• Tue. Dec 5th, 2023

Climate Change Summit COP28 to See World Leaders Amidst Rising Fossil Fuel Profits


Nov 22, 2023

The upcoming 28th Conference of the Parties (COP28) of the United Nations Framework Convention on Climate Change (UNFCCC) in the United Arab Emirates has raised concerns about the continued production of fossil fuels. This year’s negotiations will focus on the world’s ambition to phase out fossil fuels and will include a “Global Stocktake,” a review of global climate action.

The European Union, made up of 27 countries, has already approved its strategy for COP28, centered on a call to phase out “unabated fossil fuels.” Ten of those countries have even called for a complete phase out of fossil fuels. However, the success of this call will depend on the willingness of major fossil fuel producing countries such as the United States, Saudi Arabia, Russia, and the United Arab Emirates – which is hosting this year’s negotiations.

As the world’s biggest producer of oil and gas, the United States plays a crucial role in advancing plans to phase out fossil fuels. However, U.S. oil and gas companies continue to make substantial profits while receiving significant taxpayer subsidies. Additionally, industry executives do not believe in projections that oil and gas demand will peak in 2030 despite scientific evidence indicating otherwise. The energy transition needs to be based on scientific necessity and progress in renewable energy at the turn of the decade.

It is critical for countries most responsible for continuing global fossil fuel dependence to commit to ambitious plans to phase them out simultaneously with expanding renewable energy and electrifying their economies responsibly. Failure to do so will result in severe environmental and economic consequences that we are not prepared to face and must avoid at all costs. The survival of humanity depends on taking immediate action

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