COP28 Reaches Historic Deal To Transition Away From Fossil Fuels, But Not Phase Them Out
Representatives at the United Nations COP28 climate summit in Dubai have reached a historic deal that would push nations to transition away from fossil fuels, but not completely phase them out.
The deal was approved by almost 200 countries today and the summit’s president Sultan al-Jaber hailed it as a “robust plan” to keep the target of capping global temperatures at 1.5°C above pre-industrial levels, within reach.
However, this deal doesn’t seek a phase-out of fossil fuels which over 100 countries had pleaded for. Rather, it urges for a transition away from fossil fuels in energy systems in a ” just, orderly, and equitable manner, accelerating action in this critical decade”.
The transition is supposed to follow climate science and get the world to reach net zero greenhouse gas emissions by 2050.
Moreover, US climate envoy John Kerry said that both the United States and China intend to update their long-term climate strategies.
The previous draft of this document omitted the “phasing-out” of fossil fuels and offered a list of options that states “could” take to combat the serious climate crisis. This led to an international outcry with many states in disagreement which further extended talks, reaching the final version.
While the concluded document did not reinclude the phasing out of fossil fuels, it does explicitly call on all nations to contribute through a series of actions, using stronger and more urgent language.
The conference held in the UAE, one of the top ten global oil producers, has been scrutinised from the start due to its strong connections with the fossil fuel industry, particularly following the appointment of oil executive al-Jaber as the head of the negotiations.
Upcoming climate conferences in Azerbaijan and Brazil are slated to resolve numerous monetary matters over the next two years.
According to the United Nations Environment Programme, developing countries require annual funding of $194 to $366 billion to effectively adapt to a changing climate characterised by increased warmth and environmental volatility.
While many representatives have shown enthusiasm at the agreement which was concluded after intensive negotiations that ran into the early hours of this morning, the UN Foundation’s senior adaptation adviser said, before it was approved, that it ” falls short in mobilising the financing needed to meet those targets”.
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