In a first, the world agrees to the ‘beginning of the end’ of the fossil fuel era

In a historic agreement, the world has agreed to “transition away” from fossil fuels at the COP28 climate summit. Is this a success? Depends on who you talk to.

More than 100 countries lobbied for an agreement to “phase out fossil fuels” at the United Nations Climate Change Conference but, of course, were met with opposition from the OPEC countries.

The deal struck in Dubai by nearly 200 countries calls for “transitioning away from fossil fuels [italics mine] 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.”

It’s the first time that fossil fuels have been named as responsible for global warming in an official COP outcome.

The UN stated that the agreement “signals the ‘beginning of the end’ of the fossil fuel era by laying the ground for a swift, just and equitable transition, underpinned by deep emissions cuts and scaled-up finance.”

Governments have agreed to triple renewable energy capacity globally by 2030, double efficiency, accelerate the reduction of coal use, implement sustainable cooling, and accelerate technologies such as carbon capture and storage, among other things. Operationalizing the newly created (yet underfunded) Loss and Damage Fund – financial support for developing countries experiencing climate change destruction caused by developed polluting countries – will also now be implemented.

The Alliance of Small Island States, which represents 39 vulnerable countries, said it had not been in the room when the deal was adopted, but its spokesperson, Anne Rasmussen from Samoa, said that the alliance would not formally object to the agreement. But she told the assembly that the “process has failed us.”

John Kerry, the US special presidential envoy for climate, said, “While nobody here will see their views completely reflected, the fact is that this document sends a very strong signal to the world.”

China’s vice environment minister Zhao Yingmin said after the agreement was made that “developed countries have unshirkable historical responsibilities for climate change.”

The COP28 agreement isn’t legally binding, and it contains a lot of loopholes. Former US Vice President Al Gore said:

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.

Tara Clee, ESG analyst at UK financial services company Hargreaves Lansdown, said in an emailed statement to Electrek that “this presents a golden opportunity for investors to step up and accelerate the transition.”

UN Environment Programme executive director Inger Andersen stated, “The reality, as outlined in UNEP’s Emissions Gap report released ahead of the COP, is that we are not on track to deliver a resilient, low-carbon, and just world. This reality has not changed yet. Now the hard work of decarbonization must begin.”

UN Secretary General António Guterres summed up the outcome in a tweet:

Read more: OPEC tells members to reject COP28 deals that target fossil fuels

Photo: Kiara Worth/UN Climate Change

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