The China Mail - Climate summit narrows ambition on fossil fuels, alarming greens

USD -
AED 3.67295
AFN 70.122336
ALL 88.355584
AMD 388.86049
ANG 1.80229
AOA 917.000224
ARS 1125.000022
AUD 1.568271
AWG 1.8
AZN 1.700226
BAM 1.761768
BBD 2.015296
BDT 121.265623
BGN 1.760325
BHD 0.376919
BIF 2969.569212
BMD 1
BND 1.304975
BOB 6.92193
BRL 5.6834
BSD 0.998144
BTN 84.785507
BWP 13.625861
BYN 3.26649
BYR 19600
BZD 2.004873
CAD 1.39932
CDF 2872.000051
CHF 0.842555
CLF 0.024437
CLP 937.749816
CNY 7.237301
CNH 7.197175
COP 4235.73
CRC 506.909536
CUC 1
CUP 26.5
CVE 99.325758
CZK 22.457952
DJF 177.742143
DKK 6.70741
DOP 58.708538
DZD 133.535623
EGP 50.509596
ERN 15
ETB 135.086637
EUR 0.899175
FJD 2.269196
FKP 0.751765
GBP 0.75692
GEL 2.745012
GGP 0.751765
GHS 12.92502
GIP 0.751765
GMD 71.502114
GNF 8643.993749
GTQ 7.676855
GYD 208.831253
HKD 7.79312
HNL 25.928378
HRK 6.7788
HTG 130.551502
HUF 364.176
IDR 16668.8
ILS 3.56621
IMP 0.751765
INR 84.894199
IQD 1307.496892
IRR 42100.000084
ISK 131.898872
JEP 0.751765
JMD 158.647372
JOD 0.709398
JPY 148.048502
KES 129.250077
KGS 87.449816
KHR 3994.252744
KMF 436.501643
KPW 900.000142
KRW 1417.640067
KWD 0.30729
KYD 0.831723
KZT 510.585013
LAK 21580.135033
LBP 89428.92275
LKR 298.3082
LRD 199.620757
LSL 18.294547
LTL 2.95274
LVL 0.60489
LYD 5.469605
MAD 9.312921
MDL 17.266835
MGA 4486.102541
MKD 55.378565
MMK 2099.691958
MNT 3573.956258
MOP 8.011224
MRU 39.554104
MUR 45.709961
MVR 15.393911
MWK 1730.807344
MXN 19.63787
MYR 4.296993
MZN 63.897036
NAD 18.295948
NGN 1602.650118
NIO 36.726752
NOK 10.43036
NPR 135.656631
NZD 1.704013
OMR 0.385009
PAB 0.998113
PEN 3.646011
PGK 4.142739
PHP 55.768041
PKR 280.971299
PLN 3.815115
PYG 7974.777615
QAR 3.641932
RON 4.587297
RSD 105.588887
RUB 80.880141
RWF 1428.783764
SAR 3.750636
SBD 8.343881
SCR 14.212773
SDG 600.499477
SEK 9.793005
SGD 1.305215
SHP 0.785843
SLE 22.750442
SLL 20969.483762
SOS 570.419617
SRD 36.199497
STD 20697.981008
SVC 8.733172
SYP 13001.862587
SZL 18.292705
THB 33.463503
TJS 10.400007
TMT 3.51
TND 3.037043
TOP 2.342098
TRY 38.769225
TTD 6.775309
TWD 30.358057
TZS 2695.000011
UAH 41.462525
UGX 3652.676002
UYU 41.715647
UZS 12855.309087
VES 92.71499
VND 25971
VUV 121.003465
WST 2.778524
XAF 590.90168
XAG 0.030668
XAU 0.000309
XCD 2.70255
XDR 0.724866
XOF 590.880388
XPF 107.429344
YER 244.450117
ZAR 18.29597
ZMK 9001.198985
ZMW 26.279733
ZWL 321.999592
  • RBGPF

    2.2700

    65.27

    +3.48%

  • RYCEF

    -0.1400

    10.36

    -1.35%

  • CMSC

    0.0900

    22.15

    +0.41%

  • AZN

    1.3150

    68.885

    +1.91%

  • BP

    0.3750

    30.145

    +1.24%

  • SCS

    0.4400

    10.9

    +4.04%

  • BTI

    -0.8540

    40.786

    -2.09%

  • RIO

    1.4500

    61.43

    +2.36%

  • GSK

    0.8250

    37.445

    +2.2%

  • NGG

    -2.8400

    67.85

    -4.19%

  • JRI

    -0.0200

    12.96

    -0.15%

  • CMSD

    0.0410

    22.381

    +0.18%

  • VOD

    -0.2050

    9.095

    -2.25%

  • RELX

    -2.1400

    51.71

    -4.14%

  • BCE

    -0.1600

    22.55

    -0.71%

  • BCC

    4.4300

    93.05

    +4.76%

Climate summit narrows ambition on fossil fuels, alarming greens
Climate summit narrows ambition on fossil fuels, alarming greens / Photo: © AFP

Climate summit narrows ambition on fossil fuels, alarming greens

The Emirati head of COP28 climate talks on Monday proposed a compromise on the future of fossil fuels, endorsing a major reduction but not calling for their phase-out, in an 11th-hour bid for consensus that outraged environmentalists who hoped for a historic turning point.

Text size:

With hours to go before the official end to the 13-day UN summit, COP28 president Sultan Al Jaber released a new draft agreement aimed at bringing onboard the nearly 200 countries, which include Saudi Arabia and other producers seeking to preserve their economic lifeblood.

After an earlier draft listed the landmark option of a "phase-out" of oil, gas and coal, the new text draft focuses on "reducing" their production and consumption in order to achieve net-zero emissions by 2050.

Jaber -- whose role as president of the UAE national oil company has drawn suspicion from environmentalists -- called his text a step forward and said he still sought "high ambition" on the fossil-fuel language.

"We have made progress but we still have a lot to do," Jaber said in a plenary session.

But small island states that fear that climate change threatens their very existence accused the Emiratis of ignoring their interests.

"The Republic of the Marshall Islands did not come here to sign our death warrant," said its negotiator John Silk, demanding an end to fossil fuels.

Environmentalists said the text was woefully inefficient in checking warming at 1.5 degrees Celsius above pre-industrial levels -- the goal blessed by the 2015 Paris accord to avoid the worst ravages of climate change including worsening storms and droughts and rising sea levels.

"This disastrous new draft is way less ambitious than the last version. This is disappointing," said Fernanda Carvalho of the WWF conservation group.

The text does not go so far as to demand actions on fossil fuels, only presenting measures that nations "could" take.

"A list of crucial actions has become a menu to pick and choose from," said analyst Dave Jones of Ember's Global Insights Lead.

"And the main course doesn't even include a fossil-fuel phase-out."

- No 'phasing out' -

Negotiators who have spent 12 days in the glitzy metropolis built on petrodollars were expected to work through the night, with few expecting an agreement in time by the official close on Tuesday.

French negotiator Agnes Pannier-Runacher, heading into talks among European Union members, said the bloc would work for an ambitious text.

"Some changes have been encouraging but others seem to me to be a retreat from our expectations," she said.

The draft agreement says countries can take action that includes "reducing both consumption and production of fossil fuels, in a just, orderly and equitable manner so as to achieve net zero by, before, or around 2050 in keeping with the science".

On coal, the dirtiest major form of energy, the text lists limitations on "new and unabated coal power" -- meaning going ahead with potential projects that use new carbon capture and storage (CCS) technologies.

The text does list an option of "phasing out" of "inefficient fossil fuel subsidies" that encourage "wasteful consumption".

UN Secretary-General Antonio Guterres called earlier Monday for negotiators to show "maximum ambition and maximum flexibility".

"We are in a race against time," Guterres told reporters. "It's time to go into overdrive to negotiate in good faith."

Guterres called on negotiators to have a "single-minded focus on tackling the root cause of the climate crisis -- fossil fuel production and consumption".

COP28 is taking place at the end of the hottest year on record with scientists believing it may be the warmest in more than 100,000 years.

Climate-related disasters in 2023 have included drought in the Horn of Africa and severe wildfires in Canada, Greece and Hawaii.

- US-China unity -

In a rare display of unity between rival powers, China and the United States, the world's two largest emitters, have largely been cooperating to advance language on a phase-out, with veteran US negotiator John Kerry pushing for a success as he celebrated his 80th birthday.

The latest draft deal includes language similar to a joint US-China statement released last month.

The COP28 deal calls for accelerating the deployment of zero and low-emissions technologies, including renewables, nuclear power and CCS "so as to enhance efforts towards substitution of unabated fossil fuels in energy systems".

Critics say carbon capture technology remains too expensive and would never be enough on its own to meaningfully reduce emissions.

F.Jackson--ThChM