Dubai, December 12, 2023: The COP28 climate summit in Dubai has extended into overtime as nations grapple with deep divisions over the inclusion of fossil fuel language in the final text. The outcome will send a crucial signal to global investors regarding governments’ commitment to phasing out fossil fuels or preserving their role in the future.
The initial draft text, released on Monday, faced criticism from over 100 countries, including the United States, the EU, and smaller island nations, for not explicitly calling for a “phase-out” of fossil fuels. Scientists emphasize the urgent need to address these fuels, the largest contributors to greenhouse gas emissions.
COP28 Director General Majid Al Suwaidi explained that the Monday draft aimed to prompt negotiators from nearly 200 countries to disclose their “red lines” and advance discussions. The COP28 presidency aspires to achieve a “historic” result involving fossil fuels, but the final decision rests with the participating nations.
A new draft text is expected on Wednesday, with a potential plenary meeting later in the day to finalize a deal. The Monday draft proposed eight options for emission reduction, including the historic mention of “reducing both consumption and production of fossil fuels” toward achieving net zero by 2050. However, it falls short of the scientists’ recommended “phase-out” to avert worsening climate change.
COP28, originally planned to conclude by Tuesday morning, faced delays due to clashes over the deal text. COP summits typically exceed their scheduled timelines.
COP28 President Sultan Al Jaber continued meetings until 2300 GMT, seeking a compromise deal amid reported pressure from Saudi Arabia, a key member of the OPEC oil producers’ group. OPEC Secretary General Haitham Al Ghais urged members to reject any deal targeting fossil fuels.
Despite the growth of renewable energy, fossil fuels still contribute around 80% of the world’s energy. African nations emphasized differentiated pathways to net zero and a fossil fuel phase-down, highlighting the right to exploit natural resources sustainably.
