A new global campaign, spearheaded by the international We Mean Business Coalition, has been unveiled today. The campaign's primary objective is to call upon businesses and governments worldwide to take decisive action in phasing out fossil fuels while simultaneously increasing their investments in clean energy.
The “Fossil to Clean” campaign emphasizes the ongoing combustion of fossil fuels as the foremost driver of climate change and underscores the urgent need for immediate action from both the private sector and government bodies.
At the heart of this initiative lies a set of guiding principles designed to facilitate the transition away from fossil fuels, empowering businesses to assume a leading role in the endeavor to reduce global reliance on these unsustainable energy sources.
It is noteworthy that even in the year 2023, fossil fuels continue to account for nearly 80% of the global energy supply, a proportion that has scarcely budged since the inaugural COP (Conference of the Parties) summit in Berlin back in 1995.
To effectively address the climate crisis and maintain the possibility of limiting global warming to 1.5°C, global emissions must peak by 2025 and be halved by 2030. This necessitates an expedited phase-out of fossil fuels in conjunction with a substantial upscaling of clean energy sources.
María Mendiluce, Chief Executive of the We Mean Business Coalition, remarked, “At a global level, we've made great strides in scaling up clean energy solutions. Yet, we're not reversing the trend on rising global emissions – a battle we will keep losing until we address the underlying cause: the combustion of fossil fuels.”
A recent survey conducted by the We Mean Business Coalition has revealed that nearly half of business leaders (47%) anticipate phasing out fossil fuels from their companies by 2040, with 70% targeting such a transition by 2050. However, they still face significant hurdles related to commercial viability and infrastructure, with 82% of those surveyed identifying government regulation as the most crucial catalyst for driving the energy transition, or at least the second most important factor.
Approximately half of the surveyed business leaders consider regions with more stringent energy laws and regulations to be more attractive for conducting business.
María Mendiluce further emphasized, “We are calling on businesses to be the catalyst for change. We encourage them to utilize the Fossil to Clean principles and send a clear signal to governments, investors, and fossil fuel suppliers that the transition is well underway, and the demand for fossil fuels will inevitably decline. This will create an ambition loop and trigger the rapid expansion and development of the clean solutions essential for ensuring sustainable economic growth.”
The Fossil to Clean campaign additionally urges governments to incorporate the phase-out of fossil fuels into the final text of the forthcoming COP28 climate conference in Dubai. Such an inclusion would provide businesses and investors with greater confidence in advancing their clean energy initiatives.
The We Mean Business Coalition comprises seven prominent organizations: BSR, CDP, Ceres, The B Team, The Climate Group, CLG Europe, and the World Business Council for Sustainable Development.
