The agreement calls for "transitioning away from fossil fuels".

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Sustainable Switch

By Sharon Kimathi, Energy and ESG Editor, Reuters Digital

Hello!

 

The COP28 United Nations climate summit clinched a historic climate deal on Wednesday.

 

Representatives from nearly 200 countries agreed on reducing global consumption of fossil fuels to avert the worst of climate change, in a first of its kind deal signaling the eventual end of the oil age.

 

The deal calls for "transitioning away from fossil fuels in energy systems, in a just, orderly and equitable manner ... so as to achieve net zero by 2050 in keeping with the science."

 

More than 100 countries had lobbied hard for strong language in the COP28 agreement to "phase out" oil, gas and coal use, but came up against powerful opposition from the Saudi Arabia-led oil producer group OPEC, which argued that the world can slash emissions without shunning specific fuels.

 

A source familiar with Saudi Arabia's thinking told Reuters that the deal struck at the climate summit is agreeable because it provides a "menu" for every country to follow its own pathway to the energy transition.

 

The Alliance of Small Island States said it saw "a litany of loopholes". "The text does not speak specifically to fossil fuel phaseout and mitigation in a way that is in fact 'the step change that is needed'," said the alliance.

 

Reuters reporters were on the ground delivering the latest updates, scenes and insights during the hoped-for final hours. Click here for a Reuters rundown on the hours leading up to the final agreement.

COP28 CEO Adnan Amin, COP28 President, Sultan Ahmed Al Jaber, and COP28 Director-General Majid Al Suwaidi applaud after a deal was released. Dubai, UAE. REUTERS/Amr Alfiky

Wednesday's COP28 news

  • A deal was struck at COP28 in Dubai after two weeks of hard-fought negotiations that was meant to send a powerful signal to investors and policy-makers that the world is united in its desire to break with fossil fuels, something scientists say is the last best hope to stave off climate catastrophe. Click here for the full Reuters report.
  • The deal calls for the first time on nations to transition away from fossil fuels to avert the worst impacts of climate change. Here are some reactions to the deal.
  • The agreement reached at the climate summit could speed up the transition to a cleaner and healthier economy and keep the world on track to meet the climate goals of the Paris Agreement, European Union Commission President Ursula von der Leyen said. 

Talking Points

 Pearl mullets, an endemic fish species in the fresh waters of Deli Cay River, near the Turkish town of Ercis, in the Van Province, Turkey. REUTERS/Umit Bektas

  • About a quarter of all freshwater fish species are at risk of extinction due to threats from climate change and pollution, the latest Red List of Threatened Species showed.
  • Major global lenders should refuse to finance a liquefied natural gas (LNG) project in Papua New Guinea to help keep global warming in check, civil society groups said, as some owners tap banks ahead of a final greenlight next year.
  • European Union lawmakers provisionally agreed on a bill aimed at giving workers at online companies such as Uber and Deliveroo employee benefits, which if adopted would be a global first.
  • Germany's GDL train drivers' union said it planned a strike that would last several days after the Christmas holiday as a wage dispute with rail operator Deutsche Bahn continues.

In Conversation

Kristian Teleki, CEO of international nature conservation charity Fauna & Flora, shares his thoughts on the final COP28 deal and Global Stocktake:

 

“One simple fact cannot be ignored: the production and use of fossil fuels is the single biggest driver of the climate crisis.

 

“This is now in the public consciousness like never before, and we welcome that for the first time all fossil fuels are referenced in a COP decision text. 

 

“But, the wording does not reflect the scale and pace of change needed to correct the course to climate chaos we are currently on.   

 

“What we need now is urgency from nations and from corporations.

 

“We are irrevocably past the debating stage. We need robust action now to phase out the use and production of fossil fuels as urgently and as fairly as possible, otherwise we will not have a liveable planet left to fight over.  

 

“One resounding quality of the Global Stocktake outcome is the recognition of nature as our greatest ally in the fight against climate change.”

ESG Spotlight

A view of the Zambezi river below Cahora Bassa dam in Tete province. RETUERS/Goran Tomasevic/File Photo

Today’s ESG Spotlight shines a light on clean energy initiatives in southeastern Africa.

 

Mozambique has signed an accord with a consortium led by French power giant EDF to build the new $5 billion Mphanda Nkuwa hydropower project, the government said, as it seeks to harness energy from one of Africa's largest rivers.

 

The dam and hydropower plant will be built along the Zambezi River in Tete province to the north of Mozambique, and will generate 1,500 megawatts of power in the first phase.

 

The new dam will provide low-cost electricity to the nation and help position it as a regional exporter of clean, renewable energy, Mozambique Energy Minister Carlos Zacarias said in a statement.

 

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