In the pursuit of a robust agreement at the COP 28 in Dubai, more than 100 participating countries have advocated for the inclusion of "phasing out" oil, gas, and coal in the deal at the UN climate summit.
In the pursuit of a robust agreement at the COP 28 in Dubai, more than 100 participating countries have advocated for the inclusion of "phasing out" oil, gas, and coal in the deal at the UN climate summit.
December 15 2023
In the pursuit of a robust agreement at the COP 28 in Dubai, more than 100 participating countries have advocated for the inclusion of "phasing out" oil, gas, and coal in the deal at the UN climate summit.
However, on December 13th, after prolonged and contentious discussions, delegates from nearly 200 countries agreed to include "transitioning away from fossil fuels in energy systems in a just, orderly, and equitable manner" in the document. This replacement of the “phase-out” terminology is a clear compromise, leaving ample room for interpretation. Unfortunately, it appears that the urgency for strong climate action has been sidelined.
While some might argue that this is a landmark agreement, as it specifically mentions fossil fuels - and not just coal - for the first time, thereby keeping the 1.5° target viable, the truth is stark. The fossil fuel sector is aggressively resisting the inevitable end of its era. By focusing on reducing the intensity and methane emissions of its production, while carefully avoiding any mention of reducing absolute emissions, we are far from transitioning to a low-carbon economy at steady pace.
However, now is the time to transform this commitment into action. Ambitious climate policy demands a robust policy framework. The UK and the EU, along with leading businesses worldwide, have been vocal during the summit, expressing strong support for a clear plan to phase out fossil fuels. The goal to triple global renewable energy production and double energy efficiency by 2030 will support this objective. We anticipate that the EU will demonstrate leadership, implement effective and robust policies, and take actions to achieve climate neutrality by 2050.
Other negotiations have yielded slow progress and limited action relative to the scale of what is required. Discussions that would have clarified aspects of Article 6 of the Paris Agreement, which governs carbon credits, have been deferred to COP 29, scheduled for next year in Baku, Azerbaijan.
Finally, in a year marked by climate shocks and an increasing acknowledgment that a just transition is not merely about mitigation but also involves financial considerations, we welcome the agreed-upon loss and damage fund, which has received pledges exceeding USD 700 million.
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