More than 200 companies have now joined calls for countries to agree to a phase-out of all fossil fuels at the COP28 in Dubai, as pressure mounts on governments to negotiate an ambitious outcome in support of the Paris Agreement over the next fortnight at the crucial UN Climate Summit .
An open letter stating the demand for a fossil fuel phase out that was first launched last month with the initial backing of more than 130 companies has now swelled to 204 corporate signatories, which together represent more than $1.5tr in annual revenue.
Major companies including Sony, Tetra Pak, Virgin Media O2, DHL, WH Smith and Coca Cola Europacific Partners are among the most recent signatories to the letter, which is being spearheaded by the We Mean Business Coalition.
Other firms to have previously signed the letter include Unilever, Vodafone Group Plc, Volvo Cars, WH Smith, eBay, Decathlon, Currys Plc and Mahindra Group.
“We call on all Parties attending COP28 to seek outcomes that will lay the groundwork to transform the global energy system towards a full phase-out of unabated fossil fuels and halve emissions this decade,” the letter states.
Specifically, the letter calls on governments to set targets and timelines for the phase-out of unabated fossil fuels in line with a 1.5C pathway, supported by national plans and policies that ensure a just transition for affected works and communities.
It also urges nations to agree to global targets to triple global renewable electricity capacity and double the rate of deployment of energy efficiency by 2030, which it argues would serve to further accelerate the shift away from fossil fuels.
Meanwhile, advanced economies should aim to deliver 100 per cent decarbonised power systems by 2035, before all countries worldwide reach that target by 2040, the letter states.
Fossil fuels are set to take centre stage at COP28 when it officially kicks off tomorrow in Dubai, with experts warning that tracking a 1.5C-aligned temperature pathway depends on no new coal mines and mine extensions being approved, nor long-lead time upstream oil and gas projects.
Dozens of countries have said they want the final agreement from the UAE-hosted talks to include a commitment to phasing all fossil fuels worldwide, but the measure is expected to face fierce opposition from a number of powerful oil and gas producing countries.
In an interview with the Guardian this week, COP28 President Sultan Al Jaber indicated he was keen to see the future of fossil fuels included in any final text, despite resistance from some governments to calls for a full phase out.
“I am inviting and incentivising and motivating all parties to engage in a collaborative manner to see and assess how we can include fossil fuel in the negotiated text, that will cater for consensus and common ground, while keeping 1.5C within reach,” he told the paper.
Elsewhere in the letter from businesses, meanwhile, it also calls for a countries to try and establish a “meaningful price on carbon” that reflects the full costs of climate change, and to take action to repurpose reform fossil fuel subsidies towards measures that can deliver the net zero transition.
The firms have also called for countries in the Global South to be given more support from developed nations for diversifying their energy systems and developing 1.5C-aligned development pathways, including through the provision of finance that does not exacerbate unsustainable sovereign debt and capacity-building for just transition planning.
The letter comes amid increasing pressure on the UK government specifically to explain how its domestic support for fossil fuels – such as new North Sea oil and gas drilling and the development of a new coal mine in Cumbria – tallies with its negotiating ambitions for COP28, where officials are seeking a commitment in any final agreement to phasing out unabated fossil fuels.
Indeed, former Prime Minister Theresa May today became the latest high-profile figure to urge the UK government to heed climate scientists’ advice and stop approving new domestic oil and gas fields.
“I take a different view from the government on the oil and gas licences,” she told The Times in an interview. “This is about [a] phase-out and, ultimately, that is what it has to be about in terms of fossil fuels.”
May, who also chairs green business organisation the Aldersgate Group, pushed back against the government’s argument that further North Sea exploration would make the UK more self-sufficient when it comes to energy.
“Obviously, energy security for us is important but … new oil and gas licences only provide for energy security if all that energy is sold into the UK and, actually, it will be sold on the world market, so I think there are some questions around that.”
Want to understand what is going on at the cutting edge of sustainability? Check out BusinessGreen Intelligence – the premier information for professionals focused on the UK’s green economy.