Companies stress the need to phase out fossil fuels

Article posted

25th Oct 2023

Read time

3-5 min read


Mollie Pinnington

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A growing number of large companies are urging world leaders to phase out fossil fuels before it's too late, citing the devastating effects of climate change and the economic benefits of clean energy.

In a recent letter to world leaders, a group of over 120 businesses, including Unilever, Heineken, and Volvo, called for a full phase-out of unabated fossil fuels by 2040. The businesses argued that clear targets and timelines are needed to reduce fossil fuel usage and support the rapid expansion of clean energy.

"Climate change is the biggest threat facing our planet and our businesses," the letter said. "We need to take urgent action to phase out fossil fuels and transition to a clean energy economy."

The businesses pointed to the rising costs of climate change, including extreme weather events, sea level rise, and crop failures. They also noted that the clean energy sector is now growing faster than the fossil fuel sector and that it is creating jobs and boosting economies around the world.

"The transition to a clean energy economy is not only necessary for the environment, it is also good for business," the letter said. "We urge world leaders to take bold action at COP28 to phase out fossil fuels and accelerate the deployment of clean energy."

The businesses' call for action comes as world leaders are preparing to meet at the COP28 climate summit in Dubai in November. The summit is seen as a critical opportunity to make progress on reducing greenhouse gas emissions and avoiding the worst impacts of climate change.

In addition to the businesses that have signed the letter, a number of other large companies have also come out in support of phasing out fossil fuels. For example, Google has committed to becoming carbon neutral by 2030, and Amazon has pledged to power all its operations with 100% renewable energy by 2035.

The growing support from the business community for phasing out fossil fuels is a positive sign. However, it is important to note that some of the world's largest companies, such as Exxon Mobil and Chevron, are still heavily invested in fossil fuels and have lobbied against climate action.

It will be essential for world leaders to stand up to the fossil fuel industry and adopt policies that support the rapid transition to a clean energy economy. This will require setting clear targets and timelines for phasing out fossil fuels, investing in clean energy infrastructure, and putting a price on carbon emissions.

The stakes are high. If world leaders fail to act decisively on climate change, the consequences will be severe. However, if we take action now, we can create a cleaner, healthier, and more prosperous future for all.

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