The China Mail - Dubai deal hailed as 'beginning of end' for fossil fuels

USD -
AED 3.672502
AFN 68.590587
ALL 83.350237
AMD 381.498727
ANG 1.789783
AOA 917.000173
ARS 1300.50564
AUD 1.553875
AWG 1.80025
AZN 1.739919
BAM 1.677085
BBD 2.011508
BDT 121.343863
BGN 1.67853
BHD 0.376978
BIF 2978.845643
BMD 1
BND 1.28401
BOB 6.901105
BRL 5.475499
BSD 0.998722
BTN 86.903506
BWP 13.427486
BYN 3.356829
BYR 19600
BZD 2.003619
CAD 1.387475
CDF 2872.999818
CHF 0.804445
CLF 0.024631
CLP 966.270226
CNY 7.176197
CNH 7.18235
COP 4026.7
CRC 504.7205
CUC 1
CUP 26.5
CVE 94.551488
CZK 21.0223
DJF 177.844091
DKK 6.40782
DOP 62.125019
DZD 129.906313
EGP 48.585498
ERN 15
ETB 141.800056
EUR 0.85848
FJD 2.27125
FKP 0.741171
GBP 0.742925
GEL 2.694988
GGP 0.741171
GHS 10.935611
GIP 0.741171
GMD 72.000014
GNF 8658.071763
GTQ 7.654842
GYD 208.945369
HKD 7.812425
HNL 26.16812
HRK 6.466979
HTG 130.681964
HUF 338.7655
IDR 16283
ILS 3.40751
IMP 0.741171
INR 87.01865
IQD 1308.105883
IRR 42050.000091
ISK 123.110087
JEP 0.741171
JMD 160.008232
JOD 0.709013
JPY 147.442503
KES 129.040417
KGS 87.4423
KHR 4002.778278
KMF 422.488836
KPW 899.981998
KRW 1397.480353
KWD 0.30563
KYD 0.83224
KZT 537.77492
LAK 21614.999715
LBP 89871.033022
LKR 301.237363
LRD 200.241813
LSL 17.669487
LTL 2.95274
LVL 0.60489
LYD 5.41507
MAD 9.019667
MDL 16.793147
MGA 4403.227604
MKD 52.81045
MMK 2098.706911
MNT 3601.092413
MOP 8.039342
MRU 39.389808
MUR 45.939649
MVR 15.399126
MWK 1731.793276
MXN 18.775655
MYR 4.22501
MZN 63.909753
NAD 17.670324
NGN 1537.160041
NIO 36.752159
NOK 10.240105
NPR 139.045953
NZD 1.716208
OMR 0.384505
PAB 0.998722
PEN 3.509862
PGK 4.143503
PHP 57.107001
PKR 283.387527
PLN 3.647315
PYG 7216.662808
QAR 3.630883
RON 4.339897
RSD 100.603975
RUB 80.497268
RWF 1445.647793
SAR 3.752918
SBD 8.220372
SCR 14.630211
SDG 600.4975
SEK 9.589995
SGD 1.285485
SHP 0.785843
SLE 23.360893
SLL 20969.49797
SOS 570.747477
SRD 37.819009
STD 20697.981008
STN 21.008493
SVC 8.738713
SYP 13001.883701
SZL 17.669949
THB 32.57006
TJS 9.328068
TMT 3.5
TND 2.878989
TOP 2.342104
TRY 40.933899
TTD 6.775563
TWD 30.2958
TZS 2508.385041
UAH 41.318224
UGX 3560.311785
UYU 40.11336
UZS 12499.99957
VES 137.956897
VND 26390
VUV 119.442673
WST 2.685572
XAF 562.47867
XAG 0.026389
XAU 0.000299
XCD 2.70255
XCG 1.799964
XDR 0.699543
XOF 561.999806
XPF 102.750015
YER 240.195756
ZAR 17.68641
ZMK 9001.198951
ZMW 23.31524
ZWL 321.999592
  • RBGPF

    -2.6500

    73.27

    -3.62%

  • JRI

    0.0500

    13.33

    +0.38%

  • RYCEF

    -0.5500

    13.75

    -4%

  • SCS

    -0.0600

    16.18

    -0.37%

  • BCE

    0.1600

    25.74

    +0.62%

  • CMSD

    0.1000

    23.69

    +0.42%

  • BCC

    -3.5600

    84.5

    -4.21%

  • NGG

    1.1000

    72.08

    +1.53%

  • CMSC

    0.0500

    23.44

    +0.21%

  • RIO

    0.0300

    60.62

    +0.05%

  • RELX

    0.9000

    48.69

    +1.85%

  • VOD

    0.1830

    11.9

    +1.54%

  • GSK

    0.4500

    40.07

    +1.12%

  • AZN

    0.9800

    80.52

    +1.22%

  • BP

    0.0600

    33.88

    +0.18%

  • BTI

    1.5400

    59.01

    +2.61%

Dubai deal hailed as 'beginning of end' for fossil fuels
Dubai deal hailed as 'beginning of end' for fossil fuels / Photo: © AFP

Dubai deal hailed as 'beginning of end' for fossil fuels

The world for the first time on Wednesday approved a call to transition away from fossil fuels as UN negotiations in Dubai tackled the top culprit behind climate change, but at-risk countries said far more action was needed.

Text size:

After 13 days of talks and several sleepless nights in a country built on oil wealth, the Emirati president of the COP28 summit quickly banged a gavel to signal consensus among 194 countries and the European Union.

"You did step up, you showed flexibility, you put common interest ahead of self-interest," said COP28 president Sultan Al Jaber, whose role as head of the United Arab Emirates' national oil company had raised suspicion among many environmentalists.

Describing the deal as bringing "transformational change", Jaber said: "We have helped restore faith and trust in multilateralism, and we have shown that humanity can come together."

EU climate chief Wopke Hoekstra called the agreement "long, long overdue", saying it had taken nearly 30 years of climate meetings to "arrive at the beginning of the end of fossil fuels".

But with the UN talks requiring consensus, Jaber carefully calibrated the text to bring onboard countries from islands that fear extinction from rising sea levels to oil giant Saudi Arabia, which led the charge to keep exporting its petroleum.

Toughening language from an earlier draft that was roundly denounced by environmentalists, the agreement calls for "transitioning away from fossil fuels in energy systems, in a just, orderly and equitable manner".

It asks for greater action "in this critical decade" and recommits to no net greenhouse gas emissions by 2050 in hopes of meeting the increasingly elusive goal of checking warming at 1.5 degrees (2.7 Fahrenheit) above pre-industrial levels.

The planet has already warmed by 1.2 degrees and scientists say 2023 was likely the warmest in 100,000 years, as storms, droughts and lethal wildfires expand around the world.

- Islanders still alarmed -

John Silk, the negotiator from the Marshall Islands, had warned that the earlier draft marked a "death warrant" for his Pacific archipelago, which is just 2.1 metres (seven feet) above sea level.

Silk likened the final agreement to a "canoe with a weak and leaky hull, full of holes" but added: "We have to put it into the water because we have no other option."

The small islands did not block the Dubai deal, but a representative from Samoa criticised the language as too weak after contending the group had not arrived yet in the room at Dubai's sprawling Expo City when Jaber declared consensus.

"We have made an incremental advancement over business as usual when what we really needed is an exponential step change in our actions," Samoan chief negotiator Anne Rasmussen said on behalf of the island nations, drawing a standing ovation and polite applause from Jaber.

US climate envoy John Kerry said that no side can ever achieve everything in negotiations and praised the deal as a sign a war-torn world can come together for the common good.

"I think everyone has to agree this is much stronger and clearer as a call on 1.5 than we have ever heard before, and it clearly reflects what the science says," Kerry said.

Seeking to avoid the geopolitical tensions that have strained cooperation on other issues, Kerry met ahead of COP28 with his counterpart from China, leading to a joint call by the world's two largest emitters to step up renewable energy.

A Chinese envoy said Wednesday that wealthy nations must still do more to help the developing world, a stance shared by Brazil, which will hold the 2025 climate talks in the Amazon.

But the Dubai summit at its opening reached an agreement on another major part of the accord -- setting up a loss and damage fund to compensate countries hit hard by climate change.

- 'Elephant in room' -

The text stopped short of backing appeals during the summit for a "phase-out" of oil, gas and coal, which together account for around three-quarters of the emissions responsible for the planetary crisis.

Environmentalists virtually all saw the agreement as a step forward, although many cautioned that there will still far more to do.

"We are finally naming the elephant in the room. The genie is never going back into the bottle and future COPs will only turn the screws even more on dirty energy," said Mohamed Adow, director of the Power Shift Africa think tank, referring to the annual UN climate meetings known as Conferences of the Parties.

"Some people may have had their expectations for this meeting raised too high, but this result would have been unheard of two years ago, especially at a COP meeting in a petrostate," he said.

The agreement also made more explicit the near-term goals in the goal of ending net emissions by 2050.

It called for the world to cut greenhouse gas emissions by 43 percent by 2030 compared with 2019 levels.

But Jean Su of the Center for Biological Diversity, while seeing progress, said there were still "cavernous loopholes" including recognition of a role for "transitional fuels" -- seen as code for natural gas.

The deal backs a phase-down of "unabated" coal power -- meaning it preserves a role for the dirty but politically sensitive energy source if there is use of carbon capture technology, panned by many environmentalists as unproven.

Y.Su--ThChM