The COP28 summit has concluded with an agreement recognising the importance of transitioning away from fossil fuels
Are we seeing the end of the fossil fuel era?
After 30 years of climate summits, this is the first one to address the issue of fossil fuels, stating that if we are going to avoid the most dangerous climate change, we have to phase out the use of fossil fuels.
Although this agreement is a significant achievement, it faces backlash regarding a loophole that may hinder the world’s ability to limit global heating to the crucial 1.5 degrees Celsius above pre-industrial levels.
The UAE consensus urges countries to embark on a phase-out of fossil fuels. However, it fails to make this transition mandatory, leaving room for interpretation and potential delays.
UN Secretary-General António Guterres praised the outcome as a groundbreaking recognition of the need to remove fossil fuels.
Impact on the 1.5°C global warming limit
The agreement emphasises the goal of limiting global warming to 1.5 degrees Celsius, acknowledging the pivotal role of phasing out fossil fuels in achieving this target.
Despite this progress, concerns linger regarding the substantial loopholes in the agreement. Sky News reported the term “transition fuels,” natural gas, has raised eyebrows, providing leeway for gas-rich nations to continue relying on fossil fuels.
According to the International Energy Agency, the current agreement only takes us approximately 30% of the way towards avoiding the 1.5-degree threshold.
Current agreement only takes us approximately 30% of the way towards avoiding the 1.5-degree threshold.
Developing nations, particularly small island states vulnerable to climate impacts, expressed reservations about the deal’s effectiveness. They emphasised the urgent need for additional financial support to facilitate the transition away from coal, oil and gas.
Developed countries, including the United States, pledged modest financial contributions while retaining their positions as major oil and gas producers.
The ongoing efforts of oil-producing countries like Saudi Arabia to water down connections to fossil fuels underscore the agreement’s significance. Russia also played a role in attempting to impede progress, signalling potential challenges in future COP sessions.
The road ahead
Critics argue that it took an oil-producing country, the UAE, to introduce a commitment to transition away from fossil fuels into the COP outcome for the first time.
The president of COP28, Sultan Al Jaber, who also acts as the CEO of the UAE’s national oil company, Adnoc, has faced praise and slander for his role.
As the world suffers from the impacts of climate change, the COP28 agreement stands as a pivotal movement, signalling a necessary shift away from fossil fuels. Although this agreement could be better, it sets the stage for global discussions on the urgent need to end the fossil fuel era.
