World leaders at the COP28 climate summit urged to make it a turning point. Wealthy nations contribute $300m to 'loss and damage' fund. Controversy surrounding the role of fossil fuels in the transition to green energy. Slow progress in addressing emissions. Diverse attendees discuss importance of the ocean in climate talks. Emissions expected to peak soon.
Establishment of a 'loss and damage' fund to compensate poor countries for climate harms caused by rich nations
Discussion on the challenges and potential options for transitioning away from fossil fuels
Importance of COP conferences in facilitating change and driving innovation in addressing climate change.
Deep dives
The Importance of COP28
COP28, held in Dubai under UN governance, brings together 100,000 people to address the urgent need to tackle climate change.
Loss and Damage Fund
One significant development at the conference is the establishment of a loss and damage fund, which aims to compensate poor countries for the climate harms caused by rich and historically polluting nations.
The Challenge of Phasing Out Fossil Fuels
Despite recognizing that fossil fuels are the problem, countries like the UAE, being oil-rich states, still invest in and rely on fossil fuels. The conference aims to address this issue and explore options such as phasing down or out fossil fuels, along with the potential of carbon capture and storage technologies.
The Role of Petro-States in Climate Change
Petro-states, like those in the Gulf, have a vested interest in addressing climate change due to its potential impact on their economies and standard of living. However, the transition away from fossil fuels may require a pragmatic approach to avoid economic upheaval and ensure a fair and gradual shift.
Progress Amidst Slow Pace
Although progress has been slow, COP conferences offer the opportunity for conversations, ideas, and deals that can contribute to addressing climate change. While emissions remain high and renewable energy still faces challenges, events like COP28 play a role in facilitating change and driving innovation.
The King has urged world leaders assembled in Dubai to make the COP28 climate summit a "critical turning point" in the fight to tackle global warming. And there has already been a breakthrough with wealthy nations contributing nearly $300m to a 'loss and damage' fund compensating poorer countries for the effects of climate change.
It has taken 32 years to agree so while it is an achievement, the real issue remains cutting fossil fuels. In oil-rich Dubai that is a thorny issue. It and other petrostates are still arguing that the world needs fossil fuels while it transitions to greener energy sources.
Climatecast host Tom Heap is in Dubai finding out what COP28 might achieve.
Producers: Emma Rae Woodhouse & Luke Denne Editor: Wendy Parker
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