COP28 reaches agreement to reduce use of fossil fuels

Representatives from nearly 200 countries agreed at the COP28 Climate Summit in Dubai, to begin reducing global fossil fuel consumption. This unprecedented agreement aims to send a strong signal to investors and policymakers, indicating the global willingness to move away from fossil fuels to address climate change.

The agreement was reached after two weeks of intense negotiations and represents a milestone by directly addressing the need to gradually eliminate the use of oil, gas, and coal. Over 100 countries pushed for strong language on "gradual elimination," facing powerful opposition from OPEC, led by Saudi Arabia.

The agreement calls for "abandoning fossil fuels in energy systems, fairly, orderly, and equitably," with the goal of achieving net-zero emissions by 2050. Additionally, it proposes tripling global renewable energy capacity by 2030, accelerating efforts to reduce coal, and advancing technologies such as carbon capture and storage.

COP28 President Sultan al-Jaber described the agreement as "historic," emphasizing the importance of turning words into tangible actions. The pact reflects a shift in the global approach toward sustainability and the transition to cleaner energy sources.