Business transition plans centred around mapping and eliminating fossil fuels

Narrative:

To limit global warming close to 1.5°C, the transition away from fossil fuels is imperative, most recently stressed in the UN Environment Programme’s 2023 Production and Emissions Gap reports. This imperative is also recognized in the UN checklist developed to guide companies in preparing transition plans aligned with the recommendations of the UN secretary general’s High-Level Expert Group for net zero commitments, HLEG.

Given the urgent need to phase out fossil fuels, companies have a crucial role to play in producing transition plans focused on rapidly phasing out fossil fuels. Net zero business  initiatives are mobilising their members to phase out fossil fuels, via the Fossil to Clean campaign and via a work programme to be launched by the Exponential Roadmap Initiative. 

This session discusses the role that companies can play in the transition away from fossil fuels – in terms of immediate action starting in own operations and value chains, in terms of developing best practice that can be scaled, and in terms of beginning to send demand signals that will put pressure on governments and investors. It also announces a work programme by Exponential Roadmap Initiative for companies – with IKEA in the lead – to start mapping and eliminating fossil fuels.

​Speakers:

Axelle Bodwell, Youth Climate Change Delegate, Seychelles

Johan Falk, CEO Exponential Roadmap Initiative*

Christina Niemelä Ström, Global Head of Sustainability Supply and Strategic Sustainability Assignments, Inter IKEA

Joacim Sjöberg, CEO, Castellum, (pre-recorded interview)

Andrew Prag, Managing Director Policy, We Mean Business Coalition*

Tzeporah Berman, Chair Fossil Fuel Non-Proliferation Treaty Initiative*

*on site

Moderator: Andrea Lindblom, Head of Communications, Exponential Roadmap Initiative

Run-of-show

Background on the company work programme to map and eliminate fossil fuels:

At the 9 December event, Exponential Roadmap Initiative launches a company work programme to map and eliminate fossil fuels from operations and value chains. Member companies IKEA and Castellum join the program and issue a call to peers to join.

Companies joining the programme will
a) communicate their commitment to act
b) work on mapping fossil fuels in their own value chains
c) provide case examples of their actions to map and eliminate fossil fuels
d) share, develop and scale best practices.

When corporates map and eliminate fossil fuels from their operations and value chains, they send a clear signal –
to suppliers: Those that do not eliminate fossil fuels will be phased out eventually
to energy companies: demand for clean solutions is growing, and transformation necessary for energy companies’ survival
to financial institutions: new investments in fossil fuels are likely to become stranded while investments in clean solutions will pay off
to governments and cities: that greening grids is necessary to attract and keep leading companies

The work programme titled Map and eliminate fossil fuels, running until COP29, is designed to generate both inspiration and practical guidance on how to map and phase out the respective fossil fuels in value chains, both upstream and downstream. Regular group calls under Chatham House rules, convened by the Exponential Roadmap Initiative, will enable peer learning.

The work programme complements the Fossil to Clean campaign organised by the We Mean Business Coalition and is informed by the Fossil to Clean principles.