CEOs react to historic COP28 climate deal to transition away from fossil fuels

Many of the reactions are on predictable lines, though one can sense a fair amount of urgency in their tones:

  • The world will be “transitioning away from fossil fuels in energy systems” by 2050. That, combined with ambitions of tripling renewable energy capacity globally by 2030, is the main outcome of COP28 and also includes doubling energy efficiency.

  • To agree to the COP28 climate deal is a pivotal moment in the fight against the climate crisis. The hard work to deliver starts today. It means mobilizing huge investments in renewables, as well as grids and storage, the other two critical legs of a stable energy transition. - Ignacio Galan, Executive Chairman, Iberdrola

  • The UAE Consensus is a historic step that recognized the importance of the energy trilemma—achieving affordability and availability as well as sustainability—and that on fossil fuels, reduction in demand must be achieved, not just reducing production.

  • The conversation has been about adaptation and energy transition.This  will be an important factor of roadblocks or enablers.Clarity on global language will bring clarity to the market, which in turn will help capital allocation. - Emmanuel Faber, Chair, International Sustainability Standard Board


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