Berliner Boersenzeitung - UN draft deal calls for 'transitioning away' from fossil fuels

EUR -
AED 4.102936
AFN 77.459209
ALL 99.457975
AMD 432.778937
ANG 2.014982
AOA 1037.198836
ARS 1075.462107
AUD 1.637702
AWG 2.010723
AZN 1.896412
BAM 1.957567
BBD 2.257397
BDT 133.610576
BGN 1.967095
BHD 0.420956
BIF 3240.766592
BMD 1.117068
BND 1.443677
BOB 7.725834
BRL 6.060991
BSD 1.118089
BTN 93.516982
BWP 14.711012
BYN 3.658936
BYR 21894.534621
BZD 2.253583
CAD 1.51451
CDF 3207.102402
CHF 0.945106
CLF 0.037685
CLP 1039.834343
CNY 7.868957
CNH 7.865561
COP 4652.867874
CRC 579.176012
CUC 1.117068
CUP 29.602304
CVE 110.361631
CZK 25.09773
DJF 199.096109
DKK 7.459401
DOP 67.11516
DZD 147.697258
EGP 54.203943
ERN 16.756021
ETB 128.672268
FJD 2.455148
FKP 0.850713
GBP 0.838751
GEL 3.049838
GGP 0.850713
GHS 17.609655
GIP 0.850713
GMD 76.520298
GNF 9660.63171
GTQ 8.642567
GYD 233.866865
HKD 8.701854
HNL 27.734781
HRK 7.594958
HTG 147.340329
HUF 394.325395
IDR 16862.310423
ILS 4.193842
IMP 0.850713
INR 93.28429
IQD 1464.608618
IRR 47020.184922
ISK 152.323096
JEP 0.850713
JMD 175.656948
JOD 0.791665
JPY 158.837019
KES 144.22468
KGS 94.14088
KHR 4537.973401
KMF 493.018125
KPW 1005.36065
KRW 1485.761989
KWD 0.340516
KYD 0.931732
KZT 535.488455
LAK 24688.058616
LBP 100120.360598
LKR 340.334086
LRD 223.60779
LSL 19.480105
LTL 3.298412
LVL 0.675704
LYD 5.325711
MAD 10.842591
MDL 19.510432
MGA 5037.455838
MKD 61.670102
MMK 3628.193592
MNT 3795.79733
MOP 8.97552
MRU 44.25794
MUR 51.251405
MVR 17.158436
MWK 1938.706188
MXN 21.561716
MYR 4.671621
MZN 71.324681
NAD 19.480105
NGN 1831.914005
NIO 41.146764
NOK 11.711141
NPR 149.618968
NZD 1.787354
OMR 0.430023
PAB 1.118089
PEN 4.197394
PGK 4.438966
PHP 61.937515
PKR 310.954552
PLN 4.274947
PYG 8727.720029
QAR 4.076069
RON 4.974525
RSD 117.085522
RUB 103.440971
RWF 1505.731882
SAR 4.191907
SBD 9.279414
SCR 14.899487
SDG 671.918347
SEK 11.341279
SGD 1.439918
SHP 0.850713
SLE 25.521993
SLL 23424.35363
SOS 638.970916
SRD 33.347817
STD 23121.054172
SVC 9.782741
SYP 2806.667024
SZL 19.465218
THB 36.952903
TJS 11.884819
TMT 3.909738
TND 3.386365
TOP 2.61629
TRY 38.074039
TTD 7.59979
TWD 35.674679
TZS 3042.560594
UAH 46.331582
UGX 4151.672326
USD 1.117068
UYU 45.930216
UZS 14243.726675
VEF 4046637.851088
VES 41.058342
VND 27412.851
VUV 132.620568
WST 3.124956
XAF 656.537735
XAG 0.035844
XAU 0.00043
XCD 3.018932
XDR 0.828633
XOF 656.537735
XPF 119.331742
YER 279.630082
ZAR 19.542269
ZMK 10054.950521
ZMW 29.096607
ZWL 359.69547
  • RBGPF

    60.5000

    60.5

    +100%

  • CMSC

    0.0650

    25.12

    +0.26%

  • RYCEF

    -0.0200

    6.93

    -0.29%

  • RIO

    2.2700

    65.18

    +3.48%

  • GSK

    -0.8100

    41.62

    -1.95%

  • NGG

    -1.2200

    68.83

    -1.77%

  • AZN

    0.3200

    78.9

    +0.41%

  • SCS

    -0.8000

    13.31

    -6.01%

  • RELX

    0.7600

    48.13

    +1.58%

  • VOD

    -0.1700

    10.06

    -1.69%

  • BTI

    -0.3100

    37.57

    -0.83%

  • BCC

    7.6300

    144.69

    +5.27%

  • BCE

    -0.4200

    35.19

    -1.19%

  • BP

    0.3300

    32.76

    +1.01%

  • CMSD

    0.0300

    25.01

    +0.12%

  • JRI

    -0.0400

    13.4

    -0.3%

UN draft deal calls for 'transitioning away' from fossil fuels
UN draft deal calls for 'transitioning away' from fossil fuels / Photo: Giuseppe CACACE - AFP

UN draft deal calls for 'transitioning away' from fossil fuels

A draft UN climate deal called Wednesday for the world to transition away from fossil fuels, in a last-ditch bid to break a deadlock between nations seeking a phase-out from oil, gas and coal and Saudi-led crude producers.

Text size:

Following all-night negotiations, the text proposed by the Emirati presidency of the COP28 summit in Dubai would, if approved, mark the first time that all fossil fuels are addressed in the 28-year history of international climate conferences.

The text calls for "transitioning away from fossil fuels in energy systems, in a just, orderly and equitable manner, accelerating action in this critical decade, so as to achieve net zero by 2050 in keeping with the science".

But the document does not mention the "phase-out" demanded by Western nations and low-lying island states most vulnerable to rising seas and tropical storms.

The COP28 presidency scheduled a plenary session at 9:30 am (0530 GMT) in the hope of the text receiving consensus approval from nearly 200 nations.

Stephen Cornelius of the conservation group WWF called the new draft a "sorely needed improvement", while still voicing disappointment at the lack of a full-on "phase-out" of fossil fuels.

"If this text is agreed by countries, it would represent a significant moment," he said.

- Stronger calls -

The two-week conference in Dubai, a glitzy metropolis built on petrodollars, was supposed to end Tuesday but went into overtime as nations struggled to agree on what to do with fossil fuels, the main culprits of the climate crisis.

COP28 president Sultan Al Jaber, who heads the United Arab Emirates' national oil company, was viewed with suspicion by climate campaigners worried that the fossil fuel industry would prevail again.

Jaber had proposed a draft on Monday that was roundly rejected as too weak for merely suggesting that nations "could" reduce the consumption and production of fossil fuels, among other options.

The new draft explicitly "calls on" all nations to contribute through a series of actions, including transitioning from fossil fuels.

While not using the term "phase-out" on fossil fuels, it endorses work towards a phase-down of "unabated coal power" -- meaning that coal with carbon capture technology to reduce emissions, panned by many environmentalists as unproven, could continue.

It also calls for "phasing out inefficient fossil fuel subsidies that do not address energy poverty or just transitions, as soon as possible".

Island nations, backed by Western powers, responded that they would not sign their own "death warrant", forcing Jaber back to the drawing board.

Jaber held talks deep into the night with negotiators from across the world in his office in the sprawling Expo City complex.

European officials had signalled that they were willing to find compromise language while US climate envoy John Kerry said "progress" was made in the talks.

- 'Super-majority' vs OPEC nations -

The 2015 Paris summit endorsed checking warming at 1.5 degrees Celsius -- a goal repeated in the latest draft, but which critics say is virtually impossible without serious efforts to curb oil, gas and coal.

More than 130 countries from Europe, the Pacific, the Caribbean and the Americas, including Brazil and the United States, joined forces to call for an exit from oil, gas and coal.

EU climate chief Wopke Hoekstra said a "super majority" of the nearly 200 countries in the talks wanted stronger action on fossil fuels.

Saudi Arabia, Kuwait and Iraq have been the most vocal opponents of a phase-out, and the OPEC oil cartel had urged its members to block any deal targeting fossil fuels.

At an energy conference in neighbouring Qatar on Tuesday, Kuwaiti oil minister Saad Hamad Nasser Al Barrak said a phase-out was a "racist and colonial" proposal that would wreck economies in the region.

Iraq's oil minister, Hayyan Abdul Ghani Al Sawad, said: "Fossil fuels will remain the major source of energy in the whole world".

(L.Kaufmann--BBZ)