The European Union (EU) will defend that the final agreement on Climate Summit in Dubai (COP28) it includes ending the production and consumption of all fossil fuels (coal, oil and gas) for energy needs, along with the goals of tripling renewable energy sources and doubling energy efficiency.
Resolving the beginning of the end of fossil fuels will probably be the most difficult issue to resolve in the negotiations, according to sources from the Spanish Presidency of the Council of the EU, who believe that the one in Dubai will be the most important summit after The Paris Agreement.
In its conclusions before the COP28 celebrations, The Council of the EU he was very clear in his position: renewable energy sources must triple and energy efficiency double by 2030, hand in hand with the elimination of fossil fuels “without qualifications” for energy, language that, according to the same source, is used by more than 80 countries.
In this case, nuances of language matter, since the final decisions of the two previous summits, held in Glasgow and Sharm el Sheikh, only included mention of the end of coal-fired power plants without emission capture systems (CCS).
In energy, all fossil fuels must disappear because there are already competing technologies that can replace them. CCS should be reserved only for sectors that are difficult to decarbonize to prevent money needed by renewables from being diverted to their development, the sources added.
“We need to send a clear signal to the world that we are attacking the source of the problem, and also to investors to start working on renewable energies and help the global south in their development,” they stated.
“We cannot leave COP28 without a strong outcome on mitigation,” because it is the only way to keep alive the goal of limiting global warming to 1.5 degrees, which is at risk with the current policy of reducing emissions, according to several international reports.
While sending a clear message on mitigation will be the most important battle of this summit, it will not be the only one, as evening the score will also require progress in solidarity, especially in relation to new Loss and Damage Funds, guarantees or adaptations.
Regarding the dates considered for the phase-out of fossil fuels, sources from the Spanish Presidency of the Council of the EU explained to EFE that they take as a reference what the IPCC and the International Energy Agency claim, which talk about the horizon of 2030 for electricity and the horizon of 2050 for the entire energy sector.
Oil and gas will continue to be needed for other uses, such as, for example, the production of plastics, chemicals or asphalt, “But to meet the goal of limiting global warming to 1.5 degrees, we need to cut demand by 75% by 2050.” have added.
Source: Panama America
I am Jason Root, author with 24 Instant News. I specialize in the Economy section, and have been writing for this sector for the past three years. My work focuses on the latest economic developments around the world and how these developments impact businesses and people’s lives. I also write about current trends in economics, business strategies and investments.
