COP28's Revised Deal: Draft Omits 'Phase Out', Focuses on Fossil Fuel Transition

COP28's draft emphasizes transitioning from fossil fuels but avoids mentioning a 'phase-out.' It faces challenges in adopting ambitious targets amidst resistance from oil-producing nations. Financial gaps in climate adaptation funding persist, frustrating poorer nations. Clarifying climate finance and a global adaptation goal remain crucial outcomes sought after at COP28.

Image Source -www.gulfbusiness.com

The newest draft agreement at COP28 urged countries to shift away from fossil fuels, emphasizing a transition without the explicit mention of "phase out." Earlier criticism from the United States, European Union, and climate-vulnerable nations influenced this change.

Focusing on combating climate change and aligning with the 1.5-degree Celsius goal, the document highlights "accelerating efforts towards the phase-down of unabated coal power," transitioning from fossil fuels in an equitable manner, and eliminating inefficient subsidies.

This deal sets ambitious targets, calling for a tripling of global renewable energy capacity and doubling energy efficiency rates by 2030. Notably, it's the first to explicitly address all forms of fossil fuels.

However, its adoption remains uncertain as past COP summits faced challenges in moving away from oil, gas, and coal, leading to global divisions.

The push for an agreement on oil cessation faced resistance from OPEC, opposing any pledge to end oil usage. COP28 President Sultan Al Jaber emphasized the need for increased efforts to finalize the deal before the conference's close.

Also Read: Asus Introduces New Chromebook Plus In India: Pricing And Noteworthy Features

Despite fossil fuels being the primary cause of climate change, previous international negotiations have failed to secure a global pact to reduce their usage. The existing text sparked protests, prompting calls for a more substantial reduction in fossil fuel usage, notably from US Special Climate envoy John Kerry.

Additionally, the draft fell short on climate finance, recognizing the widening gap between required and available funds for adaptation, frustrating poorer nations affected by climate change.

African nations, represented by Zambia's Environment Minister Collins Nvozu, stressed the crucial need for a global adaptation goal. Union Environment Minister Bhupender Yadav highlighted the necessity for a clear definition of climate finance to enhance transparency and trust among nations.