Principles for global fossil fuel phase-out

The We Mean Business Coalition outlines a framework for a just transition to clean energy, requiring the phase-out of unabated thermal coal, oil, and gas by 2040 at the latest. The principles demand that corporate energy consumers and producers publish Climate Transition Action Plans (CTAPs) with interim targets, while financial institutions must immediately end funding for coal value chains and new oil and gas exploration. Governments are urged to reach 100% decarbonized power systems by 2035 in advanced economies and 2040 elsewhere, with wealthier nations acting as first movers and supporting the Global South through finance and capacity-building.

• To maintain a 1.5°C warming limit, global emissions must peak by 2025 and be reduced by half by 2030, with the global energy system decarbonized by the 2040s at the latest.
• Corporate energy consumers should commit to phasing out unabated thermal coal, oil, and gas from their operations by 2040, publishing a Climate Transition Action Plan (CTAP) that includes interim reduction targets and plans for scaling clean energy.
• Oil and gas producers are urged to stop new exploration and development of new fields, reach near-zero methane emissions by 2030, and publish CTAPs detailing production declines relative to a 2021 baseline to reach zero by 2050.
• Financial institutions must immediately cease new financial flows to the coal value chain and new oil and gas exploration, while implementing timebound restrictions for existing flows: 2030 for non-aligned oil companies and coal projects in high/high-middle income countries, and 2040 for non-aligned gas companies and other coal projects.
• Governments should target 100% decarbonized power systems by 2035 for advanced economies and 2040 for others, with wealthier countries leading the transition and providing finance and capacity-building to the Global South.

APA

We Mean Business Coalition (2023). Principles for global fossil fuel phase-out. https://www.wemeanbusinesscoalition.org/resources/fossil-to-clean-follow-the-principles/

Chicago

We Mean Business Coalition. Principles for global fossil fuel phase-out. 2023. https://www.wemeanbusinesscoalition.org/resources/fossil-to-clean-follow-the-principles/.

Wikipedia

{{cite press release |author=We Mean Business Coalition |title=Principles for global fossil fuel phase-out |date=19 September 2023 |url=https://www.wemeanbusinesscoalition.org/resources/fossil-to-clean-follow-the-principles/ |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@misc{wemeanbusinesscoalition2023principles, author = {{We Mean Business Coalition}}, title = {{Principles for global fossil fuel phase-out}}, publisher = {We Mean Business Coalition}, year = {2023}, month = sep, url = {https://www.wemeanbusinesscoalition.org/resources/fossil-to-clean-follow-the-principles/}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }