A new global campaign launched today by the international We Mean Business Coalition calls on businesses and governments to move decisively to phase out fossil fuels and ramp up clean energy.
The Fossil to Clean campaign points to the continued burning of fossil fuels as the primary driver of climate change and demands immediate action from business and government.
Central to the drive are a set of guiding principles for fossil fuel phase-out to empower businesses to lead the way in the fight to end the global reliance on them.
Today, fossil fuels still account for close to 80% of global energy supply, a share that has hardly moved since the first COP in Berlin in 1995.
Global emissions must peak by 2025 and halve by 2030 to keep 1.5°C in reach – requiring a rapid phase-out of fossil fuels, alongside scaling up clean energy.
“At a global level we’ve made great strides in scaling-up clean energy solutions,” said We Mean Business Coalition chief executive María Mendiluce.
“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 poll conducted by the We Mean Business Coalition found nearly half of business leaders (47%) expect to phase out fossil fuels from their company by 2040, and 70% by 2050.
Bosses are still facing substantial barriers in commercial viability and infrastructure, with 82% of those polled viewing government regulation as the most important, or second most important, accelerator for the energy transition.
Around half of the business leaders surveyed consider geographies with more stringent energy laws and regulations more attractive places to do business.
“We are calling on businesses to be the catalyst for change,” added Mendiluce.
“We encourage them to use the Fossil to Clean principles and send a clear signal to governments, investors and suppliers of fossil fuels that the transition is underway, and fossil fuel demand will decline.
“This will create an ambition loop and trigger the rapid scaling and development of the clean solutions that are so needed to ensure sustainable economic growth.”
The Fossil to Clean campaign also calls on governments to enshrine fossil fuel phase-out in the outcome text of the forthcoming COP28 climate conference in Dubai, which would give businesses and investors further confidence to act on scaling clean energy.
The We Mean Business Coalition brings together seven organisations: BSR, CDP, Ceres, The B Team, The Climate Group, CLG Europe and the World Business Council for Sustainable Development.