Cop28’s winners and losers: from fossil fuel firms to future generations

(The Guardian, 14 Dec 2023) Need to ‘transition away’ from fossil fuels may have been recognised, but for many that does not go far enough.

Winners

The oil and gas industry

The need to “transition away from fossil fuels” may finally have been recognised after three decades of climate talks, but there is no clear obligation or hard timetable to achieve this, and numerous loopholes in the form of “transition fuels” and allusions to carbon capture technologies and carbon credits.

The US and China

The world’s two biggest emitters will be breathing a sigh of relief after leaving Cop with few extra burdens to change despite growing global alarm about climate disruption. The US pledged only $20m (£15.7m) in new finance for poor countries and remains the biggest oil producer. China can continue building coal-power plants.

Cop28 president Sultan Al Jaber

Despite fierce criticism, he got a compromise deal over the line that was widely praised by other nations as the best that could be achieved. It will also not lose him his day job as chief executive of the United Arab Emirates’ biggest oil company, Adnoc, which is planning to expand output in defiance of scientific advice that this will push the world’s climate into more dangerous heating beyond 1.5C (2.7F) above preindustrial levels

External link

The Guardian, 14 Dec 2023: Cop28’s winners and losers: from fossil fuel firms to future generations