Posts tagged with "fossil fuels"

COP28 Draft Agreement Calls to Move Away From Fossil Fuels

Nearly every country in the world has agreed to “transition away from fossil fuels” – the main driver of climate change – at the COP28 climate summit in Dubai.

It is the first time such an agreement has been reached in 28 years of international climate negotiations.

The commitment is included in the first “global stocktake” of how countries can accelerate action to meet the goals of the landmark Paris Agreement.

However, many countries walked away from the talks frustrated at the lack of a clear call for a fossil-fuel “phase-out” this decade – and at a “litany of loopholes” in the text that might enable the production and consumption of coal, oil and gas to continue.

Despite an early breakthrough on launching a fund to pay for “loss and damage” from climate change, developing countries were left disappointed by a lack of new financial commitments for transitioning away from fossil fuels and adapting to climate impacts.

COP28 president and oil executive Dr Sultan Al Jaber hailed the “world-first” achievement of getting “fossil fuels” in a UN climate change agreement.

However, his presidency was overshadowed by allegations the UAE intended to use COP28 to make oil-and-gas deals.

Read the full report from CarbonBrief HERE.

Draft COP28 Agreement.