WMBC Calls On COP29 Negotiators To Maintain Clear Commitment To Transition Away From Fossil Fuels

Maria Mendiluce, CEO, We Mean Business Coalition said: “The transition from fossil fuels is not just one of many issues—it is the root cause of the climate crisis and must be addressed head-on at COP29. Businesses worldwide are calling for coherence and policy stability to facilitate planning and investment for the energy transition.

“Negotiators at COP29 must prioritise their commitment to implement the outcomes of the Global Stocktake, particularly around transitioning away from fossil fuels towards clean energy. This should be reflected in the final COP29 texts, reinforcing the pivotal agreements reached at COP28. Without clear signals that align with last year’s commitments, including the transition away from fossil fuels, governments risk stalling critical private sector investment needed to achieve climate goals.”

Call from business on phase out of fossil fuels

More than 260 businesses have signed a letter outlining what is needed to expedite the shift away from fossil fuels, emphasizing that policy clarity is crucial.

The letter reads: ‘The direction is clear, and 1.5°C remains within reach. Business is looking for robust policy commitments for how this will be brought into reality, including through multilateral outcomes at the G7, G20, and COP summits and other major international moments, and in national policies and targets to be reflected in the countries’ NDCs. Policy certainty will enable businesses to develop affordable and reliable near-term alternatives to fossil fuels for their operations and supply chains.’

WMBC policy asks at COP29:

• Clear signals from COP29 for ambitious and investible national climate plans - businesses are pushing for governments to solidify ambitious Nationally Determined Contributions (NDCs) that drive real change. Many companies are ready to invest but need clear signals from policy makers to justify large-scale investments in clean energy. As national climate plans for 2035 are drafted, governments must address the root cause of climate change—fossil fuel dependence—and commit to specific targets for sectors like clean energy, energy efficiency, and nature restoration.
• Strong global finance commitment - to translate these ambitious plans into action, companies insist that COP29 must establish a robust climate finance agreement (NCQG), particularly for low- and middle-income countries where climate finance is critical. Businesses highlight the need for a new, collective goal on climate finance to reduce investment risks, attract private funding, and support the transition from fossil fuels globally. Recent US data demonstrates the impact of such financing, with the Inflation Reduction Act attracting between $390-468 billion in private clean energy investments over two years due to $78 billion in federal spending.

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