“Ahead of the COP28 Summit in Dubai, the We Mean Business Coalition and partners mobilized 131 companies. These companies, representing nearly $1 trillion in annual revenue, 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 develop from decomposed carbon-based organisms that died millions of years ago. These organisms created carbon-rich deposits that people now extract and burn for energy. Fossil fuels are non-renewable and currently supply about 80% of the world’s energy. Manufacturers also use them to produce plastic, steel, and various other products. The three main types include 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.
Since fossil fuels supply 80% of global energy, shifting to clean energy is essential. Governments must also end fossil fuel subsidies to keep the 1.5°C goal within reach.
What can YOU do to help?
Businesses of all sizes and sectors are calling on governments to phase out fossil fuels and adopt clean energy policies. This transition requires accelerating renewable energy, electrifying key sectors, and improving efficiency. These steps will support a rapid, well-managed, and fair shift 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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