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Can COP28 really try to ignore fossil fuels?

By illuminem briefings 🌎

Aug 11 2023 · 1 min read

Illuminem Voices
Oil & Gas · Energy · Upstream

illuminem summarizes for you the essential news of the day. Read the full piece on The Financial Times or enjoy below

🗞️ Driving the news: The Scottish city of Edinburgh is hosting John Kerry, the US climate envoy, who will speak on the future of climate negotiations at a high-profile theatre and comedy festival
• This comes amid concerns over COP28 in the United Arab Emirates and complexities surrounding climate targets

🔭 The context: Sultan Ahmed al-Jaber, the chief executive of Abu Dhabi National Oil Company (Adnoc) and president of the upcoming COP28 talks, has released a letter outlining the summit's focus on technology, innovation, inclusion, finance, and more
• However, activists are concerned that the lack of attention to fossil fuels might overshadow essential dialogues

🌎 Why does it matter for the planet: The COP28 talks have the potential to guide global climate action, yet contradictions like the UAE's new gas investment projects and an alarming lack of focus on fossil fuel reduction could undermine trust and the ultimate effectiveness of the agreements

⏭️ What's next: COP28 will convene in Dubai in November, focusing on numerous key themes, including the establishment of a fund to compensate developing nations for climate-related losses 
• Still, complexities, such as uncoordinated financial mechanisms, may create challenges for the organization

💬 One quote: “Everybody is aware about the growing complexity of climate finance, but nobody is tackling it,” (Pierre Moscovici, first president of Cour des Comptes)

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