• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 3 days "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
  • 7 days America should go after China but it should be done in a wise way.
  • 24 hours Even Shell Agrees with Climate Change!
  • 3 days How Far Have We Really Gotten With Alternative Energy
  • 4 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 3 days World could get rid of Putin and Russia but nobody is bold enough
  • 6 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

Premium Content

Final COP28 Deal References Transition Away From Fossil Fuels

  • COP28 ends with a historic compromise text, marking the first global call for transitioning away from fossil fuels.
  • The United Arab Emirates, as the summit host, celebrates the agreement as a groundbreaking deal to reduce emissions.
  • The final text reflects a significant step but faces watered-down language due to objections from oil-exporting countries, particularly led by Saudi Arabia.

The COP28 climate summit, which ran one day into extra time amid heated debates on the future of fossil fuel use and production, ended early on Wednesday with a compromise text referencing for the first time a call to all parties to transition away from fossil fuels.

The summit host, the United Arab Emirates, which is also one of OPEC’s top producers and exporters, hailed “the UAE consensus” as a historic deal to reduce emissions.

The final text adopted by the countries references for the first time in such summit declarations an explicit call for transitioning away from fossil fuels.

But the final agreement is watered down compared to any references to phasing out or phasing down of fossil fuels, as objections from many oil exporting countries – led by Saudi Arabia – held back talks in the final days and sent the conference into overtime on Wednesday, a day later than its planned end early on Tuesday.

The Conference of the Parties “Further recognizes the need for deep, rapid and sustained reductions in greenhouse gas emissions in line with 1.5 °C pathways and calls on Parties to contribute to the following global efforts, in a nationally determined manner, taking into account the Paris Agreement and their different national circumstances, pathways and approaches,” the text reads.

One of the “global efforts” is “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.”

COP28 President Sultan Al Jaber said after the agreement was announced, “We delivered world first after world first. A global goal to triple renewables and double energy efficiency. Declarations on agriculture, food and health. More oil and gas companies stepping up for the first time on methane and emissions. And we have language on fossil fuels in our final agreement.”

By Tsvetana Paraskova for Oilprice.com


More Top Reads From Oilprice.com:

Download The Free Oilprice App Today

Back to homepage

Leave a comment
  • Mamdouh Salameh on December 13 2023 said:
    A transition away from fossil fuels is completely different in meaning and scope from phasing out fossil fuels.

    And since the whole notion of energy transition depends on renewables satisfying the global demand for electricity and since renewables on their own are incapable of achieving this goal because of their intermittent nature, then the whole notion of energy transition is myth and the call for transition away from fossil fuels is an empty call.

    Dr Mamdouh G Salameh
    International Oil Economist
    Global Energy Expert

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News