The world is about to witness a new history with its energy resources and how it is used. The conversations around a greener path to things have never sounded more vivid like now.
The much talked about the climate conference that was held in Dubai from November 30 to December 12 has reached a head. The energy conversation almost tipped at a point, but the world was able to find a solid place to agree.
COP28 witnessed a pivotal moment as countries grappled with a disputed agreement on fossil fuels.
The conference’s timeline extended by a day, underscoring the complexity of reaching a consensus on the urgency of phasing out fossil fuel production.
The final Global Stocktake agreement, adopted on Wednesday, emerged as a significant step, marking the first COP text openly urging nations to detach themselves from fossil fuels.
President of the conference, Sultan al-Jaber had held a controversial position that questioned the climate science as countries were also found to be falling behind in the first review of their progress towards reducing emissions to keep global warming in check.
Incremental Progress Amidst Controversy
The journey to the final agreement was fraught with contention. A draft on Monday stirred outrage by omitting language to “phase down” or “phase out” fossil fuels, a move opposed by more than half of the attending countries.
The eventual compromise resulted in a call to “transition away” from fossil fuels, a less definitive stance than the explicit “phase-out” language. The distinction between “phasing down” and “phasing out” lies in the approach—complete cessation versus a gradual reduction without specific targets for achieving net-zero carbon emissions.
The agreement also addresses the “unabated” use of coal, aiming to “phase down” its unabated use. However, this approach faces criticism as it permits substantial coal burning as long as the generated carbon dioxide is more frequently removed and stored underground—a solution deemed insufficient by climate experts.
A Flawed Victory
While the adoption of the first deal on fossil fuels marks a milestone, experts caution about its flawed details. Loopholes in the resolution potentially provide escape routes for the fossil fuel industry, relying on unproven and unsafe technologies. The absence of explicit “phase-out” language is noted as a significant drawback, introducing ambiguity and allowing for varied interpretations.
The head of global political strategy at Climate Action Network International, Harjeet Singh warns:
“The current terminology – ‘transitioning away’ – is somewhat ambiguous and allows for varying interpretations,”
Loss-and-Damage’ Fund: A Positive Prelude
The conference commenced on a positive note with the approval of a “loss and damage fund” designed to assist vulnerable communities and developing nations grappling with the aftermath of climate disasters.
This fund, first proposed at COP27 in Egypt, aims to address the impact of events like crop destruction caused by floods.
While the approval of the fund is a step in the right direction, criticism arises over the pledged amounts from developed nations.
The $700 million pledged falls significantly short of the estimated $400 billion in annual damages caused by climate change. Developed nations, including the United Arab Emirates, Germany, Italy, France, the United Kingdom, the United States, and China, made varying financial commitments, sparking debates about equitable contributions.
Tripling Renewable Energy
Amidst the controversies and debates, one outcome emerged as a beacon of hope—the call to triple global installed capacity of renewable energy. The agreement urges countries to contribute to this global target, emphasizing the potential to avoid emissions of about 7 billion tonnes of carbon dioxide equivalent between now and 2030.
This measure, coupled with a doubling of annual improvements in energy efficiency, stands as a tangible contribution to emission reductions.
As COP28 concludes, the world grapples with the intricacies of climate agreements, knowing that each decision shapes the trajectory of our shared environmental future.
Culled in by Fortune Omosola
