Nations strike deal at COP28 to transition away from fossil fuels. At the COP28 climate conference, which took place on Wednesday, representatives from over 200 nations reached an agreement to begin lowering the global use of fossil fuels to prevent the worst effects of climate change. This agreement is the first of its kind and indicates that the oil era will eventually end.

After two weeks of arduous discussions, this agreement reached in Dubai was intended to signal investors and policymakers that the globe is unified in its goal to break with fossil fuels. According to experts, this is the last hope to prevent a global disaster from occurring.

The accord was described as “historic” by the President of COP28, Sultan Al Jaber, who also stated that the deal’s success would be determined by how well it was implemented.

He told the full plenary at the summit, “We are what we do, not what we say,” adding that we are what we do. “We must take the steps necessary to turn this agreement into tangible action.” Several nations praised the accord for achieving something challenging during decades of climate discussions.

Espen Barth Eide, the Minister of Foreign Affairs of Norway, stated that this is the first time the entire globe has come together to support such a clear statement on the necessity of transitioning away from fossil fuels.

More than one hundred nations had exerted great effort to include strong wording in the COP28 agreement that would “phase out” oil, gas, and coal use. However, they faced formidable opposition from the oil producer organization OPEC, which Saudi Arabia chairs. OPEC maintained that the world can reduce emissions without avoiding certain fuels.

Some observers were concerned that the discussions might come to a standstill due to this conflict, which caused the summit to run into overtime for a whole day on Wednesday.

The countries’ governments that are members of the Organization of the Petroleum Exporting Countries primarily depend on the money generated from the oil industry. These countries hold almost 80 percent of the world’s proven oil reserves and around one-third of the world’s oil production.

Small island nations most vulnerable to climate change were among the most vociferous advocates for wording that would phase out the use of fossil fuels. This language received the support of major oil and gas producers such as the United States of America, Canada, Norway, the European Union bloc, and many other governments.

“This is a moment where multilateralism has actually come together and people have taken individual interests and attempted to define the common good,” said John Kerry, the United States climate envoy, after the agreement was approved.

As the principal negotiator for the Alliance of Small Island States, Anne Rasmussen expressed her disapproval of the accord, stating that it lacked ambition.

“We have made an incremental advancement over business as usual, when what we really need is an exponential step change in our actions,” stated the spokesperson.

On the other hand, she did not formally object to the agreement, and her speech was met with a standing ovation. Dan Jorgensen, the Danish Minister for Climate and Energy, expressed his astonishment at the contract’s circumstances. He stated, “We are standing here in an oil country, surrounded by oil countries, and we decided to say, Let’s move away from oil and gas.”

THE REDUCTION OF EMISSIONS

The proposed agreement aims to ” transition away from fossil fuels in energy systems in a just, orderly, and equitable manner … to achieve net zero by 2050 in keeping with the science.”

It also asks for the tripling of the capacity of renewable energy sources throughout the world by the year 2030, the acceleration of measures to minimize the use of coal, and the acceleration of technologies such as carbon capture and storage; these technologies have the potential to clean up industries that are difficult to decarbonize.

A representative for Saudi Arabia expressed pleasure in the agreement, stating that it would assist in bringing global warming to the targeted 1.5 degrees Celsius (2.7 Fahrenheit) over pre-industrial times established in the Paris Agreement of 2015. However, the representative also reiterated the position of the oil producer that the primary focus of climate change mitigation should be reducing emissions.

“We must use every opportunity to reduce emissions, regardless of the source,” stated the president. Several other oil-producing nations, notably the United Arab Emirates, which hosted the conference, had campaigned to include carbon capture in the agreement. Those opposed to the technology think it is a false flag used to excuse the continuation of drilling because it is still pricey and has not been scaled up.

In addition, former Vice President of the United States, Al Gore, expressed his approval of the accord. However, he also stated: “The influence of petrostates is still evident in the half measures and loopholes included in the final agreement.”

Now that the agreement has been reached, the nations must deliver through their national policies and investments.

In the United States of America, the leading producer of oil and gas in the world and the leading historical emitter of greenhouse gases, climate-conscious administrations have had a difficult time passing legislation that aligns with their climate commitments through a split Congress.

Vice President Joe Biden of the United States of America achieved a significant win last year by adopting the Inflation Reduction Act, which included subsidies for renewable energy totaling hundreds of billions of dollars.

Over the past several years, there has been growing public support for renewable energy and electric cars from Brussels to Beijing. This support, together with advancements in technology, falling prices, and more private investment, has also contributed to the fast rise of applications for these technologies.

Despite this, oil, gas, and coal continue to account for around 80 percent of the world’s energy supply, and there is a broad range of forecasts regarding when global demand will ultimately reach its peak.

Rachel Cleetus, the policy director of the Union of Concerned Scientists, expressed her approval of the climate pact. However, she pointed out that the agreement does not commit wealthy nations to providing more funding to assist developing nations in paying for the transition away from fossil fuel technology.

“The finance and equity provisions… are seriously insufficient and must be improved in the time ahead in order to ensure low- and middle-income countries can transition to clean energy and close the energy poverty gap,” said the representative.