In the run up to these negotiations, a lot of fingers remained pointed at the COP28 presidency for their ties to fossil fuels. That’s why ECO was so excited to read the joint summary from the COP28 President Dr. Sultan Al Jaber and IEA chief executive Dr. Fatih Birol which affirmed the reality that “fossil fuel demand and supply must phase-down this decade to keep 1.5ºC within reach”. While we need to phase out fossil fuel production fully by well before 2040 in wealthy nations and well before 2050 worldwide, action this decade is crucial. That means stopping new expansion now, and cutting fossil fuel production by at least 40% by 2030.
ECO is less impressed, however, with the COP28 Presidency and IEA Executive Director’s vague call for oil and gas companies to “decarbonise existing operations”. Between 80 and 90% of these companies’ emissions come from their customers burning the oil and gas they produce. Cutting oil and gas companies’ operational emissions is like trying to solve lung cancer by getting cigarette companies to produce tobacco more efficiently.
Many countries who purport to be climate champions are simultaneously accelerating approval of new fossil fuel projects. This is especially true for the US, Canada, Norway, Australia, and the UK – five of the world’s richest countries who between them are responsible for over half of the world’s planned oil and gas field developments from now until 2050.
ECO is sure these countries’ leaders have seen that reports from the UN, IEA and others this year have confirmed that there is no room for new oil and gas projects if they are to keep the promises they made in the Paris Agreement.
For a successful COP, it is essential that governments commit to stop all new fossil fuel expansion, rapidly cut fossil fuel production and use by 2030, and ultimately phase out all fossil fuels. This needs to be in the formal decision text, not in a separate voluntary agreement. And it must be underpinned by equity and finance.