Significant Step in the Leading Country in Oil Production Following the conclusion of COP28 in Dubai, standing out as a key oil-producing country, an agreement was reached to phase out fossil fuels. Despite the challenges of hosting the conference in an oil-producing country, it was an important step towards a sustainable future.
The agreement to phase out all fossil fuels implies the principle of a “balanced exit.” It is important to note that the CEO of the largest oil company in the UAE became the President of COP28, which was a unique event in the history of COP.
The final text of the declaration contains a vague call for countries to “eliminate fossil fuels in their energy systems in a fair, orderly, and balanced manner.” This has sparked debate as it leaves many questions regarding specific goals and steps towards 2050.
Resistance from oil and gas exporters, particularly OPEC countries and Russia, played a role in the conference’s failure to make clear commitments to divest from fossil fuels.
There are parallels with the previous COP26 conference, where an agreement was reached to accelerate electricity production cuts and end fossil fuel subsidies. However, in both cases, there is no specificity in defining goals, leaving many questions for the future.
The creation of the Loss and Damage Fund is a positive outcome. This fund will provide assistance to poor and developing countries to combat the effects of climate change. However, despite this step, many issues remain unresolved, including the issue of financing.
However, some clauses of the declaration allowing the reduction of greenhouse gas emissions through increased nuclear energy production are disappointing. Risks associated with possible disasters and long-term problems leave many questions regarding the effectiveness of this approach, especially in the context of the comparative cheapness of renewable energy sources.
While the Loss and Damage Compensation Fund provides some hope, numerous questions remain regarding its functioning. In particular, it is unclear which countries and in what volume will contribute to it.
Some countries have made additional commitments, but their effectiveness has varied. The U.S. promise to triple installed nuclear power capacity has raised concerns, while the commitments of about 120 countries to increase renewable energy sources and energy efficiency by 2030 are considered positive.
Overall, COP28 presents a mixed result, with achievements and hopes juxtaposed with challenges and disappointments.
However, delays in making clear commitments can have consequences. The longer world leaders wait to take concrete steps, the more funds will be needed to compensate for the damage to the planet’s climate. At the moment, payments for damage remain an unresolved issue.
It is important to realize that the need for quick and effective action is growing every day. Further negotiations and concrete commitments can play a key role in ensuring a sustainable future for our planet.