COP28: Historic deal on a 'transition away from fossil fuels', adopted

Dubai: The Global Stocktake text, a historic deal on a 'transition away from fossil fuels', has been adopted at the final session of the annual climate talks COP28 without any objection here on Wednesday.

The room burst into applause, as COP28 President Sultan al-Jaber gavelled through the agreement.

The text of the Dubai climate talks released early in the morning called for a "deep, rapid, and sustained" reduction in planet-warming greenhouse gas emissions in line with 1.5 degree Celsius pathways in a "nationally determined" manner, taking into account the Paris Agreement and their different national circumstances, pathways, and approaches.

However, unlike the previous versions, it lacks references to "limiting the permitting of new and unabated coal power generation." This absence suggests a strong pushback from heavily coal-dependent countries such as India and China. Addressing the gathering after adopting of the agreement, Sultan al-Jaber said this is a robust action plan which plans to keep 1.5 degrees within reach.

“It is a balanced plan that tackles emissions, bridges the gap on adaptation re-imagines global finance and delivers on loss and damage. It is a balanced plan that tackles emissions, bridges the gap on adaptation reimagines global finance and delivers on loss and damage,” he said.

The historic document laid an eight-point plan to achieve this, including a "transition away from fossil fuels" in energy systems in a "just, orderly and equitable manner", accelerating action in this decade, to achieve net zero (balance between greenhouse gases emitted and removed from the atmosphere) by 2050.

The first day of the COP28 also saw operationalisation of the Loss and Damage Fund.