Energy
Monday, December 4th, 2023 3:38 pm EDT
Key Points
- Global Push for Fossil Fuel Phase-Out at COP28: The COP28 climate summit in Dubai has brought attention to the longstanding issue of addressing fossil fuel consumption as a primary driver of the climate crisis. Policymakers from nearly 200 countries are convening, and many participants believe the success of the talks depends on securing a deal to “phase out” all fossil fuels.
- Debates Over Terminology and Approaches: The language of the final agreement, expected around December 12, is a key focus. “Phase out” implies a complete shift away from fossil fuels, while “phase down” suggests a reduction without absolute elimination. There is also a debate about whether the agreement should center on “abated” fossil fuels, using carbon capture and storage technologies, or “unabated” fossil fuels, produced and used without substantial emissions reductions.
- Divergent Views and Unprecedented Momentum: Differing opinions on the phase-out are evident, with Russia opposing it, the UAE preferring a phase-down, and Exxon Mobil advocating for a focus on emissions reduction. Despite these differences, there is unprecedented momentum for addressing fossil fuels at COP28. The operationalization of the loss and damage fund for climate disasters is seen as a positive breakthrough, creating space for discussions on fossil fuels. More than 80 countries supported a fossil fuel phase-out at COP27, reflecting a growing recognition of fossil fuels as the largest contributor to climate change. Parties are organized and engaged in negotiating the energy transition package, making this year’s COP28 different and crucial in determining the trajectory of global efforts to combat climate change.
The COP28 climate summit in Dubai has brought the global fight over the future of fossil fuels to the forefront. Policymakers from nearly 200 countries have gathered, and there is a widespread belief among attendees that the summit’s success hinges on a deal to “phase out” all fossil fuels. The final agreement’s language, expected around December 12, is closely watched, with “phase out” indicating a complete shift away from fossil fuels, while “phase down” suggests a reduction without absolute elimination.
Johan Rockstrom, Director of the Potsdam Institute for Climate Impact Research, emphasizes that COP28 must mark the beginning of the end of the fossil fuel era for the world economy. A draft text raises the possibility of a deal to “phase out” all fossil fuels, but alternatives include a “phase down” of hydrocarbons, a focus solely on coal, or no mention of fossil fuels at all.
Not all nations support a phase-out. Russia opposes this language, and the United Arab Emirates, hosting COP28, prefers a phase-down. Big Oil, represented by Exxon Mobil CEO Darren Woods, advocates for shifting the focus to emissions reduction rather than a complete phase-out of fossil fuels.
The unprecedented operationalization of the loss and damage fund for climate disasters paved the way for negotiations on major issues. Catherine Abreu, founder of the Destination Zero network, highlights the intertwined nature of fossil fuels and loss and damage, emphasizing that more fossil fuels lead to increased climate impacts. Last year, over 80 countries supported a fossil fuel phase-out commitment at COP27, but it lacked sufficient backing.
COP28’s success is seen as contingent on progress in phasing out fossil fuels. While various announcements during the summit aimed to decarbonize the energy sector, with governments pledging to triple renewable energy capacity by 2030, the U.N. chief, António Guterres, emphasizes the need to stop burning fossil fuels outright to prevent the worst effects of the climate crisis. The 1.5-degree Celsius temperature limit is regarded as crucial, requiring a clear timeframe for phasing out all fossil fuels.
For the full original article on CNBC, please click here: https://www.cnbc.com/2023/12/04/a-fossil-fuel-fight-takes-center-stage-at-the-cop28-climate-summit.html
