Dubai Telegraph - UN talks look for deal on winding down fossil fuels

EUR -
AED 3.869078
AFN 71.743683
ALL 97.765271
AMD 408.987562
ANG 1.899778
AOA 961.766165
ARS 1051.549899
AUD 1.634491
AWG 1.898778
AZN 1.790054
BAM 1.949108
BBD 2.128393
BDT 125.967517
BGN 1.950036
BHD 0.396986
BIF 3112.982664
BMD 1.053413
BND 1.413162
BOB 7.284061
BRL 6.105483
BSD 1.054081
BTN 88.564074
BWP 14.410661
BYN 3.449689
BYR 20646.901121
BZD 2.124825
CAD 1.48456
CDF 3019.08251
CHF 0.936463
CLF 0.037235
CLP 1027.44669
CNY 7.619965
CNH 7.628703
COP 4714.719871
CRC 536.463257
CUC 1.053413
CUP 27.915453
CVE 109.888763
CZK 25.275642
DJF 187.707327
DKK 7.458809
DOP 63.511945
DZD 140.463773
EGP 51.998879
ERN 15.8012
ETB 127.654237
FJD 2.400745
FKP 0.831477
GBP 0.834188
GEL 2.87057
GGP 0.831477
GHS 16.839345
GIP 0.831477
GMD 74.792269
GNF 9083.812602
GTQ 8.141049
GYD 220.435274
HKD 8.201102
HNL 26.620604
HRK 7.51427
HTG 138.574234
HUF 408.422068
IDR 16780.24218
ILS 3.951158
IMP 0.831477
INR 88.967865
IQD 1380.859105
IRR 44353.967719
ISK 145.518545
JEP 0.831477
JMD 167.405249
JOD 0.746978
JPY 163.732292
KES 136.415161
KGS 91.117401
KHR 4258.420018
KMF 491.416246
KPW 948.071591
KRW 1474.257232
KWD 0.324033
KYD 0.878492
KZT 523.846454
LAK 23162.695542
LBP 94396.106526
LKR 307.952708
LRD 193.955934
LSL 19.177259
LTL 3.110456
LVL 0.637199
LYD 5.148324
MAD 10.509019
MDL 19.153422
MGA 4903.212377
MKD 61.399199
MMK 3421.44538
MNT 3579.498413
MOP 8.45256
MRU 42.079529
MUR 49.731668
MVR 16.285489
MWK 1827.841833
MXN 21.533085
MYR 4.709282
MZN 67.260337
NAD 19.177259
NGN 1753.469495
NIO 38.786833
NOK 11.701568
NPR 141.702838
NZD 1.800506
OMR 0.405574
PAB 1.054091
PEN 4.001661
PGK 4.238488
PHP 61.932804
PKR 292.672469
PLN 4.323256
PYG 8224.761975
QAR 3.842707
RON 4.977167
RSD 117.005807
RUB 105.183805
RWF 1447.743215
SAR 3.95646
SBD 8.831169
SCR 14.319876
SDG 633.635716
SEK 11.595463
SGD 1.415972
SHP 0.831477
SLE 23.912699
SLL 22089.555656
SOS 602.437374
SRD 37.201817
STD 21803.528943
SVC 9.223334
SYP 2646.732426
SZL 19.170364
THB 36.778346
TJS 11.236927
TMT 3.686947
TND 3.325682
TOP 2.467203
TRY 36.265127
TTD 7.157494
TWD 34.285387
TZS 2802.079135
UAH 43.540825
UGX 3868.717556
USD 1.053413
UYU 45.235124
UZS 13492.67568
VES 47.877537
VND 26746.164259
VUV 125.063346
WST 2.940699
XAF 653.706428
XAG 0.034342
XAU 0.000409
XCD 2.846902
XDR 0.794081
XOF 653.712613
XPF 119.331742
YER 263.195093
ZAR 19.188587
ZMK 9482.016784
ZMW 28.940912
ZWL 339.19866
  • RBGPF

    1.6500

    61.84

    +2.67%

  • CMSC

    0.0450

    24.595

    +0.18%

  • JRI

    -0.0466

    13.0299

    -0.36%

  • BCC

    -0.7300

    139.62

    -0.52%

  • BCE

    -0.0140

    26.826

    -0.05%

  • NGG

    0.1200

    62.49

    +0.19%

  • SCS

    0.0400

    13.31

    +0.3%

  • RIO

    0.5500

    60.98

    +0.9%

  • RYCEF

    0.0300

    6.82

    +0.44%

  • GSK

    -0.7459

    33.255

    -2.24%

  • AZN

    -1.5400

    63.5

    -2.43%

  • RELX

    -1.5300

    44.42

    -3.44%

  • VOD

    0.0650

    8.745

    +0.74%

  • CMSD

    -0.0178

    24.34

    -0.07%

  • BTI

    0.8350

    36.325

    +2.3%

  • BP

    -0.1650

    28.885

    -0.57%

UN talks look for deal on winding down fossil fuels
UN talks look for deal on winding down fossil fuels / Photo: Giuseppe CACACE - AFP

UN talks look for deal on winding down fossil fuels

Negotiators were searching for a compromise on phasing out fossil fuels at UN climate talks Friday as momentum gathered to strike an historic deal in Dubai.

Text size:

After the arrival of ministers for the summit's final stretch, a new draft was released with more options on the most difficult part of an emerging deal -- cutting fossil fuels to tame the planet's soaring temperatures.

The third version of the draft, which represents views of various countries, offers five options, including not mentioning fossil fuels at all.

Other options include phasing out "unabated" fossil fuels -- those whose emissions cannot be captured -- with a goal of peaking consumption this decade and aiming for the world's energy sector to be "predominantly free of fossil fuels well ahead of 2050".

A new line calls for ramping up renewable energy to displace fossil fuels -- oil, gas and coal -- with a goal of "significantly reducing global reliance on non-renewable and high-emission energy sources".

The language is in line with an agreement between the United States and China, the world's top emitters of greenhouse gases, at talks in California last month.

COP28 president Sultan Al Jaber wants to wrap up the talks on schedule at 11 am (0700 GMT) on Tuesday, which means that all the nearly 200 nations will have to come to a consensus.

"We have the potential to deliver a paradigm shift," he said.

"Let us please get this job done. I need you to step up and I need you to come out of your comfort zones," he said.

- 'Never closer' -

Romain Ioualalen, global policy manager of the advocacy group Oil Change International, said that the latest text "shows we have never been closer to an agreement on a fossil fuel phaseout."

But he voiced alarm over "large loopholes" under consideration for the fossil fuel industry, predicting "a fierce battle over the next few days".

The most vocal holdout to calls to end fossil fuels is Saudi Arabia, which like summit host United Arab Emirates has grown wealthy on oil.

Climate campaigners have viewed Jaber with deep suspicion as he is head of the UAE national oil firm ADNOC.

But he has sought to reassure doubters by stating that a phase-down of fossil fuels, if not necessarily a complete end, is "inevitable" and the summit last week reached a quick agreement on another key area -- a loss and damage fund, which will assist nations devastated by climate change.

Wopke Hoekstra, the European Union's climate commissioner, acknowledged that the fossil fuel question was the most difficult at COP28.

He voiced doubt about technologies promoted by energy producers -- including the US -- to rely on new technologies when extracting fossil fuels, so-called carbon capture and storage or CCS.

It is "crystal clear that CCS is part of the solution. But make no mistake -- we cannot CCS ourselves out of this problem," Hoekstra said.

The level of technology "simply doesn't exist. We need to drive down emissions."

- 'Credibility' on line -

Scientists warn that greenhouse gas emissions -- the bulk of which come from burning fossil fuels -- must fall by 43 percent by 2030 for the world to reach the goal of limiting warming to 1.5 degrees Celsius.

"I think many countries at the end might be able to agree to phase-out if the word unabated is included because unabated will weaken the phase-out and make it more of a phase-down," John Verdieck, director of international climate policy at The Nature Conservancy, told AFP.

This would still "create a good signal because the word phase-out could be in there", said Verdieck, a former climate negotiator at the US State Department.

Ugandan climate justice activist and UNICEF Goodwill Ambassador Vanessa Nakate said a record 2,400 fossil fuel lobbyists at the talks, the whole process was at stake.

"If after all of this, leaders still don't have the courage to agree upon a fossil fuel phase out, then it will put in question the credibility not only of COP28 but of the entire COP process," she said.

But many governments are optimistic that COP28 can deliver an ambitious deal.

"I really mean it when I say I believe we can do this. I believe it is possible," said Denmark's Dan Jorgensen, one of the climate ministers tasked with leading the talks.

But Saudi Arabia has enjoyed support from another major oil and gas player Russia. China, a major importer, is also hesitant on giving up fossil fuels. But it has promised to be constructive and is also the top producer of renewable energy.

B.Krishnan--DT