Authored by Tsvetana Paraskova via OilPrice.com,
-
COP28 ends with a historic compromise text, marking the first global call for transitioning away from fossil fuels.
-
The United Arab Emirates, as the summit host, celebrates the agreement as a groundbreaking deal to reduce emissions.
-
The final text reflects a significant step but faces watered-down language due to objections from oil-exporting countries, particularly led by Saudi Arabia.
The COP28 climate summit, which ran one day into extra time amid heated debates on the future of fossil fuel use and production, ended early on Wednesday with a compromise text referencing for the first time a call to all parties to transition away from fossil fuels.
The summit host, the United Arab Emirates, which is also one of OPEC’s top producers and exporters, hailed “the UAE consensus” as a historic deal to reduce emissions.
The final text adopted by the countries references for the first time in such summit declarations an explicit call for transitioning away from fossil fuels.
But the final agreement is watered down compared to any references to phasing out or phasing down of fossil fuels, as objections from many oil exporting countries – led by Saudi Arabia – held back talks in the final days and sent the conference into overtime on Wednesday, a day later than its planned end early on Tuesday.
The Conference of the Parties “Further recognizes the need for deep, rapid and sustained reductions in greenhouse gas emissions in line with 1.5 °C pathways and calls on Parties to contribute to the following global efforts, in a nationally determined manner, taking into account the Paris Agreement and their different national circumstances, pathways and approaches,” the text reads.
One of the “global efforts” is “Transitioning away from fossil fuels in energy systems, in a just, orderly and equitable manner, accelerating action in this critical decade, so as to achieve net zero by 2050 in keeping with the science.”
COP28 President Sultan Al Jaber said after the agreement was announced:
“We delivered world first after world first. A global goal to triple renewables and double energy efficiency. Declarations on agriculture, food and health. More oil and gas companies stepping up for the first time on methane and emissions. And we have language on fossil fuels in our final agreement.”
Here are some reactions to the deal:
U.S. special climate envoy John Kerry:
“I am in awe of the spirit of cooperation that has brought everybody together.”
Former U.S. vice president Al Gore:
“The decision at COP28 to finally recognize that the climate crisis is, at its heart, a fossil fuel crisis is an important milestone. But it is also the bare minimum we need and is long overdue. The influence of petrostates is still evident in the half measures and loopholes included in the final agreement.“
“Whether this is a turning point that truly marks the beginning of the end of the fossil fuel era depends on the actions that come next and the mobilization of finance required to achieve them.”
A source familiar with Saudi Arabia’s position:
The deal is “a menu where every country can follow its own pathway” and “shows the various tracks that will allow us to maintain the objective of 1.5 (degrees) in accordance with the characteristics of every nation and in the context of sustainable development.”
“We must use every opportunity to reduce emissions regardless of the source. We must use all technologies to this effect.”
Most importantly, Great and Al Gore are happy (no matter that it’s pure bullshit platitudes to justify authoritarian globalist government policies around the world).
Tyler Durden
Wed, 12/13/2023 – 09:05
