Participants of the COP28 climate conference signed a historic agreement that for the first time obliged the world to abandon all fossil fuels.
This decision is an important marker in the global movement towards a low-carbon energy system, TIME reports.
It is noted that the final agreement also provides for a tripling of the use of renewable energy sources and a doubling of efficiency improvements by 2030. COP28 also agreed to create a fund to overcome losses and damage from climate change.
The article emphasized that the final agreement was welcomed by representatives of the US and the EU. The agreement was blocked by OPEC countries, including Saudi Arabia and Russia.
“The agreement calls for countries to rapidly transition energy systems away from fossil fuels in a fair and orderly manner, a qualification that has helped convince skeptics. According to the agreement, countries must also contribute to global transition efforts, rather than being directly forced to make the shift on their own,” TIME said.
It is noted that although the agreement does not contain provisions for phasing out the use of fossil fuels, it opens up new opportunities. After all, at no previous summit did they decide to give up oil and gas. Investors, consumers and national governments will now set the pace of phasing out of fossil fuels.
In addition, at the conference, 50 oil and gas companies agreed to reduce emissions of the powerful greenhouse gas methane from their own operations to almost zero by 2030.
The material added that at COP26 in Glasgow, the world agreed on the gradual abandonment of coal. However, for two years its consumption continues to grow. The likelihood of limiting global warming to 1.5°C is becoming less and less likely. However, the COP28 agreement is an important marker in the global direction of movement towards a low-carbon energy system.
According to German representative Jennifer Morgan, the COP28 agreement will send a signal to investors about the future of energy markets.
Anna Rasmussen, a conference participant from Samoa, warned that the fossil fuel divestment clause focuses solely on energy systems and not on the economy as a whole. In her view, the carbon capture and storage clause is a step backwards and could allow countries to continue burning hydrocarbons. Also, countries can perceive provisions on transitional fuels as support for the long-term use of natural gas.
Earlier, EcoPolitic wrote, that the COP28 international climate conference, which was supposed to end on Tuesday, December 12, was extended, because the participants could not agree on a final statement.
As EcoPolitic previously reported, the international energy agency warned that the commitments made at the COP28 climate conference are not enough to limit global warming to 1.5°C, even if they are fulfilled.