• 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
  • 6 days The United States produced more crude oil than any nation, at any time.
  • 5 days How Far Have We Really Gotten With Alternative Energy
  • 3 hours e-truck insanity
  • 3 days Bad news for e-cars keeps coming
  • 5 days China deletes leaked stats showing plunging birth rate for 2023
  • 6 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.

Latest COP28 Draft References “Reducing” Fossil Fuel Consumption and Production

As leaders and negotiators are racing to adopt a final declaration from the COP28 climate summit in Dubai, the fossil fuel debate is at the center again, with the latest draft circulated on Monday containing language about “reducing both consumption and production of fossil fuels,” but stopping short of any phase-out.

The draft, which has not been approved yet, was put forward by the COP28 President, Sultan Al Jaber, who is also the chief executive of national oil company ADNOC.

Al Jaber and the UAE presidency of the climate summit have been pushing in the final days of the COP28 conference, which ends on Tuesday, for a deal to include in the final statement – for the first time – a commitment to cut the use of fossil fuels.

The latest draft includes previously agreed items such as tripling renewable energy capacity globally by 2030.

This draft also says that the Conference of the Parties “calls upon Parties to take actions that could include”, among other things, “Reducing both consumption and production of fossil fuels, in a just, orderly and equitable manner so as to achieve net zero by, before, or around 2050 in keeping with the science.”

The draft also includes the texts, “Rapidly phasing down unabated coal and limitations on permitting new and unabated coal power generation” and “Phasing out of inefficient fossil fuel subsidies that encourage wasteful consumption and do not address energy poverty or just transitions, as soon as possible.”

The other actions outlined include “accelerating zero and low emissions technologies, including, inter alia, renewables, nuclear, abatement and removal technologies, including such as carbon capture and utilization and storage, and low carbon hydrogen production, so as to enhance efforts towards substitution of unabated fossil fuels in energy systems.”

Unlike in the previous draft from late last week, there is no language about a “phase out” of fossil fuels.


However, it’s not certain that the latest draft from Monday would be agreed as-is. Some oil-exporting countries, including Saudi Arabia, have said they would “Absolutely not” be happy to have the language “fossil fuels should be phased down.”  

By Charles Kennedy for Oilprice.com

More Top Reads From Oilprice.com:

Join the discussion | Back to homepage

Leave a comment

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