COP28 deal confirms what Australia already knows: coal is out of vogue and out of time

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

🗞️ Driving the news: At the COP28 summit in Dubai, nations agreed to transition away from coal, oil, and gas, marking a significant shift in global climate policy
• This agreement includes all carbon-based fuels, extending beyond coal to oil and gas, and represents a collective global aspiration.

🔭 The context: This historic decision comes after 30 years of COP meetings. While not legally binding, the deal signals a strong message to markets and businesses about the direction of global energy policies  
• The inclusion of oil and gas, along with coal, in the agreement highlights an expanded commitment to addressing climate change

🌍 Why it matters for the planet: The deal emphasizes the urgent need for a transition to renewable energy sources, aiming to curb the significant carbon emissions from fossil fuels
• This transition is crucial in the global effort to combat climate change and achieve a more sustainable future.

⏭️ What's next: Countries must now work on implementing strategies to reduce reliance on carbon-based fuels. This includes enhancing renewable energy capabilities and addressing challenges in sectors such as transport, where electric vehicle adoption is key
• The effectiveness of carbon capture technologies, also part of the agreement, remains under scrutiny.

💬 One quote: Climate Change Minister Chris Bowen remarked, "This sends a signal to the world’s markets, investors, and businesses that this is the direction of travel for countries right around the world."

📈 One stat: In Australia, renewables like solar and wind energy have seen remarkable growth rates of 30% and 15% annually over the past decade, indicating a significant shift away from coal.

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