🍎 🍕 Less apples, more pizza 🤔 Have you seen Buffett’s portfolio recently?Explore for Free

Latest COP28 draft text sets new options on fossil fuel phase out

Published 12/08/2023, 09:11 AM
Updated 12/08/2023, 09:17 AM
© Reuters. Climate activists protest against fossil fuels at Dubai's Expo City during the United Nations Climate Change Conference COP28 in Dubai, United Arab Emirates, December 8, 2023. REUTERS/Thomas Mukoya/ File photo

By William James and Elizabeth Piper

DUBAI (Reuters) - The U.N. climate agency published a new draft of its COP28 agreement on Friday which included a range of options for the future of fossil fuel use, the most contentious issue at the summit.

Over the next few days countries are expected to focus on the issue in hopes of reaching a consensus before the summit's scheduled end on Dec. 12.

The options included in the text, which is still under negotiation, were for the final deal to call upon countries to "take further action in this critical decade towards":

- "A phase out of fossil fuels in line with best available science"

- "Phasing out of fossil fuels in line with best available science, the IPCC's 1.5 pathways and the principles and provisions of the Paris Agreement"

- "A phase-out of unabated fossil fuels recognizing the need for a peak in their consumption in this decade and underlining the importance for the energy sector to be predominantly free of fossil fuels well ahead of 2050"

- "Phasing out unabated fossil fuels and to rapidly reducing their use so as to achieve net-zero CO2 in energy systems by or around mid-century"

- No language on the future use of fossil fuels.

© Reuters. Climate activists protest against fossil fuels at Dubai's Expo City during the United Nations Climate Change Conference COP28 in Dubai, United Arab Emirates, December 8, 2023. REUTERS/Thomas Mukoya/ File photo

The document also set out an option for a "rapid phase out of unabated coal power this decade and an immediate cessation of the permitting of new unabated coal power generation". The other option for this paragraph was to include no text on the issue.

Elsewhere the draft offers an option to call either for "the phase out of fossil fuel subsidies that do not address energy poverty or just transition", or to include no text on the issue.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.