Countries reach ‘historic’ COP28 deal to transition from fossil fuels

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

🗞️ Driving the news: A landmark agreement has been reached at the COP28 climate summit, committing to a global transition away from all fossil fuels to achieve net-zero emissions by 2050
• This historic decision, known as the UAE Consensus, was unanimously accepted by nearly 200 countries present at the summit in Dubai

🔭 The context: The agreement marks the first time that explicit language on moving away from fossil fuels is included in a final deal at a U.N. climate summit
• The COP28 summit, hosted by the UAE, a major oil and gas producer, faced intense negotiations, particularly around the role of fossil fuels

🌍 Why it matters for the planet: This agreement sets a new direction for global climate action, emphasizing the need to shift from fossil fuels and highlighting various strategies, including renewable energy, low-emissions technology, and carbon capture
• However, it faces criticism for lacking detail on financing for poorer countries transitioning away from fossil fuels

⏭️ What's next: The agreement underscores the urgency of action in this critical decade and the need for a balanced plan addressing greenhouse gas emissions and global finance restructuring
• It calls for tripling global renewable energy capacity by 2030 and acknowledges the different responsibilities of countries based on their economic status

💬 One quote: "We have set the world in the right direction, we have given it a robust action plan to keep 1.5C within reach. It is a plan that is led by the science" (Sultan al-Jaber, COP28 president)

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