Apr 19, 2024 8:18 a.m.

COP28 Summit: Historic global accord signals shift away from fossil fuels

The historic deal, reached after intense negotiations, sends a resounding message to investors and policymakers about the world's united determination to break with fossil fuels

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In a groundbreaking move at the COP28 climate summit on Wednesday in Dubai, representatives from nearly 200 countries have committed to reducing global fossil fuel consumption, signalling a landmark shift away from the oil age. 

The historic deal, reached after intense negotiations, sends a resounding message to investors and policymakers about the world's united determination to break with fossil fuels—a crucial step in mitigating the impacts of climate change. 

Norway's Minister of Foreign Affairs, Espen Barth Eide, described it as the first global unity on transitioning away from fossil fuels, addressing a long-standing issue. “The agreement, contested by over 100 countries seeking to ‘phase out’ oil, faced opposition from OPEC, leading to overtime negotiations. 

With the deal finalized, countries now shoulder the responsibility of translating the commitment into action through national policies and investments. The proposed agreement emphasizes equitably transitioning from fossil fuels, aiming for net-zero emissions by 2050. 

Additionally, it advocates tripling global renewable energy capacity by 2030, expediting coal reduction, and advancing technologies like carbon capture and storage for challenging-to-decarbonize industries.