The much argued over words \u201cfossil fuel phaseout\u201d did not in the end make it into the final declaration at COP28 in Dubai. Yet more than half of the world\u2019s governments expressed support for its inclusion, and all countries signed up to \u201ctransitioning away from fossil fuels\u201d. Those pushing hard for \u201cphaseout\u201d in the declaration included the EU, US and Canada. These countries must now ensure that fossil fuel phaseout and transitioning away from fossils is not just negotiating language, but something that happens in the real world. They must begin a rapid phaseout of their domestic production and use of fossil fuels, and provide concessional finance to developing countries to support their transition. And they must ensure that their financial institutions stop enabling fossil fuel expansion around the world and contribute \u2014 with the help of derisking mechanisms in developing countries \u2014 to the financing of the tripling of renewables deployment and doubling of energy efficiency that is promoted in the final declaration.\u00a0<\/strong><\/p>\n<\/div> Much of the geopolitical drama at COP28 centered around whether first global stocktake under the Paris Agreement \u2014\u202fwhich does double duty as the COP\u2019s final declaration \u2014 would refer to the need to phaseout the use of fossil fuels. None of the previous 27 COP declarations had mentioned the need to reduce fossil use; last year\u2019s declaration was the first to even include the words \u201cfossil fuels\u201d \u2014\u202fthe overwhelming cause of the problem the climate negotiations are trying to solve.<\/span>\u00a0<\/span><\/p>\n Last minute opposition led by the Saudis killed the chance of getting \u201cfossil fuel phaseout\u201d in the declaration. The compromise language settled upon is \u201ctransitioning away from fossil fuels in our energy systems, beginning in this decade, in a just, orderly and equitable manner.\u201d But the majority of the world\u2019s countries did go on the record at COP calling <\/span>for <\/span>\u201ca global phase out of unabated fossil fuels and a peak in their consumption already in this decade\u201d (1).<\/span>\u00a0<\/span><\/p>\n<\/div> The EU, and even the United States (world\u2019s biggest oil and gas producer), Canada (world\u2019s fourth biggest oil and gas producer), Norway and the UK (Europe\u2019s two biggest oil producers), and Australia (the world\u2019s second biggest exporter of both LNG and coal) all pushed for phaseout language in the declaration. And all the world\u2019s countries supported text in the declaration calling for tripling renewables capacity globally and doubling annual energy efficiency improvements by 2030.<\/span> <\/span><\/p>\n The countries that supported a fossil phaseout at COP include not only many of the world\u2019s biggest producers and consumers of oil, gas, and coal, but also the most important suppliers of public and private finance for fossil fuels globally. They do not need OPEC\u2019s or anyone else\u2019s permission to act on their COP rhetoric. They must walk the talk, starting with ending new oil and gas production on their own soil and seabeds, and rapidly decreasing fossil imports and turbocharging the deployment of sustainable energy. <\/span> <\/span><\/p>\n During COP the US joined the <\/span>Powering Past Coal Alliance<\/a><\/span> (2). This is a positive move, but it should be followed by rapid action to accelerate the retirement of its coal fleet (still the third biggest in the world), and measures to ensure that US banks and investors pull out of financing <\/span>coal developers<\/a><\/span> (of both thermal and <\/span>metallurgical coal<\/a><\/span>) and put funds into just coal retirements overseas. And of course the Biden administration needs to stop supporting new oil and gas projects, starting with an end to the permitting of new LNG terminals and <\/span>to its financial and diplomatic support for LNG globally (3).<\/span> <\/span><\/p>\n Beyond this, these wealthy countries must stop their fossil fuel companies expanding overseas. And they must ensure that their public and private financial institutions stop supporting new fossil projects and the companies developing them, and ensure the massive increase in funding needed to enable the renewables and energy efficiency targets to be met. As is enshrined as a basic principle in the UN climate convention, developed countries have both the historical responsibility and the capacity to act to support developing countries to transition.<\/span> <\/span><\/p>\n<\/div> Transitioning out of fossil fuels will also require tens of billions of dollars in concessional and affordable funding to pay for just closures of existing fossil fuel infrastructure, and most immediately coal plants and mines. Various significant developments relating to phasing out coal took place at COP (4). These include:<\/span>\u00a0<\/span><\/p>\nMake phaseouts real<\/h2><\/span>
Time to retire coal<\/h2><\/span>
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