The China Mail - UN talks look for deal on winding down fossil fuels

USD -
AED 3.67295
AFN 69.000368
ALL 83.803989
AMD 383.103986
ANG 1.789783
AOA 917.000367
ARS 1297.536634
AUD 1.537304
AWG 1.80075
AZN 1.70397
BAM 1.673054
BBD 2.018392
BDT 121.454234
BGN 1.67146
BHD 0.376789
BIF 2960
BMD 1
BND 1.281694
BOB 6.907525
BRL 5.400904
BSD 0.999658
BTN 87.426861
BWP 13.378101
BYN 3.334902
BYR 19600
BZD 2.00793
CAD 1.38195
CDF 2895.000362
CHF 0.806593
CLF 0.024552
CLP 963.170396
CNY 7.182104
CNH 7.188904
COP 4016
CRC 505.132592
CUC 1
CUP 26.5
CVE 94.903894
CZK 20.904404
DJF 177.720393
DKK 6.37675
DOP 61.72504
DZD 129.567223
EGP 48.265049
ERN 15
ETB 141.150392
EUR 0.85425
FJD 2.255904
FKP 0.737351
GBP 0.73749
GEL 2.690391
GGP 0.737351
GHS 10.65039
GIP 0.737351
GMD 72.503851
GNF 8677.503848
GTQ 7.667237
GYD 209.056342
HKD 7.82445
HNL 26.403838
HRK 6.43704
HTG 130.804106
HUF 337.803831
IDR 16203
ILS 3.37948
IMP 0.737351
INR 87.51385
IQD 1310
IRR 42112.503816
ISK 122.380386
JEP 0.737351
JMD 159.957228
JOD 0.70904
JPY 147.12504
KES 129.503801
KGS 87.378804
KHR 4005.00035
KMF 420.503794
KPW 900.025178
KRW 1388.970383
KWD 0.30545
KYD 0.83302
KZT 541.497006
LAK 21602.503779
LBP 89195.979899
LKR 300.889649
LRD 201.503772
LSL 17.590381
LTL 2.95274
LVL 0.60489
LYD 5.415039
MAD 9.009504
MDL 16.668948
MGA 4440.000347
MKD 52.634731
MMK 2098.603064
MNT 3597.89485
MOP 8.055945
MRU 39.950379
MUR 45.580378
MVR 15.410378
MWK 1735.000345
MXN 18.743504
MYR 4.213039
MZN 63.903729
NAD 17.590377
NGN 1532.720377
NIO 36.760377
NOK 10.19562
NPR 139.882806
NZD 1.687764
OMR 0.384284
PAB 0.999645
PEN 3.560375
PGK 4.140375
PHP 56.553038
PKR 282.050374
PLN 3.639079
PYG 7320.786997
QAR 3.640604
RON 4.325804
RSD 100.223038
RUB 80.100397
RWF 1445
SAR 3.752253
SBD 8.223773
SCR 14.145454
SDG 600.503676
SEK 9.558804
SGD 1.280704
SHP 0.785843
SLE 23.303667
SLL 20969.49797
SOS 571.503662
SRD 37.56037
STD 20697.981008
STN 21.3
SVC 8.746792
SYP 13002.014293
SZL 17.590369
THB 32.440369
TJS 9.321608
TMT 3.51
TND 2.88425
TOP 2.342104
TRY 40.803635
TTD 6.782633
TWD 30.032504
TZS 2612.503628
UAH 41.258597
UGX 3558.597092
UYU 39.991446
UZS 12550.000334
VES 135.47035
VND 26270
VUV 119.201287
WST 2.766305
XAF 561.119404
XAG 0.026323
XAU 0.0003
XCD 2.70255
XCG 1.801625
XDR 0.702337
XOF 561.000332
XPF 102.375037
YER 240.275037
ZAR 17.595245
ZMK 9001.203584
ZMW 23.166512
ZWL 321.999592
  • BCC

    -0.6300

    85.99

    -0.73%

  • CMSD

    0.0505

    23.34

    +0.22%

  • SCS

    -0.0500

    16.15

    -0.31%

  • AZN

    0.7000

    79.17

    +0.88%

  • NGG

    -0.1300

    71.43

    -0.18%

  • GSK

    0.5581

    39.36

    +1.42%

  • RIO

    0.2000

    61.24

    +0.33%

  • BCE

    0.2400

    25.61

    +0.94%

  • RBGPF

    2.8400

    75.92

    +3.74%

  • BTI

    -0.2700

    57.15

    -0.47%

  • CMSC

    0.0300

    23.12

    +0.13%

  • JRI

    0.0835

    13.36

    +0.62%

  • RYCEF

    -0.2100

    14.71

    -1.43%

  • RELX

    0.2700

    47.96

    +0.56%

  • BP

    0.1892

    34.33

    +0.55%

  • VOD

    0.0300

    11.67

    +0.26%

UN talks look for deal on winding down fossil fuels
UN talks look for deal on winding down fossil fuels / Photo: © AFP

UN talks look for deal on winding down fossil fuels

Negotiators were searching for a compromise on phasing out fossil fuels at UN climate talks Friday as momentum gathered to strike an historic deal in Dubai.

Text size:

After the arrival of ministers for the summit's final stretch, a new draft was released with more options on the most difficult part of an emerging deal -- cutting fossil fuels to tame the planet's soaring temperatures.

The third version of the draft, which represents views of various countries, offers five options, including not mentioning fossil fuels at all.

Other options include phasing out "unabated" fossil fuels -- those whose emissions cannot be captured -- with a goal of peaking consumption this decade and aiming for the world's energy sector to be "predominantly free of fossil fuels well ahead of 2050".

A new line calls for ramping up renewable energy to displace fossil fuels -- oil, gas and coal -- with a goal of "significantly reducing global reliance on non-renewable and high-emission energy sources".

The language is in line with an agreement between the United States and China, the world's top emitters of greenhouse gases, at talks in California last month.

COP28 president Sultan Al Jaber wants to wrap up the talks on schedule at 11 am (0700 GMT) on Tuesday, which means that all the nearly 200 nations will have to come to a consensus.

"We have the potential to deliver a paradigm shift," he said.

"Let us please get this job done. I need you to step up and I need you to come out of your comfort zones," he said.

- 'Never closer' -

Romain Ioualalen, global policy manager of the advocacy group Oil Change International, said that the latest text "shows we have never been closer to an agreement on a fossil fuel phaseout."

But he voiced alarm over "large loopholes" under consideration for the fossil fuel industry, predicting "a fierce battle over the next few days".

The most vocal holdout to calls to end fossil fuels is Saudi Arabia, which like summit host United Arab Emirates has grown wealthy on oil.

Climate campaigners have viewed Jaber with deep suspicion as he is head of the UAE national oil firm ADNOC.

But he has sought to reassure doubters by stating that a phase-down of fossil fuels, if not necessarily a complete end, is "inevitable" and the summit last week reached a quick agreement on another key area -- a loss and damage fund, which will assist nations devastated by climate change.

Wopke Hoekstra, the European Union's climate commissioner, acknowledged that the fossil fuel question was the most difficult at COP28.

He voiced doubt about technologies promoted by energy producers -- including the US -- to rely on new technologies when extracting fossil fuels, so-called carbon capture and storage or CCS.

It is "crystal clear that CCS is part of the solution. But make no mistake -- we cannot CCS ourselves out of this problem," Hoekstra said.

The level of technology "simply doesn't exist. We need to drive down emissions."

- 'Credibility' on line -

Scientists warn that greenhouse gas emissions -- the bulk of which come from burning fossil fuels -- must fall by 43 percent by 2030 for the world to reach the goal of limiting warming to 1.5 degrees Celsius.

"I think many countries at the end might be able to agree to phase-out if the word unabated is included because unabated will weaken the phase-out and make it more of a phase-down," John Verdieck, director of international climate policy at The Nature Conservancy, told AFP.

This would still "create a good signal because the word phase-out could be in there", said Verdieck, a former climate negotiator at the US State Department.

Ugandan climate justice activist and UNICEF Goodwill Ambassador Vanessa Nakate said a record 2,400 fossil fuel lobbyists at the talks, the whole process was at stake.

"If after all of this, leaders still don't have the courage to agree upon a fossil fuel phase out, then it will put in question the credibility not only of COP28 but of the entire COP process," she said.

But many governments are optimistic that COP28 can deliver an ambitious deal.

"I really mean it when I say I believe we can do this. I believe it is possible," said Denmark's Dan Jorgensen, one of the climate ministers tasked with leading the talks.

But Saudi Arabia has enjoyed support from another major oil and gas player Russia. China, a major importer, is also hesitant on giving up fossil fuels. But it has promised to be constructive and is also the top producer of renewable energy.

L.Johnson--ThChM