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The COP28 climate summit concluded in Dubai, United Arab Emirates on December 13, with representatives from nearly 200 countries reaching a groundbreaking agreement at the summit, media reported.
The deal, after intense negotiations spanning two weeks, signifies a global commitment to reduce the consumption of fossil fuels – a critical step in mitigating the severe impacts of climate change and signaling the eventual end of the oil age.
The agreement sends a powerful message to investors and policymakers worldwide, demonstrating the world's united determination to move beyond fossil fuels and embrace a sustainable and cleaner energy future. Some scientists said that the transition is our best chance to avert a climate catastrophe.
The COP28 summit, originally scheduled to conclude on December 12, entered an "overtime" phase as negotiators drafted a new agreement to bridge significant differences among countries regarding fossil fuels.
The host country released a 21-page draft agreement on December 11, outlining eight emission reduction measures that countries could undertake and addressing the great importance of reduction in fossil fuel output for the first time at COP summits.
While over 100 countries advocated for strong language in the agreement to phase out oil, gas, and coal, they faced opposition from the oil producer group OPEC, led by Saudi Arabia. OPEC argued that emissions could be reduced without singling out specific fuels.
With the agreement in place, countries now bear the responsibility of implementing the commitments through national policies and investments. The proposed deal calls for a just and orderly transition away from fossil fuels in energy systems, aiming to achieve net-zero emissions by 2050 in line with scientific recommendations.
The agreement also emphasizes the need to triple global renewable energy capacity by 2030, expedite efforts to reduce coal usage, and accelerate the development of technologies like carbon capture and storage, which can tackle emissions from hard-to-decarbonize industries.
(Writing by Riley Liang Editing by Harry Huo)
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