Citizens' Climate Lobby UK

Lobbying for a carbon fee and dividend

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Catch up on CCI at COP28

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Delegates from Citizens’ Climate International (CCI) are active at COP28…….’As we near the end of Week 1 of the COP28, there is consensus that ambition needs to rise quickly. Accelerated timelines & mobilization of expanded funds for transformational climate action are key’# # https://www.citizensclimateintl.news/p/shifting-incentives-making-risk-and

CCI is inviting us to catch up with what’s happening on a Zoom call this Friday (15.15 PM)……

We hope you can join us when we broadcast live on Zoom just past the midpoint at COP 28 on Friday,  December 8.  We will share stories and the latest projections of where the GHGs are heading. You can ask us questions. We want to hear from you too. What are you hearing in your country while we are in Dubai UAE at COP 28?

Get Connected

If you can’t make the Friday call there will be a chance to hear from COP28 at the CCI monthly information call…….

Join us at Citizens’ Climate International on Wednesday, December 20, 2023, to learn how you can help drive evidence-based and socially-just climate action. This month’s call will have a strong focus on COP 28. There are three convenient times to choose from. (13.00 PM, 19.00 PM, 01.00 AM).

Join Us

 

What business leaders want from COP28…..

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Back in October 131 companies, worth a combined $1 trillion in revenue, joined in the Fossil to Clean campaign, sending a letter to urge the heads of state attending COP28 to commit to a full phase-out of unabated fossil fuels, a tripling of renewable energy and a doubling in the pace of energy efficiency reforms………

Dear Heads of State attending UNFCCC COP28,

We, the undersigned companies representing $987 billion in global annual revenue, celebrate the exponential growth of solutions that have made clean energy cheaper and more accessible than ever before. However, global emissions continue to rise because we haven’t addressed the primary cause of climate change: the burning of fossil fuels.

Our businesses are feeling the impacts and cost of increasing extreme weather events resulting from climate change. We recognize the need to transition in a way that safeguards our future collective prosperity on a liveable planet. That means reducing our emissions, adopting clean solutions and reducing our use of fossil fuels to limit global heating in line with the Paris Agreement’s ultimate goal of 1.5°C.

As energy purchasers and users* in the global system, we have an important role to play in sending a clear signal about our future energy use, which is rapidly becoming cleaner through renewables. We are taking action and working toward phasing out our use of fossil fuels. That is why we are setting science-based targets, developing climate transition action plans, investing in net-zero solutions and disclosing our progress. Climate action is good for business now and in the future.

To decarbonize the global energy system, we need to ramp up clean energy as fast as we phase out the use and production of fossil fuels. This means turbocharging the renewables revolution, electrifying key sectors and massively improving efficiency — thereby creating the conditions for a rapid, well-managed and just transition away from fossil fuels. The transition to net zero could boost global GDP by 4% by 2030***.

But we cannot make this transition securely or efficiently alone. Financial institutions, fossil fuel producers and governments all have crucial roles to play.

We urge:

  • Financial institutions to work collaboratively with us, and with policymakers, to ensure that capital is being allocated to accelerate the clean energy transition — creating a financial system that safeguards future growth and returns for people and planet.
  • Fossil fuel producers to join us in setting science-based, net-zero targets and to develop and publish transition plans on short- and long-term steps to decarbonize business operations, products and services. This includes shifting investments away from fossil fuels and toward clean energy to halve GHG emissions by 2030 and enable a net-zero global energy system by mid-century.
  • Governments to set the enabling conditions, policies, regulations and investments for a just clean energy transition. The decisions made today are critical to protect people and ensure a livable, healthy and prosperous future. Policy certainty will allow businesses to develop affordable and reliable near-term alternatives to fossil fuels for their operations and supply chains.


We call on all Parties attending COP28 in Dubai to seek outcomes that will lay the groundwork to transform the global energy system towards a full phase-out of unabated**** fossil fuels and halve emissions this decade. This can be enabled by agreeing to a global target of tripling renewable electricity capacity to at least 11,000 GW and doubling the rate of deployment of energy efficiency by 2030.

In support of the above, we urge all governments to:

  • Set targets and timelines for the phase-out of unabated fossil fuels in line with 1.5°C, supported by national plans and policies to ensure a just transition for affected workers and communities. Wealthier countries have the responsibility to be first movers and support other countries in their efforts.
  • Accelerate the clean energy transition by committing to reach 100% decarbonized power systems by 2035 in advanced economies, and by 2040 for other countries, at the latest.
  • Support countries in the Global South in diversifying their energy systems and developing 1.5°C-aligned economic pathways, including through the provision both of finance that does not exacerbate unsustainable sovereign debt, and of capacity-building for just transition planning. This must be part of a broader alignment of public and private financial flows with the objective of an equitable global phase-out of fossil fuels.
  • Ensure clear pricing signals through a meaningful price on carbon that reflects the full costs of climate change — and reform and repurpose fossil fuel subsidies toward energy efficiency, renewable energy and other measures to support a people-centered and equitable clean energy transition.

Leadership from policymakers, alongside coordinated actions from finance and fossil fuel producers, will enable us, as energy users, to develop and deploy the climate solutions of the net-zero economy.

We stand ready to support and work with you on the path away from fossil fuels, and toward healthier and more resilient communities, sustainable economic growth and shared prosperity.

*Inclusive of power generators
**IEA
***IPCC AR6 WG3 2022. “Unabated fossil fuels refers to fossil fuels produced and used without interventions that substantially reduce the amount of GHG emitted throughout the life-cycle; for example, capturing 90% or more from power plants, or 50-80% of fugitive methane emissions from energy supply.” Storage must be on a geological timescale. WGIII Summary for Policymakers Headline Statements (ipcc.ch).

Reuters has since reported that the signatories are worried for the prospects of COP28 because of the lack of consensus over priorities and the increasing political polarisation.  Businesses are hampered by a lack of incentives and policies to support decarbonisation. 38% of respondents in a survey of 1,000 business leaders said they could not afford to decarbonise in the current environment: “One thing is clear: the business case for low-carbon investments is often weak, and businesses are looking for government to help create the market incentives to change that,” said Katherine Dixon, partner at consultants Bain & Company.

The business and finance sectors have long called for a global carbon emissions price that they say would level the playing field and make the switch to low-carbon more cost-effective, as has the IMF.

As stated in the Fossil to Clean campaign’s letter governments need to ensure ‘clear pricing signals through a meaningful price on carbon that reflects the full costs of climate change’. 

 

CCL member’s letters in the Guardian, pointing out that there is a fair solution to climate change and climate inequality…..

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CCL UK members have recently succeeded in making a splash in the Guardian, several years after our last successes.

Joe Grimm responded to the article titled: Five years on, the world is failing to learn the gilets jaunes’ lesson about class and climate which reiterated the dangers of climate policies which place the greatest burden on those least able to pay.

Joe wrote:

Oliver Haynes’ excellent analysis (Five years on, the world is failing to learn the gilets jaunes’ lesson about class and climate, 17 November) missed an opportunity to propose a practical solution. Four provinces of Canada have been using a form of climate income (AKA carbon fee and dividend), where a fee is levied on carbon fuel extraction or importation, and the revenue gets redistributed to citizens via a dividend in order to cope with rising prices. Switzerland has a carbon tax and it redistributes most of the revenue to citizens. Austria has the Klimabonus doing the same. Democrats in the US Congress introduced bills, but of course there was no support from the opposing party.

The UK and EU are locked into emission trading schemes that do not support citizens as fuel prices rise. Citizens’ Climate Lobby and Citizens’ Climate International are promoting the carbon fee and income redistribution model, but it’s an uphill battle. The government could support us better by implementing examples that have been shown to work in other countries.

CCL UK Co-Founder Judy Hindley responded to articles on the Climate Inequality report (CCL discussion here) and middle class habits which advocated further taxation of those best able to pay but without the incentives to decarbonise that Climate Income offers.

Judy wrote:

Re your special series, The great carbon divide, on inequality and the climate last week and the article by Damian Carrington (Restaurants, pets and holidays: how UK’s well-off have outsize carbon footprints, 20 November), the immense cost of climate change to those least responsible is one of the most appalling developments we now confront. Yet, there is an answer. It’s nearly 10 years since Jonathan Porritt, in his book The World We Made, first called for the kind of carbon tax (now known more generally as climate income) that’s been implemented in four provinces of Canada.*It’s basically a predictably rising price on all fossil fuels, with the funds rebated to citizens.

The policy is redistributive, costs the government nothing and, unlike a one-off windfall tax, holds the promise of gradually pricing fossil fuels entirely out of the market. Meanwhile, it rewards alternative energy use and gives incentives to every kind of “green” innovation, initiative or behaviour.

Studies show that this policy on its own could be a giant step to net zero, cutting pollution and climate costs, and paid for by fossil fuel companies themselves.

It is great to see our members disproving the assumption that carbon pricing means robbing the poor to pay the rich!

Molly Scott Cato discusses the Green Party’s carbon pricing policy…

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At the November CCL UK national meeting we had an informative talk by Molly Scott Cato, the Green Party’s Finance and Economic spokesperson. Molly explained the background to the Green Party’s carbon pricing policy, which currently comes closest to the Climate Income policy advocated by Citizens’ Climate Lobby UK.*

Molly explained that the EU would have liked to have implemented a carbon tax in 1992 but the requirement for unanimous approval of policies made that aim impossible, so the in 2005 EU copied the UK Emissions Trading System (2002), creating a market in carbon allowances rather than more predictable pricing. ETS should create an incentive for businesses to avoid payments by decarbonising but it lacks the gradual, predictable rise in prices which businesses require to plan effectively and carbon intensive industries were permitted a certain level of free allowances to guard against cheaper imports. In the following years global business recessions caused the price to collapse twice. As a result it has only recently become a successful instigator of decarbonisation with the EU ETS price at 100 euros/tonne; the UK ETS is currently far less effective because of a decision to increase more free allowances to heavy carbon emitting industries. New reforms are expected for the UK ETS, otherwise the economy will be hard hit by the need to pay CBAM (Carbon Border Adjustment Mechanism) tariffs on exports to the EU.

Currently the EU ETS is planned to be extended to road transport and heating emissions which will have a more direct impact on citizens, European countries can adopt a national carbon tax instead and Austria has adopted the Klimabonus climate income policy.

The Green Party proposes a carbon price starting at £100 per tonne, increasing to £500 in 2030, imposed upstream, ie. at the point of production so that it is passed on as a price rise to consumers rather than a price at the point of use, (currently oil and gas producers do not pay ETS as that is levied on emissions at point of use).

Molly explained that the Green Party do not plan to hypothecate carbon pricing so it will go directly to the Treasury’s general revenue pot.  This is where their policy differs from Climate Income as implemented in Canada and increasingly Europe where it is returned to citizens as a more or less universal dividend, (see Policy in Depth for background information on CI schemes). They propose using the carbon price to support the rest of their decarbonising policies such as street by street retrofitting, with some monies going to the poorest in society. A universal basic income, they argue will offer fairness and they prefer not to encourage spending through a carbon dividend to all.

There was a lively discussion on the merits or otherwise of the two approaches, carbon pricing without dividends has been successful in Scandinavian countries where the government is trusted and the wellbeing of all citizens is prioritised but has been disastrous in France where fuel taxes were introduced shortly after tax cuts for the rich.

*In the UK the Liberal Democrats endorses associating the UK ETS with the EU ETS and may then endorse a similar policy to Austria. The SNP probably has a similar approach – let us know!

 

Views from Citizens around the world – Talanoa

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On Tuesday 21st November CCI presented the latest Talanoa Dialogue on financial flows.

Joe Robertson, Executive Director of CCI clarified what we are up against…..

 In 1992 the United Nations Framework Convention on Climate change called for preventing dangerous human caused interference with the climate system, and in 2023 we are living with that dangerous interference. We know it is upon us, and we know we need to act quickly. Recent estimates suggest that more than half of the 67 million people displaced across the world, involuntarily displaced, are displaced by climate related causes. Many of them do not have rights of refugees. Recent science says that food systems are likely to experience simultaneous breadbasket failure, the failure of multiple food growing regions at the same time, and that this risk has been underestimated.

The Canadian, Australian and UK contributions highlighted the difficulty of weaning their economies off fossil fuel dependence in countries which profit the most from fossil fuels and suffer the least from their effects, although in recent years we are starting to catch up! Japan, which has not historically benefited from fossil fuel extraction, highlighted the problems with the chosen green(ish) energy path, the lack of opportunity for debate and urgency in implementation.

Other countries highlighted very individual examples of the effect of climate change and climate policies. ranging from the increased danger of flooding, unregulated mining, deforestation and plastic pollution. The very poignant Rumanian contribution really summed up the message….. consumer goods won’t buy happiness if they cost the earth.

All in all a sober and honest depiction of the complexity of the problem which faces us, made watchable by the determination of the Talanoa dialoguers to be an effective part of the solution!

New report ‘Climate Equality: A planet for the 99%’ ….

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Over the past 6 months Oxfam, The Guardian, Stockholm Environment Institute et al have been working on a report, Climate Equality: A planet for the 99%. The report details how the richest 1% emit more carbon than the poorest 66%. Not only do their transport, heating, air conditioning and doomsday bunker choices emit tonnes more carbon, they shield them from the effects of their emissions….

The world faces twin crises of climate breakdown and runaway inequality. The richest people, corporations and countries are destroying the world with their huge carbon emissions. Meanwhile, people living in poverty, those experiencing marginalization, and countries in the Global South are those impacted the hardest. Women and girls, Indigenous Peoples, people living in poverty and other groups experiencing discrimination are particularly at a disadvantage. The consequences of climate breakdown are felt in all parts of the world and by most people, yet only the richest people and countries have the wealth, power and influence to protect themselves. With that power comes huge responsibility.

If no action is taken, the richest will continue to burn through the carbon we have left to use while keeping the global temperature below the safe limit of 1.5°C, destroying any chance of ending poverty and ensuring equality. The world needs an equal transformation. Only a radical reduction in inequality, transformative climate action and fundamentally shifting our economic goals as a society can save our planet while ensuring wellbeing for all.

The report uses a “mortality cost” formula, also used by the US Environmental Protection Agency, which estimates there are 226 excess deaths worldwide for every million tonnes of carbon. According to this calculation the emissions from the 1% (5.9bn tonnes in 2019) would be enough to cause the heat-related deaths of 1.3 million people over the coming decades. It also calculates that from 1990 to 2019, the accumulated emissions of the 1% were equivalent to wiping out last year’s harvests of EU corn, US wheat, Bangladeshi rice and Chinese soya beans.

It is good to see that the effect on the environment of such gross inequality has been quantified. Whilst Oxfam rightly calls for wealth taxation and redistribution the proceeds from a direct carbon pricing policy such as Climate Income, if applied to the fossil fuels billionaires consume would hugely boost the dividend available. Climate Income could be part of the transformative climate action Oxfam asks for if it were to be applied globally, as detailed in these recent reports.* Maybe even billionaires would think again when they see the effects of carbon pricing on their pockets, perhaps more travel by Tesla and less private jets, or boosting investment in alternative aviation fuels?

We also mustn’t lose sight of that fact that the average householder in the Global North contributes to global warming because pollution (fossil fuels) is currently more subsidised than priced and has skewed heating and transport choices. 14% of the UK’s emissions come from domestic heating. Pricing pollution should not just target the rich, but all of us.

Climate Income ensures making pollution pay does not penalise the majority whilst incentivising decarbonisation.

*Protecting the poor with a carbon tax and equal per capita dividend (Nature Climate Change, Nov 2021) outlined the benefit of imposing an international Climate Income policy, especially if the dividend could be returned on an equal per capita basis globally.

TOLL GATES AND MONEY PUMPS: Why carbon taxation could be a simple, fair and transformative policy instrument., Autonomy, March 2022. The report by the Autonomy think tank outlines how a globally applied carbon fee and dividend policy would be extremely effective at lifting the poorest countries out of poverty and more than a billion people above the global poverty line, as well as combating climate change.

 

Be inspired by the Citizens’ Climate International’s latest Talanoa Dialogue!

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In May this year Citizens’ Climate International (CCI) Activists from all over the world submitted ‘Talanoa Dialogue’ videos on the topic of climate ambition. You can watch the compilation video on the CCI website here, it includes a short extract from the UK video, written and presented by Dave Waltham at 2.50. This autumn the Taloanoa Dialogue theme is financial flows with the UK video submitted by Catherine Dawson.

CCI states that… In a series of brief videos, leaders from Citizens’ Climate International across the globe will discuss their passionate conversations about shifting money in a way that makes our planet prosperous and fair for everyone. There are numerous practical solutions: carbon pricing with rebates, measures at borders to address carbon emissions, funding for loss and damage, support for adapting to climate change, financing efforts to reduce emissions, changes to the Bretton Woods system, rules for financial organizations, forgiving debts, food financing, biodiversity financing, making polluters pay, lawsuits and many other options. Our leaders will be using the Talanoa Dialogue method.

What is a Talanoa Dialogue.

Talanoa is a traditional word used in Fiji and across the Pacific to reflect a process of inclusive, participatory and transparent dialogue. The purpose of Talanoa is to share stories, build empathy and to make wise decisions for the collective good. The process of Talanoa involves the sharing of ideas, skills and experience through storytelling. During the process, participants build trust and advance knowledge through empathy and understanding. Blaming others and making critical observations are inconsistent with building mutual trust and respect, and therefore inconsistent with the Talanoa concept. the videos will be broadcast at 1pm (GMT) on the 21st November in a 75 minute programme.

The latest Talanoa dialogue is now available to watch online. 

In preparation for COP28, CCI hosted our third Global Talanoa Dialogue on Nov. 21 with a focus on redirecting financial flows. CCI volunteers from Africa, Asia, North America, the Pacific, and both Western and Eastern Europe shared their perspectives and concerns. In a series of short videos, our leaders from across the globe talked about shifting money in a way that makes our planet prosperous and fair for everyone using the Talanoa Dialogue method. The event was viewed live by 97 people and 60 have since watched the recording. 

CCI Program Director Cathy Orlando said, “After experiencing the Talanoa Dialogue, one big take-home message for me is that the complex global crises of pollution and inequality are multidimensional and will require complex solutions and interwoven narratives to solve them. Consequently, we must be wary of politicians and organizations spouting simple narratives.  Here is the beautiful thing about what we’re going through collectively: if we do our work of deep listening, the crises we face will teach us how to grow our minds, hearts, and spirits.” (from CCI newsletter Nov 23).

Letter from the Pacific – meanwhile we await a King’s Speech …….

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Talofa lava!

Today, government leaders, climate advocates, and civil society will gather in the Cook Islands for the 52nd Pacific Islands Forum Leaders Meeting. The weight of the climate crisis—a stark reality for the Pacific—hangs heavy in the air. For decades, we have stood witness to its unyielding force, and our collective response can be nothing less than resolute. We now stand at the precipice of yet another devastating cyclone season made demonstrably worse by the continued warming of our oceans.

We are indeed at the front lines of the climate crisis but make no mistake – the Pacific remains at the forefront of climate action.

It was only in March of this year when the ‘Port Vila Call for a Just Transition to a Fossil Fuel Free Pacific’ was born in the aftermath of two fierce cyclones in Vanuatu. Since then, we’ve witnessed this powerful proposal gain traction in numerous high-level meetings of governments across the Pacific. It’s no coincidence that on the precipice of the most pivotal regional meeting of the year, Vanuatu grapples with the impacts of yet another Category 5 cyclone. Let there be no doubt—this is a fossil-fueled crisis. Just as we did the last time adversity came pounding on our doorsteps, we will emerge victorious in our resolve to chart the course ahead for climate action.

Our goals are crystal clear. We demand a resounding endorsement of the need to phase out fossil fuels by PIF Leaders, including a commitment to drive this forward at COP28, and support for the development of a Fossil Fuel Non-Proliferation Treaty. Our neighbours in the Global North, especially Australia and New Zealand, must move beyond mere rhetoric and take decisive action against the relentless expansion of coal, oil, and gas. The era of equivocation is behind us. If Australia wishes to stand as a partner in hosting COP31 with the Pacific, it must be a partner in the fight against fossil fuels now.

The Pacific will continue to lead the charge towards a fossil free future, acutely aware of what’s at stake. The world has seen the indomitable spirit of our islands, and we will continue to push so that future generations don’t just survive – but thrive. Come, and join us on this historic voyage.

Fa’afetai tele lava!

Auimatagi Joe Moeono-Kolio
Pacific Director
Fossil Fuel Non-Proliferation Treaty Initiative

Please consider helping the progress of the FFNPT (endorsed by CCI) by signing the petition for Aotearoa New Zealand to join the FFNPTI. For a stark reminder of what’s at stake read Antonio Guterres’  impassioned speech from the first UNSC debate on the implications of rising sea levels back in February.

(NB whilst we await the King’s speech please note that the Climate Change Committee does not endorse the Government’s claim that we will require 1/4 of our energy needs to be from gas in 2050, “The data is used from our sixth carbon budget but they used their own calculation to get to that.” )

The Women’s Institute Climate Conference – ‘A Formidable Force for Change…’

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The Women’s Institute is a uniquely trusted organisation and on the 17th October, I was fortunate to attend the WI Climate Conference 2023. Held in Westminster it attracted an impressive programme of speakers, opening with Theresa May, followed by Alok Sharma, and Ed Milliband. Panels included Chris Skidmore and representatives from the Grantham Institute, Green Alliance, CAST, WWF among many others. 

 

Encouragingly, in contrast to recent government announcements, all speakers emphasised the economic and social benefits of accelerating our efforts toward net zero. We repeatedly heard the message that delaying our transition from fossil fuels leaves us exposed to further instability and price rises as well as international loss of credibility. That a speedy green transition is an opportunity not a threat and must be embraced.

 

Panel and breakout discussions covered topics addressing biodiversity, the role of women and climate change, and encouraging communities to take action. Fossil fuel dependence featured heavily. I was disappointed to hear that few people had heard of Climate Income but encouraged by the united passion for innovative thinking to move us away from fossil fuels and toward renewables.

 

The climate emergency ranks third in our population’s list of worries but for many reasons people find it hard to talk about. Engaging people by finding common ground, normalising climate action and remembering that Martin Luther King said ‘I have a dream’ not ‘I have a nightmare’ for good reason. This fits well with the CCL approach, inspiring hope and nurturing a positive vision for a fairer cleaner future. Making the climate movement more welcoming and never underestimating the power of a conversation – one project trained 400 hairdressers in Australia to talk about climate change.

 

The highlight of the day for me was an unexpected coffee break conversation with Ed Milliband about Climate Income! Fortunately, our own Ed Atkinson had just returned from the Labour conference, having spoken with several shadow cabinet ministers, including Ed Milliband, about Climate Income. Suitably primed, Ed showed some familiarity with the topic, expressing tempered interest in the idea of giving money back to citizens and raising concerns about the impact on larger families. But I was glad to see him tuck my leaflet explaining the main arguments for Climate Income into his pocket as he walked away to deliver his speech. His opening idea? Will we be the last generation that didn’t get it? Or the first generation that did.

 

There were inspiring words from Ben Margolis (LargerUs) Luke Tryl (More in Common) and Lorraine Whitmarsh (Centre for Climate Change and Social Transformations) on perceptions and behaviour, public opinion, the importance of finding common ground, talking about the benefits of a green transition, making the climate movement welcoming and knowing that the British public is generally very fair minded.

 

And the role of the WI? The strength of the WI is that we are a trusted organisation, trusted by the public and by politicians. We are known for our good intentions and can take our message out, engage with people and enlist participation in a way that not many other institutions can. As we were reminded, the oil industry may be Goliath, but we are an army of Davids.

 

As a founding member of the Climate Coalition, with 180,000 members, including 400 Climate Ambassadors, the WI is in Theresa May’s words a ‘formidable force for change’, in Alok Sharma’s ‘a uniquely powerful voice’ and in my friend Ed Milliband’s: ‘WI conference? I wouldn’t miss it!’. 

Jane Renwick, CCL UK member, Marlborough.

Storm Babet – 60 years earlier than predicted…..

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Today the Times reported that “The floods that devastated Brechin were not predicted to hit for another 60 years, according to climate change modelling by Scotland’s environmental watchdog”. The 2021 Scottish Environmental Protection Agency (Sepa) flood risk plan had estimated that about 440 homes and businesses in Brechin would be liable to flooding by the 2080s due to climate change. But last week Storm Babet led to the forced evacuation of 400 homes, 60 years earlier than predicted. 

Meanwhile the We Mean Business Coalition’s Fossil to Clean Campaign has so far amassed 131 major companies, between them representing nearly $1 trillion in global annual revenue, to sign an open letter to the world leaders at COP28 to agree a timeline to phase out unabated fossil fuel exploitation……..

Dear Heads of State attending UNFCCC COP28,

We, the undersigned companies representing $987 billion in global annual revenue, celebrate the exponential growth of solutions that have made clean energy cheaper and more accessible than ever before. However, global emissions continue to rise because we haven’t addressed the primary cause of climate change: the burning of fossil fuels.

Our businesses are feeling the impacts and cost of increasing extreme weather events resulting from climate change. We recognise the need to transition in a way that safeguards our future collective prosperity on a liveable planet. That means reducing our emissions, adopting clean solutions and reducing our use of fossil fuels to limit global heating in line with the Paris Agreement’s ultimate goal of 1.5°C. (my emphasis)

As energy purchasers and users* in the global system, we have an important role to play in sending a clear signal about our future energy use, which is rapidly becoming cleaner through renewables. We are taking action and working toward phasing out our use of fossil fuels. That is why we are setting science-based targets, developing climate transition action plans, investing in net-zero solutions and disclosing our progress. Climate action is good for business now and in the future.

To decarbonise the global energy system, we need to ramp up clean energy as fast as we phase out the use and production of fossil fuels. This means turbocharging the renewables revolution, electrifying key sectors and massively improving efficiency — thereby creating the conditions for a rapid, well-managed and just transition away from fossil fuels. The transition to net zero could boost global GDP by 4% by 2030***.

But we cannot make this transition securely or efficiently alone. Financial institutions, fossil fuel producers and governments all have crucial roles to play.

We urge:

  • Financial institutions to work collaboratively with us, and with policymakers, to ensure that capital is being allocated to accelerate the clean energy transition — creating a financial system that safeguards future growth and returns for people and planet.
  • Fossil fuel producers to join us in setting science-based, net-zero targets and to develop and publish transition plans on short- and long-term steps to decarbonise business operations, products and services. This includes shifting investments away from fossil fuels and toward clean energy to halve GHG emissions by 2030 and enable a net-zero global energy system by mid-century.
  • Governments to set the enabling conditions, policies, regulations and investments for a just clean energy transition. The decisions made today are critical to protect people and ensure a liveable, healthy and prosperous future. Policy certainty will allow businesses to develop affordable and reliable near-term alternatives to fossil fuels for their operations and supply chains.


We call on all Parties attending COP28 in Dubai to seek outcomes that will lay the groundwork to transform the global energy system towards a full phase-out of unabated*** fossil fuels and halve emissions this decade. This can be enabled by agreeing to a global target of tripling renewable electricity capacity to at least 11,000 GW and doubling the rate of deployment of energy efficiency by 2030.

In support of the above, we urge all governments to:

  • Set targets and timelines for the phase-out of unabated fossil fuels in line with 1.5°C, supported by national plans and policies to ensure a just transition for affected workers and communities. Wealthier countries have the responsibility to be first movers and support other countries in their efforts.
  • Accelerate the clean energy transition by committing to reach 100% decarbonized power systems by 2035 in advanced economies, and by 2040 for other countries, at the latest.
  • Support countries in the Global South in diversifying their energy systems and developing 1.5°C-aligned economic pathways, including through the provision both of finance that does not exacerbate unsustainable sovereign debt, and of capacity-building for just transition planning. This must be part of a broader alignment of public and private financial flows with the objective of an equitable global phase-out of fossil fuels.
  • Ensure clear pricing signals through a meaningful price on carbon that reflects the full costs of climate change — and reform and repurpose fossil fuel subsidies toward energy efficiency, renewable energy and other measures to support a people-centred and equitable clean energy transition. (my emphasis)

Leadership from policymakers, alongside coordinated actions from finance and fossil fuel producers, will enable us, as energy users, to develop and deploy the climate solutions of the net-zero economy.

We stand ready to support and work with you on the path away from fossil fuels, and toward healthier and more resilient communities, sustainable economic growth and shared prosperity.

*Inclusive of power generators
**IEA
***IPCC AR6 WG3 2022. “Unabated fossil fuels refers to fossil fuels produced and used without interventions that substantially reduce the amount of GHG emitted throughout the life-cycle; for example, capturing 90% or more from power plants, or 50-80% of fugitive methane emissions from energy supply.” Storage must be on a geological timescale. WGIII Summary for Policymakers Headline Statements (ipcc.ch).