Amidst the continuous fight and struggle against climate change and increased CO2 emission, over 130 leading global companies, including industry giants, have united to send a message to world leaders at upcoming COP28 in Dubai. Together, companies are ready to help policymakers phase out fossil fuels by 2040 and are urging governments to stick to their climate commitments, set clear goals and deadlines for the same.
Businesses play a crucial role and business leaders must clearly urge governments not to reverse their climate commitments, especially during times of doubt and resistance to pro-climate policies. And to follow this pursuit, over 130 companies from various industries and countries have joined forces this week to send a powerful message to world leaders. In a letter addressed to the global leaders convening at COP28 in Dubai, these businesses passionately call for the gradual elimination of fossil fuels by the 2040s.
Companies like Volvo Cars, Mahindra Group, BT, Vodafone, IKEA, eBay, Nestle, Iberdrola, JLL, and Unilever have urged leaders to establish specific goals and deadlines for reducing and eliminating the use of uncontrolled fossil fuels. They also called for policies that support the rapid expansion of clean energy.
Businesses face different challenges depending on their region, industry, and size. While there is no universally applicable solution, there are definite actions that every business can implement to initiate transformative change. One crucial step is making a firm commitment to completely eliminate the use of uncontrolled fossil fuels in their operations by no later than 2040.
Companies that have committed to science-based targets must prioritize the reduction and substitution of fossil fuels. Numerous clean energy solutions are already available, and those organizations and governments that embrace these technologies will not only demonstrate profitability and manageability, but also inspire others to transition successfully towards a net-zero future.
Companies are ready to help policymakers phase out fossil fuels by 2040 and the ones that decided to rapidly expand their use of renewable energy, electrification, and energy efficiency will be able to enjoy substantial advantages by safeguarding their businesses from the effects of climate change. According to a survey conducted by EY, around 70% of over 500 multinational corporations reported unexpectedly high financial gains resulting from their climate-centered initiatives, which ultimately contribute to the well-being of our planet.