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

🗞️ Driving the news: At COP28, a historic agreement was reached to begin transitioning away from fossil fuels
• This breakthrough, a first in climate summit history, was catalyzed by a pivotal meeting involving US climate envoy John Kerry, Cop28 president Sultan Al Jaber, and Saudi Arabia's energy minister, Prince Abdulaziz bin Salman

🔭 The context: Saudi Arabia, long a blocker in including fossil fuels in climate agreements, shifted its stance, enabling this landmark consensus
• The agreement calls for a just, orderly, and equitable transition away from fossil fuels, aiming for net zero by 2050
• However, criticisms arose over the agreement's vague language and perceived loopholes

🌍 Why it matters for the planet: This commitment signifies a global acknowledgment of the need to move beyond fossil fuels to address climate change
• However, the absence of specific targets and reliance on carbon capture technology and gas as a transitional fuel are seen as limitations

⏭️ What's next: The agreement includes a $700 million commitment to a new loss and damage fund but falls short on broader climate finance goals
• The text's ambiguity and the potential for loopholes present challenges in ensuring impactful implementation

💬 One quote:"If you're an investor, the future is renewable. Fossil fuels are stranded assets" (Jennifer Morgan, Germany's climate envoy)

📈 One stat: The UAE, host of Cop28 and a major oil and gas producer, plans a $150 billion expansion in oil and gas production, highlighting the complex dynamics of global climate negotiations

Click for more news covering the latest on COP28