131 Companies Including Ikea, Volvo, and Nestle Urge COP28 to Adopt Timeline for Global Phase-Out of Fossil Fuels

Business Coalition Urges Global Leaders to Decarbonize Power by 2035, Criticizes Insufficient Actions Against Climate Change Despite Rising Emissions and Cost of Extreme Weather.

• 131 companies, which collectively generate nearly $1 trillion in annual revenue, have issued an open letter urging global leaders to establish and adopt a timeline for the worldwide phase-out of fossil fuels.
• Corporations such as Ikea, Volvo and Nestlé, among others, highlight that increasing extreme weather events related to climate change are already impacting their businesses and emphasize the need to transition towards cleaner energy through renewables.
• The companies state that they cannot efficiently make the transition away from fossil fuels alone, and call upon financial institutions, governments and fossil fuel producers to help accelerate the shift in investment and policy priorities.
• The letter also calls on wealthy nations to achieve 100% clean electricity by 2035, provide financial support to less affluent countries for their transition to clean energy, and implement fees for carbon pollution.
• Controversial issues regarding the details of the proposed fossil fuel phase-out plan, including potential loopholes for continued fossil fuel production and pressures on poorer nations, are expected to be significant points of discussion at the COP28 summit.

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