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

🗞️ Driving the news: The year 2023 is marked by record-breaking global temperature increases and a potential fracture in multilateral climate cooperation
• As COP28 commences in Dubai, there is an urgent need for governments to collaborate effectively on climate challenges

🔭 The context: Current climate policies are insufficient, with projections showing a 9% rise in global emissions from 2010 to 2030, contradicting the scientific recommendation of a 45% reduction
• This comes amidst soaring oil and gas industry profits and unprecedented fossil fuel subsidies

🌍 Why it matters for the planet: COP28 occurs amidst global crises, including conflicts and economic challenges
• The UAE's controversial role in expanding fossil fuel production, coupled with the summit president's dual role in the oil industry, raises concerns about the commitment to a rapid transition from fossil fuels to clean energy

⏭️ What's next: COP28 presents an opportunity for bold leadership, especially from major fossil fuel stakeholders
• The summit's success hinges on aligning domestic policies with climate commitments and significantly increasing climate finance and support for less economically developed nations

💬 One quote: "The burden of delivering a successful COP28 also extends to all governments, particularly those of nations historically responsible for generating most emissions" (Mary Robinson, former president of Ireland)

📈 One stat: Despite the need for drastic emissions reduction, global clean energy investments are projected to reach $1.7tn in 2023, while fossil fuel subsidies hit a record $7tn last year

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