At the COP28 climate summit in Dubai, representatives from nearly 200 countries reached a groundbreaking agreement on Wednesday to commence the reduction of global fossil fuel consumption, marking a historic step towards ending the era of oil.
The deal, achieved after intense negotiations spanning two weeks, aims to send a resounding message to investors and policymakers about the world’s collective commitment to sever ties with fossil fuels—a critical measure to avert a climate catastrophe, according to scientists.
According to Reuters, COP28 President Sultan Al Jaber hailed the agreement as “historic,” emphasizing that its true success lies in effective implementation. Addressing the plenary, he stated, “We are what we do, not what we say,” urging concrete actions to translate the agreement into tangible results.
The deal received praise from several countries for addressing a long-standing challenge in climate talks. Norway’s Minister of Foreign Affairs, Espen Barth Eide, remarked, “It is the first time that the world unites around such a clear text on the need to transition away from fossil fuels.”
Over 100 countries advocated strongly for robust language in the COP28 agreement, pushing for the “phase-out” of oil, gas, and coal.
However, they encountered formidable opposition from the oil-producing group OPEC, led by Saudi Arabia, which argued for emissions reduction without singling out specific fuels. This contention extended the summit by an extra day.
OPEC, with control over nearly 80% of global proven oil reserves and a third of daily oil production, faced opposition from small climate-vulnerable island states, supported by major oil and gas producers like the United States, Canada, Norway, and the EU.
The deal calls for a just and equitable transition away from fossil fuels to achieve net-zero emissions by 2050, along with a tripling of global renewable energy capacity by 2030 and accelerated efforts to reduce coal use.
However, President Joe Biden’s Inflation Reduction Act, passed last year, marked a significant step with substantial subsidies for clean energy technologies.
Despite growing support for renewables and electric vehicles globally, oil, gas, and coal still constitute approximately 80% of the world’s energy.
OPEC has contended that carbon capture technology can mitigate the climate impact of fossil fuels, but its feasibility at scale remains unproven and costly.
