COP28 Draft Agreement Falls Fatally Short of the Clarity and Ambition the Climate and Economy Demand: A Phase Out of Fossil Fuels

December 11, 2023 /3BL/ - The latest COP28 draft agreement published today falls fatally short of what the climate and economy demand: a phase out of unabated fossil fuels.

Ceres CEO and President Mindy Lubber, said:

“While we appreciate the goal to preserve an orderly process for reducing the use of fossil fuels, climate change is not “orderly” and the scale of weather, water, fire, and other impacts on nature, people, and our economies have been catastrophic over the past few years. The time is now for clear, ambitious action by governments, corporations, and investors. There can be no ambiguity—we must phase out unabated fossil fuels.

We applaud the progress made at COP28, including the renewed commitments to renewable energy and sustainability, but we are deeply concerned that the draft agreement text uses the conditional term "could," which does not reflect the level of urgency demanded by the global climate crisis. The final agreement must call on all countries to move away from fossil fuels and invest in job-creating, cost-saving clean energy technology.

The COP28 draft agreement also lacks specificity and leaves open the potential for procrastination by countries, companies, and industries. We need well-defined interim steps that can act as benchmarks, ensuring a more accountable and measured approach towards net zero goals. These interim measures will be essential in maintaining momentum and preventing complacency in the face of our pressing global sustainability threats that necessitate urgent and concrete actions.”

At COP28, more than 200 companies, collectively generating more than $1.5 trillion in global annual revenue, called on world leaders to phase out unbated fossil fuels, and last year, 600 investors with more than $42 trillion in assets under management called on governments for policies to support a phase out of fossil fuels. In an op-ed recently published in Triple Pundit, Ceres’ Andrew Logan, wrote: “This united front of investors and companies underscores the wide-ranging support for an impactful agreement at COP28. They're advocating not only for the phased elimination of fossil fuel usage in line with the push to cap global temperature rise at 1.5 degrees Celsius above pre-industrial levels, but also for ambitious targets to triple renewable energy capacity and double energy-efficiency rates by 2030.”

About Ceres

Ceres is a nonprofit organization working with the most influential capital market leaders to solve the world’s greatest sustainability challenges. Through our powerful networks and global collaborations of investors, companies and nonprofits, we drive action and inspire equitable market-based and policy solutions throughout the economy to build a just and sustainable future. For more information, visit ceres.org and follow @CeresNews.

Media Contact: Helen Booth-Tobin, booth-tobin@ceres.org, 617-247-0700 ext. 214