COP28 draft agreement falls fatally short of the clarity and ambition the climate and economy demand: a phase out of fossil fuels

The latest COP28 draft agreement published today falls fatally short of what the global climate and economy demand: a phase out of unabated fossil fuels.  

Ceres CEO and President Mindy Lubber, said:  

We are deeply concerned that the draft agreement text published today does not reflect the level of urgency and ambition demanded by the global climate crisis. It also lacks specificity and leaves open the potential for procrastination by countries and industries. 

The scale of weather, water, fire, and other impacts on nature, people, and our economies have been catastrophic over the past few years. We are not on track to meet the goals of the Paris Agreement. The time is now for clear, bold action by governments, corporations, and investors. There can be no ambiguity—we must phase out unabated fossil fuels. The final COP28 agreement must call on countries to move away from fossil fuels and invest in job-creating, cost-saving clean energy technology and solutions. 

We also need well-defined interim steps that can act as benchmarks, ensuring a more accountable and measured approach towards global net zero goals. These interim measures will be essential in increasing momentum and preventing complacency in the face of our pressing global 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.