Group of 131 companies calls for agreement at COP28 to phase out fossil fuels

These companies – which together have almost US$1 billion (approximately R$5 billion) in global annual revenues – want participants at this year's United Nations climate summit (COP28) compromeWe are aiming to achieve 100% decarbonized energy systems by 2035 to the richest economies and financially help developing countries so that can abandon the fossil fuels maximum until 2040.

“Our companies are feeling the impacts and costs of increased extreme weather events resulting from climate change,” the letter says. “To decarbonize the global energy system, we need to scale up clean energy as quickly as we phase out the use and production of fossil fuels.”

COP28

COP28 begins in Dubai, United Arab Emirates, on November 30, in a scenario where more and more scientists warn that the world is not on the right path to avoid the worst impacts of climate change, as it is not meeting the goals of the Agreement of Paris 2015.

What is the Paris Agreement? And why is it so important?

The Paris Agreement is an international treaty that has one main objective: to reduce global warming. In practice, it seeks to prevent a 2ºC increase in global temperature in relation to the pre-industrial era, encouraging the creation of mechanisms to reduce the impact of climate change and the replacement of sources that emit greenhouse gases. O Curto explains more about one of the most important climate commitments in existence, quick game. 🤓

The speed at which countries should phase out fossil fuels will be one of the thorniest issues to be discussed at the COP.

Nestle, Volvo among 130 companies urging COP28 agreement to ditch fossil fuels https://t.co/dxN7U11VeY pic.twitter.com/oGYDzmcjk7

- Reuters (@Reuters) October 23, 2023

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