10 December 2023 – 25 UK businesses, business groups and investors have urgently come together during COP28 to deliver a shared a statement in support of the UK Government COP28 negotiation which aims to keep 1.5C alive.
Read the letter here.
The negotiations at COP28 are reaching a critical moment. The UK has strong aims for the COP28 negotiations, however it has become clear that a show of support from UK businesses, business groups and investors is needed to demonstrate that the UK economy is behind the UK government’ aims and strengthen their negotiation position.
UK businesses have already been showing their support for the outcomes through more than 85 signing a letter calling for the phase out of fossil fuels by 2040 and a significant number of businesses and business leaders showing their support for a strong outcome from the negotiations through a letter to the COP28 President signed by over 1,000 globally.
This shared statement has been signed by 25 signatories from across various sectors including Velux, Hitachi, EDF, Unilever, National Grid, Heathrow, House of Baukjen, Salesforce and Low Carbon, plus business groups representing a much larger number of businesses, including the UK Corporate Leaders Group, Aldersgate Group, the Association for Renewable Energy & Clean Technology, and the East Lancashire Chamber of Commerce & Industry Ltd.
The statement lends support to the UK’s priority for COP28 to deliver new commitments and action to keep 1.5C alive. The aims are:
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A commitment to peak global emissions by 2025 and clear guidance for the next round of Nationally Determined Contributions (NDCs).
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Commitments in the GST to phase out unabated fossil fuels in line with the G7 commitment the UK helped to deliver earlier this year, and to triple global renewables and double energy efficiency by 2030.
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An outcome on finance which helps deliver the trillions needed to accelerate the transition and supports vulnerable countries build resilience to current and future climate impacts. This includes reform of international financial institutions and a commitment to double adaptation finance by 2025.
UK businesses and investors, we see the massive economic opportunity from delivering net zero that supports the UK in the transition to a climate neutral, nature positive and socially inclusive economy. COP28 presents an opportunity for the UK to demonstrate its global climate leadership, and to raise ambition globally on both climate mitigation and adaptation that supports implementation of our domestic UK targets.
Beverley Cornaby, Director, UK Corporate Leaders Group, said: “The 2020s is a crucial decade for action to get the world on a credible pathway to net zero by 2050 and keep warming to 1.5C. To put us on the right path at COP28 we need to see agreement to peak global emissions by 2025, declare commitments to phase out unabated fossil fuels and deliver outcomes on finance which helps deliver the trillions needed for the transition. The UK business community stands with the UK government in seeking to achieve these outcomes. This is not a moment for watering down momentum.”
