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illuminem summarizes for you the essential news of the day. Read the full piece here in Financial Times or enjoy below
🗞️ Driving the news: Germany, Canada, and several other nations have urged the United Arab Emirates, the host of the upcoming UN climate summit (COP28), to concentrate on phasing out all fossil fuels where emissions aren't captured
• Sultan Al Jaber, the designated president of COP28, is anticipated to draft a strategy to triple renewable energy capacity, increase the energy efficiency and further hydrogen production, as well as cuts in methane emissions by 2030
🔭 The context: Climate leaders from Germany, Kenya, Canada, Belgium, and Austria have publicly published a letter, warning about catastrophic consequences if urgent action isn't taken to combat climate change
• They stressed the need for all nations to ramp up their efforts in the face of climate-induced disasters such as wildfires, heatwaves, and flooding
🌎 Why does it matter for the planet: COP28 climate leaders are emphasizing three key targets: phasing out unchecked fossil fuels, tripling renewable energy capacity to 12 terawatts by 2030, and boosting energy efficiency, all of which are essential steps towards a much needed energy transition
⏭️ What's next: The UAE's role in COP28 has been a topic of intense debate, with some questioning the suitability of a petrostate hosting the climate negotiations
• Al Jaber has been under pressure to outline his vision for the summit's agenda, as in recent speeches he has not specified a timeline for phasing out fossil fuels
💬 One quote: "We believe the COP28 summit in Dubai can be a success if, as Al Jaber says, the world unites and agrees to work together for the common good." Letter by the ministers to the Financial Times)
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