COP-28’S CALL FOR FOSSIL FUEL TRANSITION
Why in the News?
- Negotiators at COP-28 in Dubai adopt a resolution titled the “Dubai Consensus.”
- The resolution represents a small but crucial step towards phasing out fossil fuels.
Key Clause on Fossil Fuel Transition:
- Emphasis on transitioning away from fossil fuels in energy systems.
- Calls for a just, orderly, and equitable transition, aiming to achieve net-zero emissions by 2050 in line with scientific recommendations.
Source: Zawya
Compromise and Dilution from Earlier Drafts:
- The language of “transitioning” replaces earlier drafts that called for an actual “phase-out” of all fossil fuels.
- Despite the compromise, the resolution acknowledges the urgency of achieving net-zero greenhouse gas emissions by 2050.
Global Response and Compromise Dynamics
- Transitioning away from fossil fuels aligns with efforts to limit global temperature rise to 1.5 degrees Celsius by 2050.
- The consensus text reflects a compromise between developed and developing nations, considering historical responsibility for the climate crisis.
Mixed Reactions and Future Concerns:
- Delegates from vulnerable nations express dissatisfaction, indicating that the agreement falls short in ending fossil fuel use, putting their countries at risk.
- Some countries, including Saudi Arabia, Egypt, etc see the agreement as a step forward but express concerns about fund allocation from developed to developing nations.
COP-28 Agreements Beyond Fossil Fuels
- Countries commit to tripling global renewable energy capacity by 2030.
- The agreement aims to double the annual rate of energy efficiency improvements, critical for limiting temperature rise.
Loss and Damage (L&D) Fund Operationalization:
- The Loss and Damage Fund receives nearly $800 million in its first capitalization.
- The fund supports developing nations in recovering from climate disasters.
Methane Emissions Reduction and Adaptation Framework:
- COP-28 includes a call for reducing methane emissions, recognizing its potency in causing global warming.
- A global framework for defining adaptation goals is established, identifying common objectives such as climate-resilient food and agriculture.
COP-28’s adoption of the Dubai Consensus marks progress in the global effort to transition away from fossil fuels.