Companies worth US$1 trillion call for fossil fuels phase-out as oil and gas firms scale back climate ambition

A group of 131 companies worth just short of US$1 trillion have published a letter urging financial institutions, oil and gas companies and governments to support the phase-out of fossil fuels.

The letter was coordinated by the We Mean Business Coalition and signed by the likes of SAP, Nestlé, Unilever and IKEA to encourage action ahead of the COP29 summit. It explains that while large companies have “an important role to play in sending a clear signal about our future energy use” by setting science-based targets, they cannot transition away from fossil fuels alone.