Proactive Investors - BT Group PLC (LON:BT) and Unilever PLC (LON:ULVR) are among firms which have called on world leaders to rework policies to support the phase-out of fossil fuels ahead of the COP28 summit.
In an open letter signed by some 131 companies, the duo were among firms from across different industries calling for more to be done to limit global warming.
“Global emissions continue to rise because we haven’t addressed the primary cause of climate change: the burning of fossil fuels,” the letter said.
“Our businesses are feeling the impacts and cost of increasing extreme weather events resulting from climate change.”
COP28 is due to take place in Dubai between late November and early December, with world leaders poised to discuss progress since a sweeping commitment to limit global temperature rises to 1.5C was made in Paris in 2015.
Though they acknowledged progress in the rollout of clean technologies, the group - which represents collective revenues of almost US$1 trillion - said more needed to be done.
This includes the use of science-based targets and environmental disclosures, alongside commitments to fully decarbonise power grids over the coming decades.
“We cannot make this transition securely or efficiently alone,” the letter continued.
“Financial institutions, fossil fuel producers and governments all have crucial roles to play.”