Dubai Telegraph - UN draft deal calls for 'transitioning away' from fossil fuels

EUR -
AED 4.239003
AFN 75.596282
ALL 93.061819
AMD 421.273357
ANG 2.065866
AOA 1059.605841
ARS 1721.849601
AUD 1.633375
AWG 2.079102
AZN 1.961987
BAM 1.956614
BBD 2.324406
BDT 141.658907
BGN 1.958039
BHD 0.43517
BIF 3450.419872
BMD 1.154255
BND 1.477108
BOB 13.531627
BRL 5.982737
BSD 1.15405
BTN 110.090303
BWP 15.535056
BYN 3.470853
BYR 22623.397686
BZD 2.321045
CAD 1.605638
CDF 2623.621533
CHF 0.938987
CLF 0.026818
CLP 1055.497207
CNY 7.783367
CNH 7.785375
COP 3607.589325
CRC 518.20202
CUC 1.154255
CUP 30.587757
CVE 110.310393
CZK 24.216615
DJF 205.510118
DKK 7.475671
DOP 67.546333
DZD 153.433913
EGP 57.91613
ERN 17.313825
ETB 184.622812
FJD 2.554886
FKP 0.855276
GBP 0.854974
GEL 3.012228
GGP 0.855276
GHS 12.845342
GIP 0.855276
GMD 84.836392
GNF 10138.127994
GTQ 8.804623
GYD 241.450404
HKD 9.057139
HNL 31.009102
HRK 7.535554
HTG 150.95408
HUF 363.301595
IDR 20559.474349
ILS 3.416294
IMP 0.855276
INR 110.157305
IQD 1512.651156
IRR 1586624.468509
ISK 142.19234
JEP 0.855276
JMD 182.581179
JOD 0.818365
JPY 183.74181
KES 149.141648
KGS 100.939436
KHR 4670.922117
KMF 492.866697
KPW 1038.829825
KRW 1631.793343
KWD 0.356388
KYD 0.961775
KZT 537.059372
LAK 26038.15092
LBP 103345.188913
LKR 384.699975
LRD 209.470736
LSL 18.617258
LTL 3.408214
LVL 0.698197
LYD 7.350866
MAD 10.689845
MDL 20.03381
MGA 4969.067194
MKD 61.550595
MMK 2423.258953
MNT 4152.238993
MOP 9.328081
MRU 46.246829
MUR 54.376826
MVR 17.833581
MWK 2001.180156
MXN 19.655347
MYR 4.712943
MZN 73.767938
NAD 18.617258
NGN 1572.926734
NIO 42.467476
NOK 10.950596
NPR 176.140668
NZD 1.967052
OMR 0.443813
PAB 1.15408
PEN 3.893337
PGK 5.081604
PHP 70.829129
PKR 320.623159
PLN 4.310063
PYG 6887.68515
QAR 4.205531
RON 5.24193
RSD 117.312742
RUB 95.891022
RWF 1695.600571
SAR 4.332992
SBD 9.290117
SCR 16.055921
SDG 693.125335
SEK 11.018922
SGD 1.47706
SHP 0.855148
SLE 28.27378
SLL 24204.148994
SOS 659.652558
SRD 43.541383
STD 23890.747737
STN 24.729913
SVC 10.097937
SYP 15007.623193
SZL 18.62226
THB 38.297993
TJS 10.663919
TMT 4.051435
TND 3.387754
TOP 2.779169
TRY 55.271156
TTD 7.826051
TWD 36.922264
TZS 3053.898964
UAH 51.587211
UGX 4284.781778
USD 1.154255
UYU 46.24003
UZS 13793.347202
VES 888.902265
VND 30126.632209
VUV 136.908487
WST 3.155336
XAF 656.212823
XAG 0.017991
XAU 0.000266
XCD 3.119432
XCG 2.079911
XDR 0.816118
XOF 656.195446
XPF 119.331742
YER 273.791514
ZAR 18.689183
ZMK 10389.687771
ZMW 21.696834
ZWL 371.669634
  • RBGPF

    -0.8200

    71.34

    -1.15%

  • CMSC

    0.0250

    21.475

    +0.12%

  • CMSD

    0.0000

    21.59

    0%

  • BCC

    -0.1200

    84.13

    -0.14%

  • BCE

    0.1900

    23.32

    +0.81%

  • RIO

    -3.0200

    98.2

    -3.08%

  • RYCEF

    -0.3900

    20.71

    -1.88%

  • JRI

    -0.0300

    12.68

    -0.24%

  • NGG

    0.5200

    81.2

    +0.64%

  • GSK

    0.1500

    50.45

    +0.3%

  • RELX

    0.1200

    34.67

    +0.35%

  • BTI

    1.5100

    57.35

    +2.63%

  • AZN

    -1.2600

    157.24

    -0.8%

  • BP

    -0.1000

    42.83

    -0.23%

  • VOD

    0.1300

    16.22

    +0.8%

UN draft deal calls for 'transitioning away' from fossil fuels
UN draft deal calls for 'transitioning away' from fossil fuels / Photo: Giuseppe CACACE - AFP

UN draft deal calls for 'transitioning away' from fossil fuels

A draft UN climate deal called Wednesday for the world to transition away from fossil fuels, in a last-ditch bid to break a deadlock between nations seeking a phase-out from oil, gas and coal and Saudi-led crude producers.

Text size:

Following all-night negotiations, the text proposed by the Emirati presidency of the COP28 summit in Dubai would, if approved, mark the first time that all fossil fuels are addressed in the 28-year history of international climate conferences.

The text calls for "transitioning away from fossil fuels in energy systems, in a just, orderly and equitable manner, accelerating action in this critical decade, so as to achieve net zero by 2050 in keeping with the science".

But the document does not mention the "phase-out" demanded by Western nations and low-lying island states most vulnerable to rising seas and tropical storms.

The COP28 presidency scheduled a plenary session at 9:30 am (0530 GMT) in the hope of the text receiving consensus approval from nearly 200 nations.

Stephen Cornelius of the conservation group WWF called the new draft a "sorely needed improvement", while still voicing disappointment at the lack of a full-on "phase-out" of fossil fuels.

"If this text is agreed by countries, it would represent a significant moment," he said.

- Stronger calls -

The two-week conference in Dubai, a glitzy metropolis built on petrodollars, was supposed to end Tuesday but went into overtime as nations struggled to agree on what to do with fossil fuels, the main culprits of the climate crisis.

COP28 president Sultan Al Jaber, who heads the United Arab Emirates' national oil company, was viewed with suspicion by climate campaigners worried that the fossil fuel industry would prevail again.

Jaber had proposed a draft on Monday that was roundly rejected as too weak for merely suggesting that nations "could" reduce the consumption and production of fossil fuels, among other options.

The new draft explicitly "calls on" all nations to contribute through a series of actions, including transitioning from fossil fuels.

While not using the term "phase-out" on fossil fuels, it endorses work towards a phase-down of "unabated coal power" -- meaning that coal with carbon capture technology to reduce emissions, panned by many environmentalists as unproven, could continue.

It also calls for "phasing out inefficient fossil fuel subsidies that do not address energy poverty or just transitions, as soon as possible".

Island nations, backed by Western powers, responded that they would not sign their own "death warrant", forcing Jaber back to the drawing board.

Jaber held talks deep into the night with negotiators from across the world in his office in the sprawling Expo City complex.

European officials had signalled that they were willing to find compromise language while US climate envoy John Kerry said "progress" was made in the talks.

- 'Super-majority' vs OPEC nations -

The 2015 Paris summit endorsed checking warming at 1.5 degrees Celsius -- a goal repeated in the latest draft, but which critics say is virtually impossible without serious efforts to curb oil, gas and coal.

More than 130 countries from Europe, the Pacific, the Caribbean and the Americas, including Brazil and the United States, joined forces to call for an exit from oil, gas and coal.

EU climate chief Wopke Hoekstra said a "super majority" of the nearly 200 countries in the talks wanted stronger action on fossil fuels.

Saudi Arabia, Kuwait and Iraq have been the most vocal opponents of a phase-out, and the OPEC oil cartel had urged its members to block any deal targeting fossil fuels.

At an energy conference in neighbouring Qatar on Tuesday, Kuwaiti oil minister Saad Hamad Nasser Al Barrak said a phase-out was a "racist and colonial" proposal that would wreck economies in the region.

Iraq's oil minister, Hayyan Abdul Ghani Al Sawad, said: "Fossil fuels will remain the major source of energy in the whole world".

T.Prasad--DT