The COP28 summit concluded on 12th of December in Dubai, reaching -after a prolonged debate and much controversy- the UAE Consensus that plans to phase out fossil fuels.
After many COP summits, limiting fossil fuel use has finally been addressed. In particular, the UAE Consensus transitioning away from fossil fuels in energy systems, in a just, orderly and equitable manner, accelerating action in this critical decade, so as to achieve net zero by 2050 in keeping with the science. The text also states “phasing out inefficient fossil fuel subsidies that do not address energy poverty or just transitions, as soon as possible“.
Major commitments contained in the final negotiated text include:
- An unprecedented reference to transitioning away from all fossil fuels to enable the world to reach net zero by 2050.
- A significant step forward in the expectations for the next round of Nationally Determined Contributions (NDCs) by encouraging “economy-wide emission reduction targets.”
- Building momentum behind the financial architecture reform agenda, recognizing the role of credit rating agencies for the first time, and calling for a scale up of concessional and grant finance.
- A new, specific target to triple renewables and double energy efficiency by 2030.
- Recognizing the need to significantly scale up adaptation finance beyond the doubling to meet urgent and evolving needs.
It is the fist time in history that “fossil fuels” have been directly addressed, making this Consensus historic. However, not all countries agreed on the decision, especially nations whose economy largely depends on fossil fuels. This COP was characterised by a pressing need to keep earth’s rising temperature within the 1,5 °C goal and nations trying to protect their interests by supporting fossil fuels. That, in turn, led to talks being extended and the COP going into overtime.
However, despite contrary efforts, the COP decided on phasing out fossil fuels, in order to reduce GHG emissions and their resulting effects.
To those who opposed a clear reference to phase out of fossil fuels during the #COP28 Climate Conference, I want to say:
Whether you like it or not, fossil fuel phase out is inevitable. Let’s hope it doesn’t come too late. pic.twitter.com/q2LqMw75K1
— António Guterres (@antonioguterres) December 13, 2023
Meanwhile, COP28 president Sultan al-Jaber spoke highly of the “historic package” that countries had agreed upon in order to accelerate climate action.
The UAE Consensus. For People and Planet.#COP28 #UniteActDeliver #UAEConsensus pic.twitter.com/uI7uJtaFdT
— COP28 UAE (@COP28_UAE) December 13, 2023
The historic decision is still facing harsh criticism both from climate NGOs which claim that it is not enough and by fossil-fuel depended nations which claim that it’s detrimental to their economy. In any case, this decision, much like IMO’s MEPC 80 outcome and the revised 2023 strategy, are indicative of the fact that climate change and energy transition are a reality that we need to face sooner rather than later.
