Nestle, Unilever, Mahindra Group, others call for clear timeframe to eliminate fossil fuels

Nestle, Unilever, the Mahindra Group, and Volvo Cars, among other corporations, are calling upon political leaders to establish a definitive timeframe during the upcoming U.N. climate summit for the gradual elimination of fossil fuels.

This was stated in a joint letter released on Monday, where 131 companies with a combined global annual revenue of nearly $1 trillion emphasized the necessity for COP28 summit attendees to pledge the achievement of entirely decarbonized power systems by 2035 in more affluent economies.

Furthermore, they urged support for developing nations, both financially and technically, to facilitate their transition away from fossil fuels by no later than 2040.

The 131 signatories of the letter, which encompass a diverse array of industries and consist of both multinational corporations and small to medium-sized enterprises, include notable names such as Bayer, Heineken, IKEA, and Iberdrola.

While companies are increasingly setting their timetables to reduce emissions, they are acutely aware that their capacity to curb planet-warming CO2 emissions hinges on swifter government action.

COP28 is scheduled to commence in Dubai on November 30, taking place against a backdrop of mounting warnings from scientists that the world is not currently on track to avert the most severe consequences of climate change, as outlined in the 2015 Paris Agreement.

This agreement committed nations to limiting global temperature increases to 1.5 degrees Celsius (34.7°F) above pre-industrial levels.

One of the most contentious issues at hand is the pace at which nations should transition away from fossil fuels.

Demands from Europe and other regions to halt the use of CO2-emitting fuels will inevitably clash with the positions of the world’s largest fossil fuel producers and consumers.

Moreover, less affluent nations contend that they are unable to accelerate CO2 emission reductions without substantial financial assistance from wealthier countries.