Cool reception for draft global stocktake text on penultimate day of summit
The overwhelming reaction has been negative to the new draft text on the Cop28 Global Stocktake, which only mentions action on fossil fuels as an option rather than a requirement, and as a “reduction” rather than a “phase-out.’ We haven’t heard yet from the two biggest emitters: China and the United States, but it looks like there will be pressure from others for a new draft.
Ministers and heads of delegations will hold closed door meetings in Dubai this evening where there will no doubt be further negotiations. Before I go here is a summary of what happened today:
New draft text released by Cop28 presidency omits reference to a “phase-out” of fossil fuels
Small island states have complained their voices are not being heard
Most civil society groups have condemned the text as inadequate
Azerbaijan and Brazil have formally been approved as hosts of Cop29 and Cop30
Saudi Arabia has been accused of holding the talks hostage
The UN secretary general has urged delegates to ‘End the fossil fuel age.’
Tomorrow is supposed to be the final day, but it will be a miracle if an agreement is reached before the scheduled close.
Thanks for reading, and for your comments. See you again tomorrow.
Avinash Persaud, the climate economist who is also a prominent adviser to the Barbados prime minister, Mia Mottley, told the Guardian:
This is not a bad text. Some will be disappointed about the lack of clarity on a phase-out of fossil fuels, but what this text recognises is the reality that you can’t phase out fossil fuels before you have a massive investment in renewable energy which needs huge finance flows.
This text lays out a plan for a big increase in renewable energy, which we really need to back up with contributions of finance. To get to a phase-out, you need finance, which is what allows the investment in renewables. So to focus on a phase out without finance and renewables would be just virtue signalling. Unless you provide the means of implementation, what does a phase-out mean?
We can live with this text as long as we leave here with an understanding that this means a massive investment in renewable energy in developing countries. That is the only pathway to a phase out of fossil fuels.
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