Nearly 200 countries and thousands of delegates burned untold quantities of jet fuel to meet and agree to a new, completely unenforceable climate deal, at the COP28 talks in Dubai.
The agreement marks the first time the annual UN meeting has asked countries to move away from fossil fuels. The agreement doesn’t require a phase-out of fossil fuels.
The agreement acknowledges the need for trillions of dollars to flow from rich countries to poorer, climate vulnerable ones, to help them adapt to climate change and a transition to renewable energy. But surprisingly, there are no requirements in the deal for wealthy countries to give more.
Interestingly, the meeting was held in a region that is economically dependent on fossil fuels. Next year’s meeting is scheduled for Azerbaijan, a major oil and gas producing country.
China, a major builder of coal powered generation has signed on to the agreement.
If you’re into irony, it is interesting to note that the delegates to the Dubai conference hardly had time to get home, before Iceland reported a new, significant volcanic event.
All comments and suggestions are welcome.
Walter J. Kirchberger CFA