Revolutionizing the Future: Pledges to Phase Out Fossil Fuels Before 2050 at COP28 Summit

Europe: The EU climate chief, announced that the European Union will request a global commitment at COP28 to eliminate unmitigated fossil fuels "well in advance of 2050." The commitment entails halting coal power and eliminating emissions from the oil and gas industry, although carbon capture will only have a small role, he added. At a meeting of the EU's environment and energy ministers in Spain, the bloc revealed its common goals for the climate summit in Dubai this week. The EU wants governments to ratify a pledge with three key elements: triple the deployment of renewables by 2030, double annual energy efficiency improvements, and hasten the phase-out of fossil fuels, with carbon abatement technologies playing a "residual" function. Carbon capture and storage (CCS), an umbrella term for a variety of processes designed to capture CO2 emissions caused by the burning of fossil fuels, are covered under the last point.

Contentious debate surrounds carbon capture and storage (CCS). While some oil and gas-producing countries and the industry argue for its necessity in extracting climate-damaging gases, campaigners and progressive nations see it as a loophole that will perpetuate the climate crisis. The United Arab Emirates, who host COP28, are strong advocates for CCS. However, their stance has been met with criticism, particularly when Al Jaber called for a phase-out of fossil fuel emissions while acknowledging their continued role in the future. Although the COP28 chief has since softened his position to an accelerated energy transition to phase down fossil fuels, Timmermans of the EU has outlined a clearer limit to the use of CCS in their efforts to eliminate emissions.

EU climate chief emphasized the significance of comprehending the role of "abated fossils" in achieving a net-zero economy. These fossils should only be residual and restricted to hard-to-abate sectors, with the sector responsible for demonstrating that this is achievable and proposing viable investment strategies in carbon-reducing technologies. The climate summit in Dubai is expected to tackle the defining battles of agreeing on a definition of "unabated" and establishing a role for CCS. While the focus should be on reducing fossil fuel use with clear pre-2050 milestones, it's crucial to define "abated fossil fuels" to prevent countries from using carbon capture as an excuse. According to the IEA's forecasts, coal, oil, and gas usage must decrease by 90%, 80%, and 70%, respectively, between 2021 and 2050 to attain net-zero by mid-century.

EU has announced a significant goal for COP28, aiming to triple the annual deployment rate of renewable energy by 2030. Energy Commissioner Kadri Simson has revealed that the target will be a voluntary and non-binding pledge for other countries to support. The International Energy Agency (IEA) has recommended adding roughly 1,000 GW of renewable energy every year until 2030 to limit global warming to 1.5C, tripling the current capacity of 3,300 GW to reach 10,350 GW. Dubai is expected to have minimal issues with this pledge, as Sultan Al Jaber is firmly endorsing the proposal, which has already gained support from the US, Chile, Colombia, and several small island nations.