Economist Podcasts The Intelligence: good COP, bad COP?
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Dec 13, 2023 
Rachel Dobbs, Climate correspondent for The Economist, reports from COP28, where nearly 200 nations reached a historic agreement to transition away from fossil fuels but questions remain about its effectiveness. Josh Roberts, Finance correspondent, discusses strategies for young investors navigating a challenging market, emphasizing ethical investing. Meanwhile, Catherine Nixie shares the rich history and emotional resonance of cookery books, illustrating their role not just in cooking, but in connecting with personal and cultural narratives.
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Historic Fossil Fuel Agreement
- The COP28 summit achieved a historic agreement to transition away from fossil fuels in energy systems.
- This is the first time such a commitment has been made in almost 30 years of climate talks.
Challenges of Phasing Out Fossil Fuels
- Reaching a consensus on phasing out fossil fuels is challenging due to the UN's structure requiring agreement from all countries, including major oil producers.
- OPEC countries, like Saudi Arabia, actively resisted phasing out fossil fuels, fearing economic repercussions.
OPEC's Resistance
- OPEC sent a letter to its members urging them to resist phasing out fossil fuels, which was subsequently leaked to the press.
- This resistance played out in negotiations, with Saudi Arabia employing delaying tactics.
