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illuminem summarizes for you the essential news of the day. Read the full piece on Forbes or enjoy below:
🗞️ Driving the news: At COP28, a draft negotiating text suggests a potential call for the formal phase-out of fossil fuels to combat global warming
• This proposal is expected to ignite a heated debate among the nearly 200 countries attending the conference, with Western governments advocating for inclusion and oil and gas producers opposing it
🔭 The context: The Global Carbon Budget team estimates that, at current emission levels, there is a 50% chance that global warming will consistently exceed 1.5 degrees C in about seven years
🌍 Why it matters for the planet: A formal agreement on phasing out fossil fuels at COP28 could mark a significant shift in global energy policies and efforts to combat climate change, potentially signaling the end of the oil era
⏭️ What's next: Negotiations will focus on three potential approaches to fossil fuels: an orderly and just phase-out, accelerating efforts towards phasing out unabated fossil fuels, or avoiding a phase-out mention altogether
💬 One quote: "We're not talking about turning the tap off overnight" (Jennifer Morgan, German Climate Envoy)
📈 One stat: At least 2,400 fossil fuel lobbyists registered at COP28, outnumbering the 1,609 delegates from the 10 most climate-vulnerable countries
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