In a letter, published in newspapers today, CEOs, investors and academics have called for governments to stop subsidising and approving fossil fuel projects and to implement policies that will drive investment in decarbonisation.

Signatories include business leaders and investors across a range of sectors including resources, retail and superannuation.

According to the letter Real Zero means:

• Setting a deadline for ending fossil fuel use, rather than relying on offsets.
• Rapid reduction in fossil fuel use and absolute greenhouse gas emissions, not delays based on future technology promises.
• A managed end to fossil fuel production, including a phase out of subsidies.

“A critical mass of Australian businesses have declared their support for or signed voluntary climate commitments aligned with 1.5 degrees of global warming. It is welcome to see the private sector actually start to align their advocacy with these existing commitments,” said Polly Hemming, Director, Climate & Energy Program at The Australia Institute.

“To have any chance of staying within the liveable bounds of climate change, we must all be as ambitious as we say we are. ‘Real Zero’ must be the aspiration. ‘Real Zero’ must be the goal.

“The current policy settings favour a handful of fossil fuel companies and undermine the efforts of those actors who are genuinely trying to decarbonise. Greenwashing in Australia is effectively sponsored by the Australian Government through its ongoing endorsement of carbon offsets, unproven technology and incentives to keep using and producing fossil fuels.

“The Australia Institute values and supports the voices of so many respected Australians calling for real zero on the eve of this year’s Climate Integrity Summit at Parliament House tomorrow.”