The Fossil to Clean campaign is a global movement that aims to shift businesses away from fossil fuels and towards cleaner, more sustainable energy solutions. As climate change continues to pose a significant threat to our planet, it has become increasingly crucial for companies to take action to reduce their carbon footprint and transition to cleaner alternatives. OXO, along with 135 other companies worldwide, has joined this campaign to send a strong market signal that will encourage governments, energy providers, and capital investors to expedite the adoption of affordable, reliable, and safe clean energy alternatives. In this article, we will explore the Fossil to Clean campaign, its objectives, and the significance of OXO's participation in this initiative.
The Fossil to Clean campaign is an ambitious global initiative spearheaded by the We Mean Business Coalition (WMBC) and supported by various partners. Its primary goal is to inspire businesses and policymakers to take decisive action towards phasing out fossil fuels and embracing clean energy solutions based on science-based timelines.
The campaign's timing is significant. As we approach COP28, the 28th Conference of the Parties to the United Nations Framework Convention on Climate Change, the world is experiencing a historic shift in momentum. COP27 saw over 80 countries unite behind a call to phase out all fossil fuels. Additionally, the European Union and G7 nations have committed to promoting a global phase-out of unabated fossil fuels. This growing consensus among nations sets the stage for businesses to play a vital role in encouraging policymakers to enact policies that support the transition to cleaner energy sources.
Key Objectives of the Fossil to Clean Campaign
- Sending a Clear Market Signal: The campaign's primary objective is to have thousands of influential businesses worldwide send a strong market signal. This signal will urge energy suppliers, capital providers, and governments to accelerate the provision of affordable, reliable, and safe clean alternatives. By aligning with the campaign, companies like OXO commit to contributing to this essential market signal.
- The Fossil to Clean Principles: Central to the campaign are the Fossil to Clean Principles for Global Fossil Fuel Phaseout. These principles provide clear guidance and timelines for transitioning to clean energy while phasing out fossil fuels. They offer a roadmap for businesses, investors, and governments, ensuring alignment with the goal of rapidly decarbonizing the global energy system by the 2040s.
- Government Commitment: The campaign calls on governments to make a global commitment to the timeline and targets for fossil fuel phase-out. It also urges governments to update their Nationally Determined Contributions (NDCs) to include timelines and targets for fossil fuel phase-out. By working in collaboration with policymakers, the business sector can help reduce fossil fuel consumption across sectors and accelerate the transition to clean energy solutions.
Participating in the Fossil to Clean campaign provides companies with a clear and credible ambition, action plan, and advocacy item. It positions them as leaders in shaping the markets of tomorrow and advancing the transition to net-zero emissions economies. Companies that align their strategies, products, services, and supply chains with 1.5°C-aligned pathways gain customer loyalty, new market share, price premiums, improved access to capital, and engaged employees. Moreover, in the lead-up to COP28, companies are likely to face questions about their efforts to reduce fossil fuel consumption, making their participation in the campaign especially relevant.
The Fossil to Clean Principles works in harmony with science-based targets (SBTs). While many companies have set SBTs, very few have explicitly defined an end date for fossil fuel use. This is a crucial missing piece, as specifying when fossil fuels will be phased out is essential for signaling to the market and encouraging investment in clean energy solutions. The principles provide a clear path for phasing out fossil fuels, which complements a company's commitment to a science-based net-zero target.
The campaign recognizes that the energy transition must address the unique circumstances of developing countries. While the primary focus is on reducing fossil fuel consumption, it acknowledges that some developing nations heavily rely on the fossil fuel industry for tax revenues and employment. Therefore, these countries need support and guidance to diversify their economies and transition to cleaner energy sources. Developed countries are encouraged to lead by example, phasing out fossil fuels more rapidly while offering support to developing nations for a fair and expedited transition.
By participating in this initiative, OXO positions itself as a force in the fight against climate change, while contributing to a just, clean, and green global economy. The Fossil to Clean campaign offers a unique opportunity for us to #BuildTomorrowToday, and it couldn't have come at a more critical time in our battle against climate change.