COP 28 - United Arab Emirates
Nearly 200 countries agreed to a new climate deal at the COP28 talks in Dubai on Wednesday after 2 weeks of slow negotiations characterised by controversy and bitter divisions over the future of fossil fuels.
Many claim the decision to be historic as it signals an end of the fossil fuel era, however many criticise it due to the loopholes.
What is the new climate deal ?
Agreement marks the first time the annual UN meeting has asked countries to move away from fossil fuels which are said to be the main driver of the climate crisis.
It is said to include a menu of actions they can take which involves transitioning away from fossil fuels in energy systems which would accelerate action and efforts towards reaching net zero by 2050.
However, this doesn’t necessarily mean a phase out of fossil fuels. The agreement can still be deemed positive progress as it calls for a tripling of renewable energy capacity and a doubling of energy efficiency, by 2030.
Each country is being asked for a detailed adaption plan in place by 2025 to show how they intend to deal with the impacts of climate change.
The agreement stresses the need for financial support for climate vulnerable and poor countries.
Criticisms
- In the menu is the option for the countries to accelerate zero and low-carbon technologies like carbon capture. Many criticise this as it is unproven in its effectiveness and gives license to polluters to carry on burning fossil fuels.
- Another concern is the use of the term transitional fuels : largely interpreted to mean methane gas , a planet-heating fossil fuel.
Managing the impacts
- Many countries, including COP28 host country the UAE, have since made pledges totalling more than $700 million to help nations hit hardest by the climate crisis deal with its consequences.
- And 50 major oil and gas companies, including Exxon and Saudi Aramco, signed a pledge to cut their methane emissions by the end of the decade, each committing to reduce their methane intensity by around 80% to 90% by 2030.
- The US announced regulations to cut methane pollution from the nation’s huge oil and gas industry by nearly 80% through 2038.
Whilst many are critical of the progress of this climate summit, despite initial slow efforts it has been successful. It shows that countries even oil dependent countries are taking the threat of climate change serious despite economic concerns and are making efforts to mitigate climate change and support countries facing the impacts