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Business News of Wednesday, 6 December 2023

Source: www.legit.ng

COP28 fossil fuel debate sizzles as world marks record hot year

Fossil fuel Fossil fuel

With 2023 confirmed to be the hottest year on record by Europe's climate monitor, the temperature was also rising on Wednesday for negotiators thrashing out the thorny issue of fossil fuels at COP28 in Dubai.

Pressure for progress is mounting as the UN climate talks near the end of their first week, with the latest draft of a global climate agreement "probably" expected Wednesday before it is finalised, in theory, on December 12, said one observer.

The fate of oil, gas and coal -- the main drivers of human-caused planet heating -- has been the biggest sticking point on the agenda, and divisions around their future have dominated the conference.

The situation is "very dynamic", one negotiator said on Tuesday evening, as representatives of nearly 200 countries haggle over the text that responds to a damning stocktake of progress on limiting warming.

Battle lines have previously been drawn on whether to agree to "phase out" or "phase down" fossil fuels.

A new phrase committing to an "orderly and just" phase-out of fossil fuels could signal a consensus candidate, giving countries different timelines to cut emissions depending on their level of development and reliance on hydrocarbons.

But there is another option: no mention at all of fossil fuels, which reflects opposition from nations including Saudi Arabia and China, according to several observers who attended the closed meetings.

India on Tuesday evening also opposed naming specific sectors or energy sources, one observer said.