Guterres: Global shift to renewables is inevitable
The global shift to renewables is inevitable, said UN Secretary-General Antonio Guterres at the 28th meeting of the Conference of the Parties (COP28) to the UN Framework Convention on Climate Change. "The road to climate sustainability is also the only viable pathway to economic sustainability of your companies in the future."
"The 1.5-degree limit is only possible if we ultimately stop burning all fossil fuels. Not reduce, not abate, phase out," Guterres said. "The only question is how much heating our planet will endure before it happens. So, allow me to have a message for fossil fuel company leaders: Your old road is rapidly aging. Do not double-down on an obsolete business model. Lead the transition to renewables; using the resources you have available."
"Make no mistake – the road to climate sustainability is also the only viable pathway to economic sustainability of your companies in the future. I urge governments to help industry make the right choice – by regulating, legislating, putting a fair price on carbon, ending fossil fuel subsidies, and adopting a windfall tax on profits," he added.
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