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

🗞️ Driving the news: The COP28 climate summit in Dubai is extending beyond its scheduled close, with countries awaiting a new draft agreement
• The previous draft, criticized for its lack of a strong stance on phasing out fossil fuels, suggested various options for emission reduction but stopped short of demanding a complete phase-out

🔭 The context: This summit marks the first time a U.N. climate summit has proposed reducing all fossil fuel use
• However, many nations, including Australia, Canada, and the EU, are pushing for a more definitive commitment to moving away from coal, oil, and gas
• The summit's success hinges on achieving a consensus among nearly 200 countries

🌍 Why it matters for the planet: The urgency to address climate change is highlighted by the need for rapid action to prevent catastrophic environmental impacts
• Small island nations, severely affected by rising sea levels, are particularly vocal about the need for a strong commitment to fossil fuel reduction

⏭️ What's next: The conference deadline has been extended as negotiators await a revised text
• The outcome will influence global efforts and national policies on climate change, particularly in fossil fuel-dependent economies

💬 One quote: "We will not go silently to our watery graves" (John Silk of the Marshall Islands)

📈 One stat: Fossil fuels still account for about 80% of the world's energy production, underscoring the challenge of transitioning to renewable sources

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