Nestle, Volvo among 130 companies urging COP28 agreement to ditch fossil fuels

Over 130 companies, including Nestle, Unilever, Mahindra Group, and Volvo Cars, are urging political leaders to agree on a timeline to phase out fossil fuels at the upcoming U.N. climate summit. The companies, with nearly $1 trillion in global annual revenues, are calling for a commitment to reach 100% decarbonized power systems by 2035 for richer economies and financial support for developing countries to ditch fossil fuels by 2040. The companies highlight the impacts and costs of extreme weather events caused by climate change.

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