{"id":611917,"date":"2023-12-14T00:00:00","date_gmt":"2023-12-14T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/12\/14\/historic-agreement-at-cop28-signals-the-end-of-the-age-of-oil\/"},"modified":"2023-12-14T00:00:00","modified_gmt":"2023-12-14T00:00:00","slug":"historic-agreement-at-cop28-signals-the-end-of-the-age-of-oil","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/12\/14\/historic-agreement-at-cop28-signals-the-end-of-the-age-of-oil\/","title":{"rendered":"\u201cHistoric\u201d agreement at COP28 \u201csignals the end of the age of oil\u201d"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> The end of fossil fuels? <\/strong>One of the most hard-fought COP gatherings ever has ended in Dubai with what the global business press is \u2014 in the main \u2014 cheering as <strong>an \u201chistoric\u201d agreement<\/strong> that \u201c<strong><a target=\"_blank\" href=\"https:\/\/www.reuters.com\/business\/environment\/countries-push-cop28-deal-fossil-fuels-talks-spill-into-overtime-2023-12-12\/\" style=\"\" rel=\"noopener\">signals the end of the age of oil<\/a><\/strong>\u201d after leaders from almost 200 countries signed off yesterday morning. The meeting ended in overtime after marathon negotiations<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\u201c<strong>Together we have confronted the realities and sent the world in the right direction<\/strong>,\u201d said Sultan Al Jaber, wearing his COP28 hat, at his closing plenary <a target=\"_blank\" href=\"https:\/\/www.cop28.com\/en\/news\/2023\/12\/COP28-President-Delivers-Remarks-at-Closing-Plenary\" style=\"\" rel=\"noopener\">speech<\/a>, describing the package as \u201chistoric\u201d and branding it \u201cthe UAE consensus.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Key clauses in the final text, verbatim: <\/strong><\/p>\n<ul>\n<li>\u201c<strong>Transitioning away from fossil fuels<\/strong> in energy systems, in a just, orderly and equitable manner \u2026 so as to achieve net zero by 2050 in keeping with the science.\u201d<\/li>\n<li>\u201c<strong>Tripling renewable energy capacity globally<\/strong> and doubling the global average annual rate of energy efficiency improvements by 2030.\u201d<\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It\u2019s the first time in three decades of UN climate conferences a final agreement mentions <\/strong><strong>fossil fuels in its wording<\/strong> and steers toward a low-carbon energy system. The European Union <a target=\"_blank\" href=\"https:\/\/ec.europa.eu\/commission\/presscorner\/detail\/de\/speech_23_6588\" style=\"\" rel=\"noopener\">hailed<\/a> the decision as the \u201cbeginning of the end of fossil fuels.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It was never a certainty that they\u2019d reach an agreement. <\/strong>Saudi Arabia along with Iraq, India and others fiercely oppose the use of \u201cphase out\u201d or \u201cphase down\u201d in any final agreement. Saudi had signaled since the first days of COP28 that it simply wouldn\u2019t sign an agreement that even hinted at the end of hydrocarbons, which account for as much as 45% of its GDP. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the other: <\/strong>The European Union and small island nations, who have variously called the Arab world\u2019s stance \u201cdisgusting,\u201d \u201cdeeply disappointing,\u201d and \u201cout-of-step.\u201d Climate change is particularly existential for the island countries, who face the prospect of their nations sinking into seas and oceans.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The compromise <\/strong>was wording on \u201ctransitioning away\u201d from hydrocarbons \u2014 and some wanted the agreement to go further, with a group of small island countries criticizing the text\u2019s \u201c <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/business\/environment\/alliance-small-island-states-sees-a-litany-loopholes-cop28-text-2023-12-13\/\" style=\"\" rel=\"noopener\">litany of loopholes<\/a>.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Judge for yourself <\/strong>The final text of the pact \u2014 called the \u201cglobal stocktake\u201d in COP-ese \u2014 is <a target=\"_blank\" href=\"https:\/\/unfccc.int\/sites\/default\/files\/resource\/cma2023_L17_adv.pdf\" style=\"\" rel=\"noopener\">here (pdf)<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Check out coverage from: <\/strong><a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/3ffd821c-6200-4808-b16d-ac9cb2207f11\" style=\"\" rel=\"noopener\">Financial Times<\/a> | <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-12-13\/cop28-ends-with-deal-on-transition-away-from-fossil-fuels?srnd=premium-middle-east&leadSource=uverify%20wall\" style=\"\" rel=\"noopener\">Bloomberg<\/a> | <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/business\/environment\/countries-push-cop28-deal-fossil-fuels-talks-spill-into-overtime-2023-12-12\/\" style=\"\" rel=\"noopener\">Reuters<\/a> | <a target=\"_blank\" href=\"https:\/\/apnews.com\/article\/cop28-climate-summit-negotiations-fossil-fuels-dubai-64c0e39e6ad54a98e05e5201a2215293\" style=\"\" rel=\"noopener\">Associated Press<\/a> <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Final agreement in Dubai aims to hit \u201cnet zero\u201d in 2050.<\/p>\n","protected":false},"author":1,"featured_media":611918,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7207],"tags":[11870,6517,93,72,91],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-611917","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-energy","tag-climate-2","tag-cop28","tag-energy","tag-enterpriseam","tag-oil-and-gas","wpautop","entry"],"acf":{"mongo_id":"bca1557f-e4c8-487f-b068-b387ae97096e","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/12\/989.jpg","photo_position":"above","homepage_title":"","full_issue_title":"\u201cHistoric\u201d agreement at COP28 \u201csignals the end of the age of oil\u201d","related_issue":[611912],"teaser":"Final agreement in Dubai aims to hit \u201cnet zero\u201d in 2050.","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/12\/.748f2d4e-7cbf-4853-b052-df5c299036db.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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