Countries Sign Landmark Deal to Transition from Fossil Fuels

After intense negotiations, a global consensus was reached at the COP 28 summit in Dubai. The agreement mandates a substantial, swift, and ongoing reduction in greenhouse gas emissions, coupled with a gradual and equitable shift away from fossil fuels in the energy sector.

The COP28 climate summit stretched well past midnight, surpassing all deadlines as negotiators worked tirelessly to broker a deal. Eventually, a draft garnering universal approval emerged and was officially adopted on Wednesday morning, eliciting applause from a sizeable assembly of some of the world's most influential figures.

"It is a plan led by science … a historic package to accelerate climate action," said COP 28 President Sultan al-Jaber. "This is the first time we have language on fossil fuel," However, with the document skirting the phrase "phase-out" in the face of unyielding opposition of OPEC members and their supporters, many saw the outcome as pyrrhic victory at best.

However, given the complex dynamics of global fuel politics and the contradictions and powerful interests involved, achieving more than this was probably beyond the realistic reach of COP28. The document calls for transitioning from fossil fuels in the energy system "in a just, orderly and equitable manner, accelerating action in this critical decade, to achieve net zero by 2050 in keeping with the science." It was historic in the limited sense that never before in climate talks had fossil fuels even been addressed, let alone included in an agreement that prescribes a transition to cleaner fuels. Environmentalists have, therefore, hailed the deal as a "positive step" but also pointed out its shortcomings.

The document outlines seven steps to reduce greenhouse gas emissions, calling for the replacement of fossil fuels with clean energy and a global net-zero target by 2050. The signed deal calls on the parties to triple renewable energy by 2030 and double energy efficiency. It also recognises that the costs of renewables are falling fast.

The document currently contains the exact text regarding coal from Glasgow. It calls for an acceleration of efforts to phase out unabated coal power. The previous draft faced criticism from European, Latin American, and vulnerable island states because it had removed all references to phasing out fossils.

According to the document on Nationally Determined Contributions (NDC), new national climate pledges are expected to be submitted by late 2024. The document acknowledges the need for finance but lacks concrete numbers, making this the main item on the agenda for 2024.

However, beyond the cheery optics, what is causing justifiable worry is the lack of clarity on several fundamental touchpoints, such as whether actual reductions in production and consumption will happen or countries will merely 'transition' their energy mix with increasing demand. These are issues with enormous implications for the world.