• 2 years ago
The draft agreement of the COP28 climate summit removed explicit mentions of phasing out fossil fuels, instead using vague language about "reducing consumption and production" of oil, coal, and gas. Many climate advocates and experts criticized this language as too weak, noting the key role of fossil fuels in causing the climate crisis. The inclusion of just "could" made the actions optional. Over 100 countries supported stronger language on phasing out fossil fuels, but oil-producing nations like Saudi Arabia pushed back against targeting fossil fuels. The new draft disappointed the EU and other observers and was seen as too weak to tackle climate change adequately.
Transcript
00:00 It's Benzinga and here's what's on the block.
00:02 - Draft agreement of the COP28 Climate Summit
00:05 removed explicit mentions of phasing out fossil fuels,
00:09 instead using vague language about reducing consumption
00:11 and production of oil, coal, and gas.
00:14 Many climate advocates and experts
00:16 criticized this language as too weak,
00:18 noting the key role of fossil fuels
00:20 in causing the climate crisis.
00:22 The inclusion of just could made the actions optional.
00:26 Over 100 countries supported stronger language
00:28 on phasing out fossil fuels,
00:30 but oil producing nations like Saudi Arabia
00:32 pushed back against targeting fossil fuels.
00:35 The new draft disappointed the EU and other observers
00:38 and was seen as too weak
00:39 to tackle climate change adequately.
00:41 - For all things money, visit Benzinga.com.

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