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Future of Fossil Fuels and Climate Change: COP28 Climate Summit

For nations trying to find common ground in combating climate change, the UN climate conference this year will include a divisive range of topics.

The primary objective of COP28 is to evaluate, for the first time, how well nations are doing in achieving the 2015 Paris Agreement’s target of keeping the rise in global temperatures “well below” 2 degrees Celsius, with a 1.5C target.

As international efforts to combat climate change are falling short, nations will attempt to come to an agreement at this “global stockade” on a strategy to bring things back on track. This strategy may involve taking immediate action to reduce CO2 emissions or increasing investments in green technologies.

Prospects For Fossil Fuels

The most contentious discussions at COP28 would center on the role of fossil fuels in the future and whether or not nations should pledge to phase out the usage of coal, oil, and gas that release CO2.

Insisting on a final COP28 agreement that binds nations to phase out fossil fuels is the United States, the European Union, and many other climate-vulnerable nations. However, the Group of 20 failed to reach a consensus on this matter during their July meeting, and nations such as Russia have declared their opposition to the phase-out of fossil fuels.

Technologies to Tackle Emissions

The United Arab Emirates and other fossil fuel-dependent nations want COP28 to prioritize developing solutions for subterranean CO2 emission collection and storage.

These emission-abatement technologies are expensive and not widely employed at the moment, despite the International Energy Agency’s statement that they are essential for achieving the world’s climate objectives. Concerns about their being used to support the ongoing use of fossil fuels are shared by the EU and others.

Appropriation of Funds For Climate Change Costs

According to the U.N., developing nations would require at least $200 billion a year by 2030 to adapt to more severe climate effects, such as storms and coastal sea level rise. They will also require funds in order to assist in the transition from dirty energy sources to clean ones.

The expenses of the harm that climatic disasters have already inflicted are another consideration. To assist with this, poor nations urge a “loss and damage” fund of at least $100 billion should be unlocked by 2030 should be established by the countries at COP28.