COP28: The 2023 United Nations Climate Change Conference, or the 28th edition of the Conference of Parties to the UN Framework Convention on Climate Change (COP28) has approved a first-of-its-kind deal that urges Nations to ‘transition away’ from fossil fuels. The first global stocktake text, which is an assessment of progress made towards mitigating global warming since the Paris Agreement in 2015, was released on December 13, 2023, as COP28 ran into overtime due to disagreements among countries over the inclusion of fossil fuels in the final deal. There was consistent pushback from the OPEC (Organization of Petroleum Exporting Countries) to the Member Countries to refrain from signing a deal that targets fossil fuels rather than emissions.
Despite disagreements, the final Global Stocktake text has mentioned fossil fuels. However, it does not include ‘phase-out’ of fossil fuels. Also, in the entire text, ‘fossil fuel’ is only mentioned twice.
It calls upon Parties to phase-out inefficient fossil fuel subsidies that do not address poverty or just transitions, and to transition away from fossil fuels in energy systems, in a just, orderly, and equitable manner.
The text also mentions the launch of a set of activities called ‘Road map to mission 1.5C’ to enhance action and implementation in this critical decade towards keeping 1.5 degrees Celsius within reach.
Harjeet Singh, Head of global political strategy at Climate Action Network International, has said that after decades of evasion, the UN climate summit has finally taken into consideration fossil fuels, which are the real culprits of climate change. He explained that the resolution has several loopholes that offer numerous escape routes to the fossil fuel industry. Also, no robust guarantees on adequate financial support required for an equitable transition to renewable energy have been given to developing countries, which are still dependent on fossil fuels for energy.
Wealthy nations have huge financial responsibilities towards vulnerable countries, but the final outcome does not compel the rich nations to fulfil these obligations, according to Singh.