Over 130 major companies, including Nestle [NESN:SW], Unilever [ULVR:LN], Mahindra Group [MM:IN], and Volvo Cars [VOLCARB:SS], are urging political leaders to establish a clear timeline for phasing out fossil fuels at the upcoming U.N. climate summit (COP28), as reported by Reuters on October 23. In a letter coordinated by the non-profit We Mean Business Coalition, these companies, with nearly USD1tr in global annual revenues, emphasized the need for attendees at COP28 to commit to achieving 100% decarbonized power systems by 2035 in richer economies and to financially assist developing countries in transitioning away from fossil fuels by 2040 at the latest.

The companies highlighted the increasing impacts and costs of extreme weather events due to climate change and stressed the urgent need to accelerate the transition to clean energy while phasing out fossil fuels. COP28, scheduled to begin in Dubai on November 30, faces challenges in reconciling differing opinions on the speed at which countries should phase out fossil fuels, with concerns raised by both major fossil fuel stakeholders and poorer nations requiring more financial support for faster emissions reduction.

Sources:

https://www.reuters.com/sustainability/cop/nestle-volvo-among-130-companies-urging-cop28-agreement-ditch-fossil-fuels-2023-10-23/