Name: Key takeaways from the COP28 pact
Uploaded: 2023-12-14T04:00:23.733Z
Duration: 2 min 32 s
Description: Representatives from nearly 200 countries agreed at the COP28 climate summit to begin reducing global consumption of fossil fuels to avert the worst of climate change, signaling the eventual end of the oil age. Olivia Zollino explains the key takeaways from the pact.

Representatives from nearly 200 countries agreed at the COP28 climate summit to begin reducing global consumption of fossil fuels to avert the worst of climate change, signaling the eventual end of the oil age. Olivia Zollino explains the key takeaways from the pact.

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Extreme weather events are occurring more frequently amid rising sea-levels and increasing temperatures.

Climate Crisis

Key takeaways from the COP28 pact

I must say that you did it. You delivered. After two weeks of hard-fought debate, nations struck a historic deal at COP28 in Dubai. The pact aims to transition the global economy away from fossil fuels. Here are some key takeaways. This is the first time the world has expressed a unified desire to eventually end the use of fossil fuels. The provision calls for, quote, transitioning away from fossil fuels and energy systems in a just, orderly, and equitable manner, with the goal of achieving net zero by 2050. While it is sending a resounding signal to international markets, it will not immediately destroy oil consumption or shrink prices. However, incremental policy moves and shifting investment trends over time could ensure a longer-term transformation of the energy economy. The pact also had rewards for oil producers. There's a clear acknowledgement that technologies like carbon capture can reduce the climate impact of oil, natural gas, and coal. Boosting such technologies was highlighted in a list of actions that countries should take to fight climate change. A source familiar with Saudi thinking said the kingdom could accept the deal because it provides a menu for every country to follow its own pathway. Carbon capture remains very expensive in certain applications. It's also never been proven at the vast global scale needed to have a significant impact. The pact is missing any additional financing to help developing nations transition away from fossil fuels. Money to help poor, climate-vulnerable countries adapt to the impacts of climate change was also lacking. However, there was a victory at the start of the summit for poor nations hit by climate disaster when delegates adopted a new fund to help them cope with loss and damages. The U.S., European Union, and scores of other countries said the deal maintained a chance of limiting global warming to 1.5 degrees Celsius above the pre-industrial average. But getting there will be tough. It would require cutting emissions nearly in half in just six years and making it to net zero by 2050. The draft calls for countries to do so, but some, like the Alliance of Small Island States, questioned whether it will happen.

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