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

EUR -
AED 4.173754
AFN 72.734997
ALL 92.091564
AMD 412.932221
ANG 2.03473
AOA 1043.296859
ARS 1732.852854
AUD 1.61908
AWG 2.04568
AZN 1.929488
BAM 1.954534
BBD 2.289268
BDT 139.940586
BGN 1.913212
BHD 0.428426
BIF 3405.598941
BMD 1.136489
BND 1.452823
BOB 13.917169
BRL 5.931122
BSD 1.136639
BTN 109.032814
BWP 15.540139
BYN 3.440523
BYR 22275.181494
BZD 2.28585
CAD 1.610182
CDF 2659.383884
CHF 0.94578
CLF 0.027905
CLP 1101.973859
CNY 7.629534
CNH 7.629352
COP 3815.090791
CRC 516.199703
CUC 1.136489
CUP 27.278531
CVE 110.195561
CZK 24.397631
DJF 202.391574
DKK 7.47517
DOP 67.669145
DZD 152.174741
EGP 59.207998
ERN 17.047333
ETB 185.215973
FJD 2.543687
FKP 0.85784
GBP 0.857646
GEL 2.971883
GGP 0.85784
GHS 13.223609
GIP 0.85784
GMD 83.51982
GNF 9995.613402
GTQ 8.680454
GYD 237.819094
HKD 8.915715
HNL 30.510506
HRK 7.5356
HTG 148.750193
HUF 367.764373
IDR 20524.988662
ILS 3.499931
IMP 0.85784
INR 109.087871
IQD 1488.848715
IRR 1562487.493719
ISK 137.015231
JEP 0.85784
JMD 179.923457
JOD 0.805706
JPY 179.039019
KES 147.459877
KGS 99.384244
KHR 4613.072818
KMF 492.099369
KPW 1022.840328
KRW 1546.732948
KWD 0.351005
KYD 0.947199
KZT 499.820645
LAK 25501.818062
LBP 101779.516769
LKR 376.202939
LRD 195.485956
LSL 18.677166
LTL 3.355756
LVL 0.687451
LYD 7.270419
MAD 10.945203
MDL 20.094249
MGA 4985.836285
MKD 61.530145
MMK 2386.439659
MNT 4086.894742
MOP 9.183773
MRU 45.530908
MUR 53.949235
MVR 17.558737
MWK 1970.849416
MXN 20.271643
MYR 4.63937
MZN 72.632755
NAD 18.677166
NGN 1509.756778
NIO 41.823277
NOK 10.81955
NPR 174.457672
NZD 2.006818
OMR 0.43696
PAB 1.136579
PEN 3.862168
PGK 5.14176
PHP 71.020892
PKR 314.915459
PLN 4.372112
PYG 6675.675904
QAR 4.142817
RON 5.279009
RSD 117.533411
RUB 96.029915
RWF 1678.135155
SAR 4.268554
SBD 9.092493
SCR 15.813794
SDG 683.595104
SEK 11.326401
SGD 1.45299
SHP 0.858051
SLE 28.014039
SLL 23831.593749
SOS 649.622085
SRD 42.829764
STD 23523.024669
STN 24.485756
SVC 9.944646
SYP 14776.628339
SZL 18.67248
THB 38.218977
TJS 10.484847
TMT 3.989076
TND 3.36572
TOP 2.736392
TRY 55.667729
TTD 7.714207
TWD 36.153975
TZS 2994.65152
UAH 51.002064
UGX 4449.196379
USD 1.136489
UYU 45.56129
UZS 13428.538127
VES 968.778839
VND 29519.729679
VUV 133.879635
WST 3.120478
XAF 655.957
XAG 0.018625
XAU 0.000275741732
XCD 3.071418
XCG 2.048391
XDR 0.803557
XOF 655.957
XPF 119.331742
YER 268.95031
ZAR 18.679706
ZMK 10229.764221
ZMW 22.134954
ZWL 365.948947
SSP 6492.297005
MXV 2.295711
  • RYCEF

    -0.0400

    19.56

    -0.2%

  • CMSC

    -0.0660

    20.334

    -0.32%

  • RBGPF

    -1.5200

    64.47

    -2.36%

  • RIO

    -0.3450

    94.215

    -0.37%

  • VOD

    -0.0250

    16.595

    -0.15%

  • NGG

    -0.3750

    75.115

    -0.5%

  • GSK

    0.3050

    49.545

    +0.62%

  • AZN

    0.0650

    166.645

    +0.04%

  • BCC

    -0.4200

    76.72

    -0.55%

  • CMSD

    -0.1400

    20.16

    -0.69%

  • BCE

    -0.3870

    20.583

    -1.88%

  • JRI

    -0.1500

    10.87

    -1.38%

  • BTI

    0.5350

    56.165

    +0.95%

  • RELX

    -0.4300

    33.09

    -1.3%

  • BP

    0.6000

    44.75

    +1.34%

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