Petrostates fought fiercely against the call from 130 nations at Cop28 for a fossil fuel phase-out. That is because they are engaged in a colossal fossil fuel phase-up, already working on double the extraction that the planet can cope with.
This is the foundation of the climate crisis: carbon emissions must plunge rapidly to avoid climate catastrophe. But the fossil fuel industry is pouring hundreds of billions of dollars into extracting more oil, gas and coal. It is betting that the world will not curb emissions and therefore not curb its trillion-dollar profits.
