Ikea and BT amongst 130 firms to push COP28 for a timeline to ditch fossil fuels
Effort marks the first time so many businesses have urged states to phase out non-renewable energy Ikea, Volvo Cars, eBay, Heineken, Godrej Industries, and more than 130 different companies have urged world leaders to agree on a timeline to eliminate fossil fuels during the UN local weather summit in Dubai. The companies, which collectively generate almost $1tn in global annual revenues, stated that their companies are feeling the effects of climate change and are seeking an agreement on phasing out fossil fuels. The letter also included AstraZeneca, BT Group, Nestlé, Unilever, Bayer, Ørsted, Iberdrola and Vodafone. This is the first time such a large group of firms have collectively urged governments to abandon fossil fuels, with the UAE among the largest oil and gasoline producers. The phaseout of fossil fuels is expected to be a key point at the COP, with more than 80 nations backing a proposal to regularly remove the usage of oil and gas.
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Ikea, Volvo Cars, eBay, Heineken, Godrej Industries and greater than 130 different companies have urged world leaders to agree a timeline to ditch fossil fuels when nations meet for the UN local weather summit in Dubai subsequent month.
The firms, which collectively symbolize almost $1tn in world annual revenues, wrote in an open letter revealed on Monday that heads of states and governments attending COP28 within the United Arab Emirates should deal with the chief explanation for local weather change: the burning of fossil fuels.
In the letter, which marks the primary time such a big group of firms have collectively urged governments to maneuver away from fossil fuels, the signatories warned their companies are “feeling the effects and cost of increasing extreme weather events resulting from climate change”.
Signatories to the letter additionally embody AstraZeneca, BT Group, Nestlé, Unilever, Bayer, Ørsted, Iberdrola and Vodafone.
“We call on all parties attending COP28 to seek outcomes that will lay the groundwork to transform the global energy system towards a full phaseout of unabated fossil fuels and halve emissions this decade,” mentioned the letter, which was co-ordinated by the We Mean Business Coalition, a non-profit pushing for better local weather motion globally.
Jesper Brodin, chief government of Ingka, the corporate behind Ikea, instructed the Financial Times that the world was going to need to dump fossil fuels, however the important thing questions now have been how and when.
“We are a huge community of corporate leaders that are asking our [world] leaders to take the political responsibility,” Brodin mentioned. “We would like to see an agreement [on phasing out fossil fuels].”
The phaseout of fossil fuels is about to turn out to be a key flashpoint at this 12 months’s COP, with the EU this week agreeing to push the difficulty in Dubai. At final 12 months’s summit, greater than 80 nations backed a proposal to regularly remove the usage of oil and gasoline however nations similar to Saudi Arabia and Russia rallied towards the movement.
The UAE is among the world’s largest oil and gasoline producers. COP28 president-designate Sultan al-Jaber, who additionally leads the nation’s state-owned oil firm, this 12 months mentioned unabated fossil fuels will must be phased down by “mid-century” if the world is to restrict world temperature rises to satisfy the targets of the 2015 Paris accord.
Under the Paris settlement, nations agreed to restrict world temperature rises to effectively beneath 2C — and ideally to 1.5C — above pre-industrial ranges.
A COP28 spokesperson mentioned the UAE was pushing for a tripling of renewable power capability. “The phase-down of fossil fuels is inevitable and essential, but it must also be just and orderly, and building a new energy system can only happen at speed and scale with united action.”
Since the Paris accord, companies have set so-called web zero targets to chop their greenhouse gasoline emissions by 2050, however many have expressed concern a couple of lack of coherent nationwide and worldwide insurance policies to satisfy the targets of the 2015 settlement.
In the letter, the companies mentioned they — as huge purchasers and customers of power — are “taking action and working towards phasing out our use of fossil fuels” and changing them with the usage of renewable power.
But they referred to as for monetary establishments and policymakers to work with enterprise to make sure capital is being allotted to speed up the clear power transition.
Tópicos: UN Climate Change Conference, ESG