COP28: not up to scratch

The “landmark” deal on phasing down fossil fuels to achieve net zero carbon dioxide emissions, tripling renewables and doubling energy efficiency is here. But where’s the money to help poor, developing economies transition away from the dirty fuels? The deal called the UAE Consensus closed last week at the United Nations Climate Summit (COP28) is being hailed as the “beginning of the end” of the fossil fuel era. The agreement lays the ground for the world to transition away from fossil fuels in energy systems in a just, orderly and equitable manner to achieve net zero emissions by 2050. In order to pull it off, the agreement includes a commitment to triple renewables and double the energy efficiency by 2030 that should see wind and solar energy displace some coal, oil and gas. The world must cut greenhouse gas emissions 43 per cent by 2030 and 60pc by 2035 relative to 2019 levels to limit global warming to 1.5-degree Celsius, a 2015 Paris agreement goal. But the 2023 UN Emissions Gap report says the world is currently on track to produce 110pc more fossil fuels by 2030 than would be consistent with limiting warming to 1.5-degree Celsius,and 69pc more than consistent with two-degree Celsius.