It’s Time to Step Up: Accelerate Climate Action and Phase Out Fossil Fuels

The science is clear - the climate crisis is no longer a distant threat but a living reality that is impacting millions of people every day – people, families, businesses and entire countries. With only five years left to deliver to the Paris Agreement, this years United Nations Climate Change Conference, COP29, is our chance to set bold, actionable targets to speed up the transition and ensure a fair and fast shift to net-zero.

We are in the most important decade of climate action, with only a few years left to course correct. We are in a pivotal time and delivering to the Paris Agreement means drastically reducing GHG emissions and phasing out fossil fuels. As a multinational business, we hold a responsibility to lead – by decarbonizing our operations, investing in renewable solutions, and collaborating across sectors. But we cannot do this alone; public and private sectors must unite as never before to drive the change needed.?

Solutions are within reach

The good news? The solutions are within reach. Renewable energy technologies, circular models, and sustainable practices in food, agriculture, and transport already exist. And we know it’s good business to be a good business. However, we must collectively move further and faster. Now is not the time to lose hope or focus. It’s time to step up. As I attend COP29, my message will be clear: we need bold ambitions, collaboration and action from both public and private sectors.

Policies that enable the transition

Unless we drastically reduce emissions every country and their economies will face the impacts of climate change. Now, leaders must focus to increase their efforts to phase out fossil fuel production, agree on the rules for a fair and effective carbon market and take fundamental step-change on climate finance across the board. ?

At COP29 and on the road to COP30 we advocate the following actions from governments to lay the foundation to transform the global energy system and halve emissions this decade:

• Develop ambitious 1.5°C aligned NDCs. Set short and long-term policies to finance and accelerate the transition to renewable energy, circular economy, sustainable transport, food systems, food waste, agriculture, and forestry. ??

• Accelerate the renewable energy transition and phase out fossil fuels, while increasing energy efficiency. Invest in necessary infrastructure and streamline permitting processes to enable businesses and people to transition faster.?
• Scale up climate finance and de-risk private capital flows. The New Collective Quantified Goal must be raised to aid developing countries disproportionally affected by climate change.

We remain committed to do our part and have already reduced our climate footprint by 24.3%, while growing the businesses by 30.9%. We are putting our resources where our commitments are; investing 7.5 BEUR into renewable energy by 2030, with 4.2 BEUR already deployed. This investment demonstrates our dedication to accelerating a net-zero society and creating a sustainable legacy for future generations.

We have an opportunity to change the course of climate change. Let’s step up, act together and turn our words into concrete actions.

Actions speak louder than words!