To stay below 1.5°C of warming and ensure a livable future, emissions must peak by 2025 and halve by 2030. To achieve this, all actors must row-in together for a well-managed and just transition from fossil fuels to clean energy.
We Mean Business Coalition has developed a set of principles, with advice from leading experts including SBTi and ETC, that establish a North-Star for fossil fuel phase-out across oil and gas producers, corporate energy consumers, government and finance. The principles outline the clear and credible action needed from these key actors to decarbonize the global energy system by the 2040s at the very latest.
At COP28, conditions aligned for a historic shift. Leading businesses came to COP28 with a call for the phase out of fossil fuels, the tripling of renewable capacity and doubling of energy efficiency. Their voices were heard loud and clear.
COP28 marked the beginning of the end of the fossil fuel era and the first time in history that we have a global agreement to transition away from all fossil fuels in line with science.
The vast majority of countries have been supportive of ambitious language on the phase out of fossil fuels, and even without explicit agreement to phase out at COP28, we count on these countries to take that language into their NDCs to help guide domestic investment decisions.
Decisive action by business can help embolden policymakers to enact policies for phasing in clean solutions and phasing out fossil fuels on a science-based timeline.
To find out more about the campaign and how you can support it, contact us: FFPO@wmbcoalition.org
