Zürcher Nachrichten - Climate summit narrows ambition on fossil fuels, alarming greens

EUR -
AED 4.245911
AFN 76.881606
ALL 93.218906
AMD 422.095048
AOA 1060.17747
ARS 1724.883763
AUD 1.638748
AWG 2.082491
AZN 1.923974
BAM 1.955777
BBD 2.321673
BDT 142.688326
BHD 0.434695
BIF 3451.159509
BMD 1.156136
BND 1.477083
BOB 13.699839
BRL 5.876985
BSD 1.152686
BTN 109.688713
BWP 15.558817
BYN 3.43236
BYR 22660.274138
BZD 2.318273
CAD 1.612984
CDF 2615.754722
CHF 0.935881
CLF 0.026829
CLP 1055.917611
CNY 7.801148
CNH 7.796157
COP 3633.557369
CRC 523.993852
CUC 1.156136
CUP 30.637616
CVE 110.263706
CZK 24.258167
DJF 205.267592
DKK 7.47791
DOP 67.289211
DZD 152.967205
EGP 57.293328
ERN 17.342047
ETB 186.049717
FJD 2.553385
FKP 0.857252
GBP 0.858528
GEL 3.017423
GGP 0.857252
GHS 13.526841
GIP 0.857252
GMD 84.950214
GNF 10123.881221
GTQ 8.794897
GYD 241.157171
HKD 9.066771
HNL 30.895638
HRK 7.536626
HTG 150.718232
HUF 363.096284
IDR 20580.38469
ILS 3.468236
IMP 0.857252
INR 110.076327
IQD 1509.982284
IRR 1590323.474144
ISK 142.597486
JEP 0.857252
JMD 183.057852
JOD 0.8197
JPY 182.445223
KES 149.15825
KGS 101.1045
KHR 4681.945069
KMF 492.513789
KRW 1627.678205
KWD 0.356853
KYD 0.960589
KZT 540.233662
LAK 26025.694653
LBP 103223.088933
LKR 386.635464
LRD 208.057559
LSL 18.72658
LTL 3.41377
LVL 0.699336
LYD 7.331914
MAD 10.743074
MDL 20.044765
MGA 4918.942288
MKD 61.529278
MMK 2427.365524
MNT 4157.296339
MOP 9.314591
MRU 46.338456
MUR 54.419029
MVR 17.862474
MWK 1998.776549
MXN 20.093332
MYR 4.728717
MZN 73.882875
NAD 18.72658
NGN 1577.96467
NIO 42.419502
NOK 10.997597
NPR 175.501941
NZD 1.96672
OMR 0.442445
PAB 1.152686
PEN 3.903654
PGK 5.09394
PHP 70.183287
PKR 320.014545
PLN 4.299908
PYG 6853.919586
QAR 4.213651
RON 5.24458
RSD 117.338623
RUB 94.338893
RWF 1694.980114
SAR 4.329449
SBD 9.325045
SCR 16.705104
SDG 694.261718
SEK 10.961097
SGD 1.467714
SLE 28.426407
SOS 658.792271
SRD 43.778844
STD 23929.689987
STN 24.499713
SVC 10.085882
SZL 18.72278
THB 38.21027
TJS 10.633575
TMT 4.058039
TND 3.38636
TRY 55.144817
TTD 7.812908
TWD 37.286097
TZS 3051.764195
UAH 51.625994
UGX 4293.949621
USD 1.156136
UYU 46.399456
UZS 13785.838257
VES 873.764445
VND 30295.977227
VUV 137.068231
WST 3.160548
XAF 655.949304
XAG 0.018188
XAU 0.000266
XCD 3.124516
XCG 2.077476
XDR 0.81579
XOF 655.949304
XPF 119.331742
YER 275.618798
ZAR 18.667349
ZMK 10406.616979
ZMW 21.756745
ZWL 372.275461
  • CMSC

    0.0240

    21.744

    +0.11%

  • CMSD

    -0.1600

    21.82

    -0.73%

  • BCE

    -0.0200

    22.75

    -0.09%

  • RIO

    1.4500

    101.1

    +1.43%

  • BTI

    0.6000

    59.33

    +1.01%

  • GSK

    0.7900

    52.96

    +1.49%

  • NGG

    0.4700

    80.88

    +0.58%

  • BP

    -0.6000

    41.63

    -1.44%

  • AZN

    1.4100

    161.42

    +0.87%

  • BCC

    2.3400

    86.6

    +2.7%

  • RYCEF

    0.2300

    20.85

    +1.1%

  • RBGPF

    0.7600

    70.5

    +1.08%

  • JRI

    0.1500

    12.81

    +1.17%

  • VOD

    0.1900

    16.19

    +1.17%

  • RELX

    0.0485

    35.52

    +0.14%

Climate summit narrows ambition on fossil fuels, alarming greens
Climate summit narrows ambition on fossil fuels, alarming greens / Photo: Giuseppe CACACE - AFP

Climate summit narrows ambition on fossil fuels, alarming greens

The Emirati head of COP28 climate talks on Monday proposed a compromise on the future of fossil fuels, endorsing a major reduction but not calling for their phase-out, in an 11th-hour bid for consensus that outraged environmentalists who hoped for a historic turning point.

Text size:

With hours to go before the official end to the 13-day UN summit, COP28 president Sultan Al Jaber released a new draft agreement aimed at bringing onboard the nearly 200 countries, which include Saudi Arabia and other producers seeking to preserve their economic lifeblood.

After an earlier draft listed the landmark option of a "phase-out" of oil, gas and coal, the new text draft focuses on "reducing" their production and consumption in order to achieve net-zero emissions by 2050.

Jaber -- whose role as president of the UAE national oil company has drawn suspicion from environmentalists -- called his text a step forward and said he still sought "high ambition" on the fossil-fuel language.

"We have made progress but we still have a lot to do," Jaber said in a plenary session.

But small island states that fear that climate change threatens their very existence accused the Emiratis of ignoring their interests.

"The Republic of the Marshall Islands did not come here to sign our death warrant," said its negotiator John Silk, demanding an end to fossil fuels.

Environmentalists said the text was woefully inefficient in checking warming at 1.5 degrees Celsius above pre-industrial levels -- the goal blessed by the 2015 Paris accord to avoid the worst ravages of climate change including worsening storms and droughts and rising sea levels.

"This disastrous new draft is way less ambitious than the last version. This is disappointing," said Fernanda Carvalho of the WWF conservation group.

The text does not go so far as to demand actions on fossil fuels, only presenting measures that nations "could" take.

"A list of crucial actions has become a menu to pick and choose from," said analyst Dave Jones of Ember's Global Insights Lead.

"And the main course doesn't even include a fossil-fuel phase-out."

- No 'phasing out' -

Negotiators who have spent 12 days in the glitzy metropolis built on petrodollars were expected to work through the night, with few expecting an agreement in time by the official close on Tuesday.

French negotiator Agnes Pannier-Runacher, heading into talks among European Union members, said the bloc would work for an ambitious text.

"Some changes have been encouraging but others seem to me to be a retreat from our expectations," she said.

The draft agreement says countries can take action that includes "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".

On coal, the dirtiest major form of energy, the text lists limitations on "new and unabated coal power" -- meaning going ahead with potential projects that use new carbon capture and storage (CCS) technologies.

The text does list an option of "phasing out" of "inefficient fossil fuel subsidies" that encourage "wasteful consumption".

UN Secretary-General Antonio Guterres called earlier Monday for negotiators to show "maximum ambition and maximum flexibility".

"We are in a race against time," Guterres told reporters. "It's time to go into overdrive to negotiate in good faith."

Guterres called on negotiators to have a "single-minded focus on tackling the root cause of the climate crisis -- fossil fuel production and consumption".

COP28 is taking place at the end of the hottest year on record with scientists believing it may be the warmest in more than 100,000 years.

Climate-related disasters in 2023 have included drought in the Horn of Africa and severe wildfires in Canada, Greece and Hawaii.

- US-China unity -

In a rare display of unity between rival powers, China and the United States, the world's two largest emitters, have largely been cooperating to advance language on a phase-out, with veteran US negotiator John Kerry pushing for a success as he celebrated his 80th birthday.

The latest draft deal includes language similar to a joint US-China statement released last month.

The COP28 deal calls for accelerating the deployment of zero and low-emissions technologies, including renewables, nuclear power and CCS "so as to enhance efforts towards substitution of unabated fossil fuels in energy systems".

Critics say carbon capture technology remains too expensive and would never be enough on its own to meaningfully reduce emissions.

P.Gashi--NZN