In your recent editorial you write that “the world is warming faster than scientists expected” (FT View, March 25). Yet, since before COP28’s agreement to move away from fossil fuels, oil and gas companies have been telling a different story, full of sound and fury, of the demise of the clean energy transition.
Those who recognise the absolute necessity of phasing out fossil fuels to avoid catastrophic climate change always knew the road ahead would be tough.
There now needs to be a doubling down of efforts to actively phase out the use of fossil fuels. We are already seeing a determined drive by companies such as Ikea, Nestlé, Iberdrola and Volvo Cars to urge governments to set policies that accelerate the transition away from fossil fuels to clean energy.
Several banks have announced curbs on various aspects of financing for oil and gas. Canada has secured the surrender of the last remaining permits for oil and gas development off its Pacific coast, and recently business and investors came out in support of EU adoption of an emissions reduction target of at least 90 per cent by 2040.
But it is still so very far from enough.
Maria Mendiluce
Chief Executive, We Mean Business Coalition, Geneva, Switzerland
