Climate summit makes ‘historic progress’ — but the world still can’t quit oil

Illuminem summarizes for you the essential news of the day. Read the full piece on Politico or enjoy below:

🗞️ Driving the news: The COP28 climate summit in Dubai concluded with an agreement to curb fossil fuel use, marking a historic yet overdue moment
• The deal commits nearly 200 countries to transition away from fossil fuels, especially before 2030, while allowing their use during this period

🔭 The context: Hosted in an oil-rich nation and presided over by an oil CEO, the summit highlighted the stark contrast between the urgent need to address climate change and the global dependence on fossil fuels
• The agreement, though nonbinding, represents a significant acknowledgment of the necessity for cleaner energy sources

🌍 Why it matters for the planet: The deal, while historic, drew criticism for its compromises and loopholes, particularly from vulnerable island nations and environmentalists
• The ongoing reliance on fossil fuels and the lack of specific measures for their phase-out remain contentious issues

⏭️ What's next: The agreement includes ambitious targets for renewable energy and energy efficiency by 2030 but lacks concrete commitments for financial assistance to support the transition away from fossil fuels, especially for developing countries

💬 One quote: "We’re in an oil country surrounded by oil countries that are now signing a piece of paper saying we need to move away from oil. It is historic" (John Kerry, U.S. climate envoy)

📈 One stat: Despite the agreement, fossil fuels still supply over 80% of global energy, underscoring the challenge ahead in transitioning to cleaner energy sources

Click for more news covering the latest on COP28