MEDIA RESPONSE
Surreal Debate about Fossil Fuels Stalls Progress
Besides the intense discussions about climate finance, debates about the essential transition from fossil fuels to clean energy continued at the 29th Conference of Parties (COP29) in Baku. Notably, Saudi Arabia repeatedly attempted to revoke last year’s agreement to “transition away from fossil fuels”.
“Fossil fuel interests continue to hijack climate conferences by contesting the solution to the climate crisis: replacing fossil fuels with clean energy,” says Mark van Baal of shareholder advocacy group Follow This.
“It’s incomprehensible that parties are still negotiating the non-negotiable, the transition from fossil fuels to clean energy.
“Phasing out fossil fuels, the root cause of the climate crisis, is an undeniable necessity. Delegates who oppose necessary changes have no place at the negotiation table, starting with the over 1,700* fossil fuel lobbyists who attended this year.
“We cannot forsake the solution because fossil fuel companies and petrostates do not want it.”
Investors hold the key
“With governments lagging, financial institutions must step up as stewards of the global economy. The portfolios of these global investors are most susceptible to devaluation caused by devastating climate change.
“Investors, the owners of fossil fuel companies, have a key role in steering them towards clean energy with decisive votes at AGMs.”
* Global Witness: at least 1,773 fossil fuel lobbyists
