COP28 Marks Milestone with Fossil Fuel Phase-Out Agreement

COP28 wrapped up with an additional twenty-four hours of negotiations, signaling what many believe is the start of the decline of the fossil fuel era. The final agreement committed to expediting the phase-out of coal, tripling renewables, doubling energy efficiency by 2030, and steering towards net-zero emissions in the energy sector by mid-century. While the COP28 deal garnered positive responses, concerns linger about notable loopholes, particularly voiced by small island nations feeling marginalized. Hipolito Novelo reports.

Hipolito Novelo, Reporting

Negotiations at COP28 went to overtime. Negotiations finalized with the final gavel, marking what some are heralding as the commencement of the end of the fossil fuel era. The conclusive text sealed an agreement to hasten the phase-out of coal, triple the use of renewables, double energy efficiency by 2030, and embark on a “transition away” from fossil fuels towards achieving net-zero emissions in the energy sector by mid-century. COP28 President Dr Sultan Al Jaber described it as a historic package, the UAE Consensus.

Sultan Al Jaber

Dr. Sultan Al Jaber, President of COP28

“We have language on fossil fuel in our final agreement, for the first time ever. All of these are world first and all of these are crucial actions that will help shape a better, cleaner world with greater and more equitable prosperity.”

The landmark Global Stocktake agreement at COP28 also encouraged nations to hasten efforts toward reducing unabated coal power, a notable concession after strong resistance from India and China against singling out coal. Reactions to the COP28 deal were mixed. While some hailed it as “the beginning of the end of fossil fuels,” others condemned it as “a significant letdown.” For Belize, its position was clear from the onset: defend the interest of vulnerable countries.

Carlos Fuller

Ambassador Carlos Fuller, Belize’s Chief Negotiator

“Belize is recognized and we recognized as one of the most vulnerable countries to the adverse impacts of Climate Change. So we have to come here to defend that interest, that we need the support from the international community to address the issues of Climate Change. In addition, we contribute a lot to reducing the impacts of climate change with other countries through the use of our forest, the use of our natural resources in the oceans. So there is a lot we can contribute. But there is a lot we are also vulnerable to and we have to show the world why were are vulnerable and what is the help we require to address climate change.”

Despite the advancements of the final GST text, however, there are evident loopholes, and not everyone is content. As celebrations surround the final stocktake text, negotiators representing small island nations underscore their absence from the room, underscoring that their endeavors to cap global warming at 1.5 degrees were largely overlooked.

Janine Felson

Janine Felson, Climate Finance Advisor, AOSIS

“One of the goals of the Paris Agreement is the 1.5 degree temperature limit. That limit exists because small islands developing states and it exists because without having a limit on global warming we could see significant losses for our countries. Small Islands Developing States includes Belize even though we are low-lying coastal state. So we’ve been looking at progress and we know that we are far off track.”

Looking ahead to COP29 in Baku, Azerbaijan, observers anticipate finance to become a key issue, with a “growing gap” between developing countries’ needs and the assistance provided.

Orlando Habet

Orlando Habet, Minister of Sustainable Development and Climate Change

“In terms of adaptation for us which is the most important part especially looking at the finance for adaptation because we are doing our share but we need to have the financing to get there. So the discussion on adaptation especially with regards to finance we couple it along with general climate finance which we are asking that that one hundred billion dollars put out there, that they make certain that every year for what has been promised for the next ten years is that that hundred billion dollars gets there.”

Reporting for News 5, Hipolito Novelo.