COP28 in UAE: Tough decisions required to move away from fossil fuels

COP28 in UAE: Tough decisions required to move away from fossil fuels

A timeline for transition is absent. That’s because the growth of renewable energy hasn’t been rapid enough to replace fossil fuels. It would only be feasible when renewable energy is readily available. The pledge of around 120 countries to triple renewable energy capacity by 2030 will go a long way in realising the UAE Consensus.

The COP28 decision will echo around the world as it is a turning point in efforts to wean countries off oil, gas and coal. The results may not be tangible immediately, but it will undoubtedly impact the decisions of investors, financial institutions, private companies and governments.

If reaching a consensus was tough, implementing the decisions will be tougher. More so among developing countries, many of which continue to rely on coal. Remember that China, India and Indonesia didn’t join the pledge to scale up renewable energy production since it was linked to curbs on coal use. If China, which dominates the renewable energy industry, baulks at it, imagine the plight of developing countries. Countries must be compensated, and measures must be taken to remove coal from the energy supply chain.

That’s where the Green Climate Fund comes in. Although the fund was envisaged to assist