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COP28 must admit enduring need for fossil fuels

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By illuminem briefings

· 2 min read

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

🗞️ Driving the news: The upcoming COP28 climate conference in Dubai will critically evaluate global progress toward the Paris Agreement goals, highlighting the complex issue of balancing sustainable energy with existing fossil fuel reliance

🔭 The context: Amid increasing extreme weather events, the conference faces the challenge of addressing the "energy trilemma" — ensuring reliable, affordable, and sustainable energy supplies
• The selection of Sultan Al Jaber, an oil industry leader, as COP28 president, has sparked controversy but also emphasizes the need for diverse stakeholder engagement in climate action

🌍 Why it matters for the planet: The conference's discussions on sustainable energy are crucial, as 775 million people worldwide lack electricity
• Moreover, global energy demand is influenced by the burgeoning middle class's appetite for affordable energy
• The conference's outcomes could shape future energy policies and climate action strategies

⏭️ What's next: COP28 aims to develop pragmatic solutions that consider the ongoing role of fossil fuels alongside renewable energy growth, striving for a balanced approach to achieve a dynamic, sustainable, and inclusive global economy

💬 One quote: "Phasing out fossil fuels is... inevitable" (Ana Palacio, Georgetown University)

📈 One stat: 775 million people worldwide currently lack electricity, underscoring the urgent need for accessible and sustainable energy solutions

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