‘We're losing money to climate change’: Corporates push for fossil fuels phase-out ahead of COP28

(Eco Business, 31 Oct 2023) An open letter from 131 companies representing nearly US$1 trillion in global annual revenue calls on world leaders to phase out unabated fossil fuels. Climate action could boost global GDP by 4 per cent by 2030, said the group, which includes Indian conglomerates Mahindra Group and Godrej.

A mixture of major multinational brands and smaller businesses has signed an open letter to world leaders in the run-up to the COP28 climate talks, calling for a full phase-out of fossil fuels.

“Our businesses are feeling the impacts and cost of increasing extreme weather events resulting from climate change,” the group said in the open letter, stressing the need to cut emissions by adopting clean solutions and reducing fossil fuel use to cap global heating at 1.5°C, in line with the Paris Agreement.

The group of 131 firms, worth US$987 billion in combined annual revenue, is made up of mainly Western firms operating in territories less dependent on fossil fuels, but includes a handful of Asian businesses, including Indian conglomerates Mahindra Group and Godrej, and some African businesses.

Brands worth at least US$1 billion, including consumers good giants Unilever, Danone and Nestlé, chemicals firm Bayer, brewer Heineken, tech company Hewlett-Packard, automaker Volvo and furniture retailer IKEA, are among the signatories.

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Eco Business, 31 Oct 2023: ‘We're losing money to climate change’: Corporates push for fossil fuels phase-out ahead of COP28

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