Ahead of the COP28 Summit in Dubai, We Mean Business Coalition and partners have mobilized 131 companies representing nearly $1 trillion in annual revenue to urge governments to address the primary cause of climate change: burning fossil fuels.
The Fossil to Clean campaign is supported by a set of guiding principles that lay out clear guidance and timelines for fossil fuel phase-out among corporate energy consumers, oil and gas producers, investors and governments.
What Are Fossil Fuels?
Fossil fuels are formed from the decomposition of buried carbon-based organisms that died millions of years ago. They create carbon-rich deposits that are extracted and burned for energy. They are non-renewable and currently supply around 80% of the world’s energy. They are also used to make plastic, steel and a huge range of products. There are three types of fossil fuel – coal, oil and gas.
How Big is the Impact of Fossil Fuels on Climate Change and Our Plant?
The Intergovernmental Panel on Climate Change (IPCC) has found that emissions from fossil fuels are the dominant cause of global warming. In 2018, 89% of global CO2 emissions came from fossil fuels and industry.
Coal is a fossil fuel, and is the dirtiest of them all, responsible for over 0.3C of the 1C increase in global average temperatures. This makes it the single largest source of global temperature rise.
Oil releases a huge amount of carbon when burned – approximately a third of the world’s total carbon emissions. There have also been a number of oil spills in recent years that have a devastating impact on our ocean’s ecosystem.
Natural gas is often promoted as a cleaner energy source than coal and oil. However, natural gas is still a fossil fuel and accounts for a fifth of the world’s total carbon emissions.
With fossil fuels dominating 80% of the global energy supply, we must accelerate the transition to clean energy and stop fossil fuel subsidies to keep 1.5°C within reach.
What can YOU do to help?
This letter to world leaders comes from businesses across sectors, regions and sizes that are calling on governments to seek international agreement on fossil fuel phase-out, and put in place the policies needed to ramp up clean energy fast and phase out the use and production of fossil fuels. This requires turbocharging the renewables revolution, electrifying key sectors and massively improving efficiency. This will help set the conditions for a rapid, well-managed and just transition away from fossil fuels.
Portt & Co have signed this letter and are urging you to do the same.
The campaign is coordinated by and an initiative of #wemeanbusinesscoalition
See the letter and add your company’s name here: https://www.wemeanbusinesscoalition.org
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