• BUSINESS
    • FINANCE
    • LEGAL
    • RETAIL & CONSUMER
    • AUTOS & TRANSPORTATION
    • HEALTHCARE & PHARMACEUTICALS
    • MEDIA & TELECOM
    • AEROSPACE AND DEFENSE
    • ENERGY
  • MARKETS
    • EUROPEAN MARKETS
    • ASIAN MARKETS
    • U.S. MARKETS
    • COMMODITIES
    • EMERGING MARKETS
    • DEALS
    • RATES & BONDS
  • WORLD
    • UNITED STATES
    • EUROPE
    • UNITED KINGDOM
    • ASIA PACIFIC
    • MIDDLE EAST
    • AFRICA
    • CHINA
    • INDIA
    • JAPAN
    • AMERICAS
    • FRANCE
    • GERMANY
  • POLITICS
    • GOVERNMENT
    • UNITED STATES
    • US SUPREME COURT
  • TECH
    • ARTIFICIAL INTELLIGENCE
    • CYBERSECURITY
    • SPACE
    • DISRUPTED
  • COMMENTARY
  • BREAKINGVIEWS
    • BREAKINGVIEWS PREDICTIONS
  • MONEY
    • WEALTH
    • FUNDS
    • ETFS
  • LIFE
    • LIFESTYLE
    • SPORTS
    • SCIENCE
  • SECTORS
    • ENERGY
    • HEALTHCARE
    • MEDIA & TELECOM
    • SUSTAINABILITY
    • ENVIRONMENT
    • RETAIL & CONSUMER
    • AUTOS & TRANSPORTATION
    • AEROSPACE AND DEFENSE
FinanceTime
  • August 20th, 2026

FinanceTimeFinancetime

  • BUSINESS
    • FINANCE
    • LEGAL
    • RETAIL & CONSUMER
    • AUTOS & TRANSPORTATION
    • HEALTHCARE & PHARMACEUTICALS
    • MEDIA & TELECOM
    • AEROSPACE AND DEFENSE
    • ENERGY
  • MARKETS
    • EUROPEAN MARKETS
    • ASIAN MARKETS
    • U.S. MARKETS
    • COMMODITIES
    • EMERGING MARKETS
    • DEALS
    • RATES & BONDS
  • WORLD
    • UNITED STATES
    • EUROPE
    • UNITED KINGDOM
    • ASIA PACIFIC
    • MIDDLE EAST
    • AFRICA
    • CHINA
    • INDIA
    • JAPAN
    • AMERICAS
    • FRANCE
    • GERMANY
  • POLITICS
    • GOVERNMENT
    • UNITED STATES
    • US SUPREME COURT
  • TECH
    • ARTIFICIAL INTELLIGENCE
    • CYBERSECURITY
    • SPACE
    • DISRUPTED
  • COMMENTARY
  • BREAKINGVIEWS
    • BREAKINGVIEWS PREDICTIONS
  • MONEY
    • WEALTH
    • FUNDS
    • ETFS
  • LIFE
    • LIFESTYLE
    • SPORTS
    • SCIENCE
  • SECTORS
    • ENERGY
    • HEALTHCARE
    • MEDIA & TELECOM
    • SUSTAINABILITY
    • ENVIRONMENT
    • RETAIL & CONSUMER
    • AUTOS & TRANSPORTATION
    • AEROSPACE AND DEFENSE
Climate activists disguised as CEOs of major oil companies take part in a fake banquet celebrating profits, in call on states taking part in COP28 climate conference to finance loss and damage fund by taxing fossil fuel profits, near the Eiffel Tower in Paris, France, November 27, 2023. REUTERS/Manuel Ausloos/File Photo
Climate activists disguised as CEOs of major oil companies take part in a fake banquet celebrating profits, in call on states taking part in COP28 climate conference to finance loss and damage fund by taxing fossil fuel profits, near the Eiffel Tower in Paris, France, November 27, 2023. REUTERS/Manuel Ausloos/File Photo
'Cop28 UAE' logo is displayed on the screen during the opening ceremony of Abu Dhabi Sustainability Week (ADSW) under the theme of 'United on Climate Action Toward COP28', in Abu Dhabi, UAE, January 16, 2023. REUTERS/Rula Rouhana/File Photo
'Cop28 UAE' logo is displayed on the screen during the opening ceremony of Abu Dhabi Sustainability Week (ADSW) under the theme of 'United on Climate Action Toward COP28', in Abu Dhabi, UAE, January 16, 2023. REUTERS/Rula Rouhana/File Photo
Home
Sectors
Environment

COP28 summit: Future of fossil fuels center stage at climate talks

November 29th, 2023 | 06:05 AM SECTORS Environment 5

Facebook Twitter Google+ LinkedIn Pinterest

Worth reading...

A decade after earthquake, Italy's Amatrice struggles to rebuild
Magnitude 5.9 earthquake strikes Indonesia's Flores, EMSC says
El Niño rains in Peru disrupt access to Machu Picchu
Ocean Race launches twin race for Atlantic glory and greenest crew
By Valerie Volcovici, Kate Abnett, Maha Dahan

Delegates from nearly 200 countries will convene this week for the COP28 climate summit in Dubai, where conference host and OPEC member the UAE hopes to sell the vision of a low-carbon future that includes, not shuns, fossil fuels.

That narrative, also backed by other big oil producer nations, will reveal international divisions at the summit over how to combat global warming.

Countries are split over whether to prioritise phasing out coal and oil and gas, or scaling up technologies such as carbon capture to try to diminish their climate impact.

The annual United Nations summit from Nov. 30 to Dec. 12 takes place as the world is poised to shatter another record for the hottest year in 2023, and as reports confirm countries' climate pledges are not enough to avert the worst impacts of global warming.

Among the decisions nations must make in the gleaming, high-tech city of Dubai will be whether to agree, for the first time, to gradually "phase out" global consumption of fossil fuels and replace them with sources including solar and wind.

The International Energy Agency, the West’s energy watchdog, issued a report ahead of the conference defining its position.

It called the idea of widespread carbon capture, to contain emissions from burning fossil fuels, an illusion and said the fossil fuel industry must decide between deepening the climate crisis or shifting to clean energy.

In response, OPEC accused the IEA of vilifying oil producers.

Greenhouse gas emissions from burning fossil fuels are the biggest cause of climate change.

OIL MAN AT THE HELM

The arguments for and against continued use of fossil fuel have focused on COP's incoming president Sultan al-Jaber.

His position as CEO of the UAE's national oil company ADNOC has raised concerns among campaigners, some U.S. Congress members and EU lawmakers over whether he can be an impartial broker of a climate deal.

Jaber has vehemently denied a report from the BBC and the Centre for Climate Reporting (CCR) that he planned to discuss potential gas and other commercial deals with over a dozen governments ahead of the summit.

"These allegations are false, not true, incorrect, are not accurate. And it's an attempt to undermine the work of the COP28 presidency," Jaber told a news conference on Wednesday.

Jaber has said the phase-down of fossil fuels is "inevitable", but also that the industry needs to be included in the debate of finding climate solutions and presented himself as ideally placed to mediate.

Climate campaigners are not reassured.

"We have a world which has more fossil fuels than ever," said Ani Dasgupta, president of the World Resources Institute, a climate NGO. "What we should be looking for is a commitment to actually reduce fossil fuels."

Jaber says he has been rallying support from companies for COP28 pledges aimed at reducing emissions from oil and gas operations.

Many representatives of the industry will be present in Dubai as this year's gathering of 70,000 registered attendees takes on the character of trade show.

Organisers say the record attendance will include the biggest business participation for any U.N. climate summit yet.

Indian Prime Minister Narendra Modi and Britain's King Charles are also set to attend, although U.S. President Joe Biden will not.

TAKING STOCK

Away from the high-profile visitors, a major task for the country delegations at COP28 will be to assess how far off track the world is from a goal set in Paris in 2015 to limit global warming to well below 2 degrees Celsius (3.6 degrees Fahrenheit), while aiming for a cap of 1.5C.

This process, known as the global stocktake, should yield a high-level plan telling countries what they need to do.

Governments will then have to turn that global plan into national policies and targets to submit to the U.N. in 2025.

Leading up to the conference, the European Union, U.S. and UAE have rallied support for a deal to triple global renewable energy installed by 2030. Over 100 countries have backed this deal, officials told Reuters, but countries including China and India have not.

U.S. officials and others are hopeful a climate deal agreed earlier this month between the world's biggest emitters China and the U.S. may also set a positive tone for the talks.

The two countries agreed to boost renewable energy and "accelerate the substitution for coal, oil and gas generation".

CLIMATE FINANCE

Another task for the conference is to launch the world's first climate damage fund to help countries that have already suffered irreparable damage from climate change impacts, such as drought, floods and rising sea levels.

Representatives from developed and developing countries have struck a tentative agreement on its design, but all countries at COP28 need to approve it for it to lead to a final deal.

Gayane Gabrielyan, Armenia's negotiator on the fund, told Reuters it is crucial the "loss and damage" fund agreement is approved now, ahead of elections next year in countries, such as the U.S. that could shatter the political consensus.

Another test is whether wealthy nations announce hundreds of millions of dollars needed to launch the fund at COP28. The European Union and the U.S. have already said they will contribute and are pressuring countries like China and the UAE to follow.

"Speaking from previous experience, unfortunately most of the global agreements, most of the global climate related pledges went uncompleted," said Najib Ahmed, National Consultant at Somalia's Climate Ministry.

"But again, we cannot lose hope."

  • Topic
  • CLIMATE
  • UN/CURTAIN
  • RAISER (UPDATE 2, PIX)
Facebook Twitter Google+ LinkedIn Pinterest
Previous article A decade after earthquake, Italy's Amatrice struggles to rebuild

Related Posts

Environment
August 20th, 2026

A decade after earthquake, Italy's Amatrice struggles to rebuild

Environment
August 20th, 2026

Magnitude 5.9 earthquake strikes Indonesia's Flores, EMSC says

Environment
August 19th, 2026

El Niño rains in Peru disrupt access to Machu Picchu

Environment
August 19th, 2026

Ocean Race launches twin race for Atlantic glory and greenest crew

Environment
August 19th, 2026

Aftershocks rattle Spain's Granada overnight

Environment
August 19th, 2026

As Europe bakes, momentum grows for climate-resilient farming

The Wire
Aug 20th 4 h ago
Technology

China puts robocops on traffic duty, minus the arrest power...

Aug 20th 4 h ago
Soccer

Japan's Miura, 59, becomes oldest scorer in Emperor's Cup h...

Aug 20th 4 h ago
Environment

A decade after earthquake, Italy's Amatrice struggles to re...

Aug 20th 4 h ago
ROI: Reuters Open Interest

The Iran war energy crisis is just getting started

Aug 20th 4 h ago
Media & Telecom

'Baby Shark' boy returns to stage as a K-pop singer

TRENDING ON FINANCETIME
Aug 20th, 2026 Litigation

SK Hynix to pay 60% of employee bonuses in company stock under preliminary deal, says source

Aug 20th, 2026 Asia Pacific

Outsider who could decide New Zealand's next government wants to tax wealth, not work

Aug 20th, 2026 Business

Aegon raises share buyback plan to 350 million euros

Aug 20th, 2026 Africa

South Africa's Exxaro half-year profit down 20%, cuts dividend

Aug 20th, 2026 Cricket

Australia look for response to 'Darwin Disaster' in second Bangladesh test

Markets-Sectors
BASIC MATERIALS +1.43%
UTILITIES +0.00%

  • BUSINESS
  • MARKETS
  • WORLD
  • POLITICS
  • TECH
  • COMMENTARY
  • BREAKINGVIEWS
  • MONEY
  • LIFE
  • SECTORS
  • Back to top
FinanceTime
FinanceTime

World Business & Financial News, Breaking US & International News

Additional Services
  • Privacy-Policy
  • Terms and Conditions
© Financetime.org 2026. All rights reserved. Hosted by LeadsDeposit.com
Produced by C-iT