COP28 participants signed an agreement on fossil fuel phase-out

The participants of the COP28 climate summit, held on December 13, 2023, decided to phase out fossil fuels. In particular, 197 countries agreed to triple the use of renewable energy sources by 2030 and stop emitting carbon dioxide by 2050. The new agreement marks a shift in approach, as previous climate agreements avoided explicitly mentioning “fossil fuels.” Each country must submit a plan to limit emissions by 2035 within the next two years.

Although the agreement is not legally binding, it sends a strong political signal that a transition is necessary. However, the interests of some countries, such as the UAE and others, have caused conflicts, especially in connection with investments in oil production. The participating countries have made some concessions, for example, China and India are leaving coal-fired power plants in operation.

It was also noted that the UK violated previous climate agreements by building new coal-fired thermal power plants. Countries such as the US, Europe, and Japan have been criticized for not supporting enough the abandonment of polluting energy sources in poor countries. Although the new agreement emphasizes the importance of financing, the issue has been postponed until next year.