At COP28, global leaders made a historic decision to transition away from fossil fuels, marking the first time such language was included in the final agreement. The focus shifted from climate finance to the role of fossil fuels in climate change, leading to an agreement on a just and equitable energy transition. Activists and vulnerable nations, however, criticized the resolution for its loopholes and lack of commitment to a complete phaseout. The summit also saw the launch of a loss and damage fund with initial contributions totaling $700 million, aiming to assist countries affected by climate disasters. Multiple initiatives were announced, including pledges to double energy efficiency and triple renewable capacity by 2030, as well as commitments to reduce methane emissions. Brazil took a leading role, setting ambitious climate targets and proposing a fund to protect tropical forests, despite plans to expand oil and gas exploration.
Achievements:
- Agreement to transition away from fossil fuels in energy systems.
- Inclusion of fossil fuel language in the final agreement for the first time.
- Launch of a loss and damage fund with initial contributions of $700 million.
- Pledges to double energy efficiency and triple renewable energy capacity by 2030.
- Additional signatories to the 2021 Global Methane Pledge to cut emissions by 30% this decade.
- Brazil’s commitment to eliminate Amazon deforestation by 2030 and its proposal for a global fund to protect tropical forests.
Representatives from nearly 200 countries agreed at the COP28 climate summit to begin reducing global consumption of fossil fuels.
Source: COP28 strike deal to ‘transition away’ from fossil fuels – DW – 12/13/2023
A U.N. climate conference on Wednesday adopted a deal that calls for countries to transition away from fossil fuels to tackle the effects of climate change after two weeks of talks in Dubai.
Source: UN climate talks adopt deal to transition away from fossil fuels | The Mainichi
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Source: Countries reach ‘historic’ COP28 deal to transition from fossil fuels | FT.com