COP-28 calls for ‘transition away’ from fossil fuels

Key Points

• The consensus, a 21-page resolution, emphasises the need for a just, orderly, and equitable transition from fossil fuels to achieve net zero by 2050
  • Aligning with scientific recommendations to limit global temperature rise.

Key Points from the Dubai Consensus

• The resolution calls on parties to transition away from fossil fuels in energy systems, aiming for net zero by 2050.
• Notably, the term "transitioning" replaces earlier drafts' stronger language of "phase-out."

Compromise Agreement

• The text reflects a compromise between developed and developing nations, addressing greenhouse gas emissions while considering proportional contributions based on historic responsibility.

COP28 Negotiations

• COP28 goes into overtime, with the final agreement released after continued wrangling.
• The negotiation process involves all 198 signatories agreeing on every line in the text.

Delayed Closure

• The final text is cleared, but proceedings extend for six more hours as countries express their opinions on specific aspects of the text.
• Grievances are expected to influence future deliberations.

Achievements and Funding Commitments

Loss and Damage Fund

• Commitments worth $750 million are secured for the Loss and Damage Fund, aiding countries in addressing climate disasters.

Decarbonization Pledges

• Pledges worth $85 million, outside the main COP text, aim to accelerate both private and public sector decarbonization efforts globally.

Signal to Fossil Fuel Industry

• The consensus signals a formal notice to the fossil fuel industry that its old business model is expiring, fostering a shift toward renewable energy and efficiency.
• The term "transitioning" is seen as a compromise, diluting earlier calls for a "phase-out" of fossil fuels.
• Some countries, like Saudi Arabia, oppose explicit references to "phasing out fossil fuels."

Adaptation and Financing Challenges

Broken Financing Promises

• The Dubai Consensus acknowledges a matter of "deep regret" regarding the partial realisation of the 2009 commitment to mobilise $100 billion annually between 2020 and 2025.

Carbon Space and Adaptation

• Critics highlight the need for increased focus on adaptation in a world where temperatures may rise by 2 degrees C or more.
• Developing countries emphasise the importance of preserving carbon space for their development.

Prelims Takeaway

• Dubai Consensus