The end of fossil fuels? One of the most hard-fought COP gatherings ever has ended in Dubai with what the global business press is — in the main — cheering as an “historic” agreement that “signals the end of the age of oil” after leaders from almost 200 countries signed off yesterday morning. The meeting ended in overtime after marathon negotiations

“Together we have confronted the realities and sent the world in the right direction,” said Sultan Al Jaber, wearing his COP28 hat, at his closing plenary speech, describing the package as “historic” and branding it “the UAE consensus.”

Key clauses in the final text, verbatim:

  • “Transitioning away from fossil fuels in energy systems, in a just, orderly and equitable manner … so as to achieve net zero by 2050 in keeping with the science.”
  • “Tripling renewable energy capacity globally and doubling the global average annual rate of energy efficiency improvements by 2030.”

It’s the first time in three decades of UN climate conferences a final agreement mentions fossil fuels in its wording and steers toward a low-carbon energy system. The European Union hailed the decision as the “beginning of the end of fossil fuels.”

It was never a certainty that they’d reach an agreement. Saudi Arabia along with Iraq, India and others fiercely oppose the use of “phase out” or “phase down” in any final agreement. Saudi had signaled since the first days of COP28 that it simply wouldn’t sign an agreement that even hinted at the end of hydrocarbons, which account for as much as 45% of its GDP.

In the other: The European Union and small island nations, who have variously called the Arab world’s stance “disgusting,” “deeply disappointing,” and “out-of-step.” Climate change is particularly existential for the island countries, who face the prospect of their nations sinking into seas and oceans.

The compromise was wording on “transitioning away” from hydrocarbons — and some wanted the agreement to go further, with a group of small island countries criticizing the text’s “ litany of loopholes.”

Judge for yourself The final text of the pact — called the “global stocktake” in COP-ese — is here (pdf).

Check out coverage from: Financial Times | Bloomberg | Reuters | Associated Press

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