US)
  • Mahindra Group (India)
  • Nestle (Switzerland)
  • Poste Italiane (Italy)
  • Royal Philips (Netherlands)
  • SAP (Germany)
  • Scania Group (Sweden)

Unabated fossil fuels are fossil fuels produced and used without interventions that significantly reduce the amount of greenhouse gas (GHG) emitted throughout the life cycle.

Capturing up to 90 per cent of GHG from power plants or 50-80 per cent of fugitive methane emissions from the energy supply are examples of abatement measures, according to the Intergovernmental Panel on Climate Change (IPCC).

A letter by the coalition addressed to the heads of state attending the Cop28 climate summit says that "global emissions continue to rise because we have not addressed the primary cause of climate change: the burning of fossil fuels".

It adds: "Our businesses are feeling the impacts and cost of increasing extreme weather events resulting from climate change. We recognise 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 degrees Celsius."

The letter emphasises that 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".

According to the coalition, called We Mean Business, there is a need to ramp up clean energy as fast as the use and production of fossil fuels is phased out.

"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 per cent by 2030,"  the letter adds.

The coalition specifically mentions that financial institutions, fossil fuel producers and governments have crucial roles to play in the ongoing energy transition.  

Dubai will host the Cop28 climate summit from 30 November to 12 December. 

https://image.digitalinsightresearch.in/uploads/NewsArticle/11240752/main4345.jpg
Jennifer Aguinaldo

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