Zürcher Nachrichten - Dubai deal hailed as 'beginning of end' for fossil fuels

EUR -
AED 3.849071
AFN 71.56307
ALL 98.465648
AMD 409.468215
ANG 1.893231
AOA 955.718831
ARS 1054.749619
AUD 1.614472
AWG 1.886288
AZN 1.782519
BAM 1.960492
BBD 2.120976
BDT 125.530419
BGN 1.955562
BHD 0.394986
BIF 3103.196944
BMD 1.047938
BND 1.415574
BOB 7.285435
BRL 6.079039
BSD 1.050514
BTN 88.559806
BWP 14.350343
BYN 3.437727
BYR 20539.583235
BZD 2.117468
CAD 1.478023
CDF 3007.581455
CHF 0.929259
CLF 0.037074
CLP 1022.998268
CNY 7.586809
CNH 7.612525
COP 4594.945795
CRC 535.319825
CUC 1.047938
CUP 27.770355
CVE 110.527404
CZK 25.320383
DJF 187.057666
DKK 7.458693
DOP 63.30425
DZD 140.071563
EGP 51.976684
ERN 15.719069
ETB 130.985724
FJD 2.385055
FKP 0.827155
GBP 0.834903
GEL 2.860704
GGP 0.827155
GHS 16.544594
GIP 0.827155
GMD 74.40381
GNF 9052.578203
GTQ 8.111179
GYD 219.775967
HKD 8.155697
HNL 26.545275
HRK 7.475213
HTG 137.878655
HUF 410.760113
IDR 16678.246381
ILS 3.821337
IMP 0.827155
INR 88.337079
IQD 1376.09326
IRR 44105.092296
ISK 145.129213
JEP 0.827155
JMD 166.717396
JOD 0.743407
JPY 161.017234
KES 135.70087
KGS 90.949906
KHR 4216.049598
KMF 491.430873
KPW 943.143731
KRW 1465.744813
KWD 0.322524
KYD 0.875395
KZT 524.545339
LAK 23070.211523
LBP 94069.025555
LKR 305.681556
LRD 189.077086
LSL 18.992854
LTL 3.094288
LVL 0.633887
LYD 5.141304
MAD 10.554058
MDL 19.202956
MGA 4908.747592
MKD 61.56337
MMK 3403.661487
MNT 3560.892996
MOP 8.418247
MRU 41.772186
MUR 49.588583
MVR 16.191014
MWK 1821.559347
MXN 21.56301
MYR 4.679056
MZN 66.935227
NAD 18.992854
NGN 1763.815703
NIO 38.652133
NOK 11.634516
NPR 141.698761
NZD 1.793324
OMR 0.403444
PAB 1.050514
PEN 3.978622
PGK 4.231643
PHP 61.81779
PKR 291.766354
PLN 4.315041
PYG 8184.587316
QAR 3.832098
RON 4.978336
RSD 117.014826
RUB 108.987644
RWF 1434.318918
SAR 3.935285
SBD 8.792818
SCR 14.272552
SDG 630.332048
SEK 11.536377
SGD 1.412348
SHP 0.827155
SLE 23.785419
SLL 21974.73918
SOS 600.330981
SRD 37.195469
STD 21690.199169
SVC 9.191998
SYP 2632.975314
SZL 18.987441
THB 36.352603
TJS 11.197577
TMT 3.678262
TND 3.331979
TOP 2.45438
TRY 36.278175
TTD 7.135076
TWD 34.036696
TZS 2777.035195
UAH 43.594831
UGX 3892.31507
USD 1.047938
UYU 44.775876
UZS 13476.251302
VES 48.817455
VND 26630.722396
VUV 124.413296
WST 2.925414
XAF 657.52431
XAG 0.034524
XAU 0.000399
XCD 2.832105
XDR 0.803523
XOF 657.530599
XPF 119.331742
YER 261.905872
ZAR 18.978345
ZMK 9432.70014
ZMW 28.966322
ZWL 337.435583
  • RBGPF

    0.8100

    61

    +1.33%

  • RYCEF

    0.0200

    6.79

    +0.29%

  • RELX

    -0.1800

    46.57

    -0.39%

  • SCS

    0.4500

    13.72

    +3.28%

  • NGG

    0.1500

    63.26

    +0.24%

  • BTI

    -0.0500

    37.33

    -0.13%

  • VOD

    0.1800

    8.91

    +2.02%

  • CMSC

    0.0578

    24.73

    +0.23%

  • GSK

    0.1900

    34.15

    +0.56%

  • RIO

    0.6300

    62.98

    +1%

  • BCC

    8.7200

    152.5

    +5.72%

  • AZN

    0.7700

    66.4

    +1.16%

  • CMSD

    0.1200

    24.58

    +0.49%

  • JRI

    0.1600

    13.37

    +1.2%

  • BCE

    0.2500

    27.02

    +0.93%

  • BP

    -0.4000

    29.32

    -1.36%

Dubai deal hailed as 'beginning of end' for fossil fuels
Dubai deal hailed as 'beginning of end' for fossil fuels / Photo: Giuseppe CACACE - 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.

F.Carpenteri--NZN