COP28: Businesses urge governments to phase out fossil fuels

A coalition of companies representing over $1.6 trillion in annual revenue calls on governments to phase out unabated fossil fuels, decarbonize power systems by 2035 in advanced economies and 2040 elsewhere, and provide financial and capacity-building support to the Global South for a just transition.

• A coalition of companies with over $1.6 trillion in global annual revenue argues that global emissions continue to rise because the primary cause of climate change—the burning of fossil fuels—has not been addressed.
• The signatory businesses advocate for a transition to net zero that includes turbocharging renewables, electrifying sectors, and improving efficiency, noting that such a transition could increase global GDP by 4% by 2030 according to the IEA.
• The coalition urges governments to set 1.5°C-aligned targets and timelines for phasing out unabated fossil fuels, specifically calling for 100% decarbonized power systems by 2035 in advanced economies and by 2040 for all other countries.
• The companies request that governments support the Global South through capacity-building for just transition planning and the provision of finance that does not increase unsustainable sovereign debt.
• The statement calls for the implementation of a meaningful carbon price that reflects the full costs of climate change and the repurposing of fossil fuel subsidies toward renewable energy and energy efficiency.

APA

We Mean Business Coalition (2023). COP28: Businesses urge governments to phase out fossil fuels. https://www.wemeanbusinesscoalition.org/what-we-do/for-policymakers/coalition-led-advocacy-interventions-from-business/cop28-businesses-urge-governments-to-phase-out-fossil-fuels/

Chicago

We Mean Business Coalition. COP28: Businesses urge governments to phase out fossil fuels. 2023. https://www.wemeanbusinesscoalition.org/what-we-do/for-policymakers/coalition-led-advocacy-interventions-from-business/cop28-businesses-urge-governments-to-phase-out-fossil-fuels/.

Wikipedia

{{cite press release |author=We Mean Business Coalition |title=COP28: Businesses urge governments to phase out fossil fuels |date=29 November 2023 |url=https://www.wemeanbusinesscoalition.org/what-we-do/for-policymakers/coalition-led-advocacy-interventions-from-business/cop28-businesses-urge-governments-to-phase-out-fossil-fuels/ |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@misc{wemeanbusinesscoalition2023cop28, author = {{We Mean Business Coalition}}, title = {{COP28: Businesses urge governments to phase out fossil fuels}}, publisher = {We Mean Business Coalition}, year = {2023}, month = nov, url = {https://www.wemeanbusinesscoalition.org/what-we-do/for-policymakers/coalition-led-advocacy-interventions-from-business/cop28-businesses-urge-governments-to-phase-out-fossil-fuels/}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }