Representatives from almost 200 countries agreed on Wednesday at the COP28 climate summit to begin lowering global usage of fossil fuels to mitigate the worst effects of climate change, a first-of-its-kind agreement on the end of the oil age.
The deal struck in Dubai after two weeks of hard bargaining was intended to send a strong signal to investors and policy-makers that the world is now united in its determination to abandon fossil fuels, which scientists say is the last best option for averting global catastrophe.
“It is the first time that the world unites around such a clear text on the need to transition away from fossil fuels”, stated Norway Minister of Foreign Affairs Espen Barth Eide of the agreement.
“It has been the elephant in the room. At last, we address it head-on”, Eide added.
More than 100 countries campaigned hard for strong language in the COP28 accord to phase out the use of oil, gas, and coal but were met with strong opposition from the Saudi Arabia-led oil producer group OPEC, which argued that the world can reduce emissions without avoiding specific fuels.
On Wednesday, the summit went into overtime due to this conflict.
Now that the agreement has been reached, countries are accountable for carrying out the accords through national policies and investments.
The proposed deal would expressly call for a just, orderly, and equitable transition away from fossil fuels in energy systems… to achieve net zero by 2050 following the science.
It also calls for a tripling of renewable energy capacity globally by 2030, as well as increased efforts to minimize coal use and accelerate technologies such as carbon capture and storage, which may clean up difficult-to-decarbonize industries.
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