COP28 Summit: 80 countries call for ending fossil fuel reliance

Experts at the ongoing COP 28 Climate Summit being held in Dubai have called upon negotiators to intensify efforts in reaching a consensus on a groundbreaking deal aimed at phasing out the global reliance on fossil fuels.

A coalition comprising more than 80 countries, including the United States, the European Union, and small island nations, has been advocating for an agreement at COP28 that incorporates language to "phase out" fossil fuels — the primary source of greenhouse gas emissions linked to global warming, as identified by scientists.

Disagreements have persisted on the future role of fossil fuels. Around 200 countries are contemplating on whether to give consent, for the first time, on an eventual end to the oil age as a solution to climate change. The staunch opposition was primarily led by the oil producer group OPEC and its allies.

France, US, India and other countries have launched an initiative to support expedited phase out of coal. Coal supply currently is over a third of electricity.

To achieve a breakthrough on Sunday, COP28 President and UAE's Special Envoy for Climate Change, Dr. Sultan Ahmed Al Jaber, convened a 'majlis,' an Arabic term for a communal gathering. This setting allowed delegations to engage in discussions within an alternative forum, distinct from the formal plenary hall.

In parallel with global developments, the COP28 summit has become a focal point of attention. Amidst the uncertainty surrounding the future of fossil fuels, banks appear poised to benefit from the increasing popularity of carbon offset trading.

Concurrently, Tesla continues to face challenges in Nordic regions, while China grapples with a significant decline in consumer prices.

China experienced the fastest decline in consumer prices in three years in November, with deepening factory-gate deflation, indicating rising deflationary pressures amid weak domestic demand.

Australia is set to triple fees for foreign buyers purchasing existing homes, aiming to boost the supply of affordable housing. The Centre-left Labor government also plans to reduce application fees for foreign investment in "build to rent" projects to encourage more home construction.

Automotive supplier Bosch announced the need to deduct up to 1,500 jobs at two German sites by 2025, aligning staffing levels with changing demand and technologies in the auto sector. The company is exploring options such as staff reassignments, early retirement, or voluntary redundancy agreements, engaging in discussions with the works council over specifics.

During COP28's Nature, Land Use, and Ocean Day, leaders supported commitments and pledges exceeding $186 million to drive climate action and maintain momentum for the protection and restoration of nature. Landmark commitments were announced on forests, mangroves, landscape restoration, nature finance, and the ocean, emphasising the urgency of near-term action on nature to achieve the Paris Agreement goals.

During COP28's World Climate Action Summit (WCAS), $2.5 billion was mobilised for the protection and restoration of nature.

The data shows nature preservation can potentially contribute to $10 trillion worth of new business opportunities and provide around 400 million new jobs. During COP26, leaders agreed to halt and reverse deforestation by 2030 and earlier this year, adopted GBF (Global Biodiversity Framework) aimed at protecting 30% of land and ocean by 2030.