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Three climate fights will dominate COP28

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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 Economist or enjoy below:

🗞️ Driving the news: Three crucial climate-related fights will be at the heart of COP28 in Dubai: methane emissions reduction, the need to enhance climate finance, and the ideological debate over the future of fossil fuels
• COP28 is the United Nations Climate Change Conference hosted by the UAE, a leading oil producer. It faces skepticism over its potential impact on climate action, highlighting the tension between fossil fuel reliance and the urgent need for emissions reduction

🔭 The context: The UAE's role as a major oil exporter and the choice of ADNOC's Sultan Al Jaber as the summit's president have raised concerns among environmentalists
• The summit aims to address the energy trilemma and the global need for sustainable and accessible energy sources

🌍 Why it matters for the planet: The conference's location and leadership symbolize the complex relationship between the global economy's reliance on fossil fuels and the pressing need to combat climate change

⏭️ What's next: The three arenas of climate battle show different degrees of success
• The first one is the most likely to succeed. Curbing methane emissions offers the most immediate payback due to its possibility to be sold unflared and unvented
• Gloomier prospects loom large over the second arena. Emerging economies still lag behind in the implementation of climate finance plans and will likely blame the rich world for its failure to deliver on its promises of adequate funding
• The last battle is the one with the lowest chance of success. Uncertainty persists as to whether carbon capture technologies should allow the continuation of fossil fuels' use. Moreover, aims for independence from burning fossil fuels clash with the enduring reality of fossil fuels continuing to make up the largest proportion of world energy supply
• The outcome of the conference could significantly influence the global approach to climate change, mitigation and adaptation

💬 One quote: "A credible side deal involving many big oil companies would mean more than an ambitiously worded diplomatic communiqué" (Fred Krupp, EDF)

📈 One stat: The UAE's Masdar plans to install 100 gigawatts of renewable energy capacity by 2030, a significant increase from 15 gigawatts in 2021

Click for more news covering the latest on COP28

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