COP28 Disappoints with Inadequate Progress on Fossil Fuel Phase-out

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Source: CNBC
COP28 Disappoints with Inadequate Progress on Fossil Fuel Phase-out
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TL;DR Summary

The draft text for the COP28 climate deal, released by the United Arab Emirates' presidency of the summit, has faced criticism for not including a phaseout of fossil fuels. Major players, including the U.S., European Union, and climate-vulnerable countries, expressed frustration over the omission, while oil-producing countries disagreed. Scientists emphasize that fossil fuels are the primary contributor to climate change. The burning of coal, oil, and gas accounts for over three-quarters of global greenhouse gas emissions. Calls for a phaseout aimed to signal the beginning of the end of the fossil fuel era. COP28 President Sultan al Jaber faced backlash for dismissing the science behind the phaseout, but later clarified his team's belief in and respect for the science. The draft document outlined options for emissions reduction, including achieving net-zero by 2050. However, critics argue that the draft lacks urgency and misleads by suggesting that fossil fuels can continue to play a significant role in the future.

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