Climate experts caution that such unilateral actions erode trust between developed and developing nations. The ongoing COP28 is set to finalise the crucial GST document, guiding countries in making necessary changes to combat climate change
A new draft text of the Global Stocktake (GST), the inaugural periodic review of global efforts to limit temperature increases to 1.5 degrees Celsius, was released at COP28, offering options such as a phased reduction of "unabated" coal and an "orderly and just" phase-out of fossil fuels.
India and other developing nations have consistently called for phasing out not only coal but also oil and gas, as richer nations often burn oil and gas while criticising coal use in poorer countries. The GST holds significance under the Paris Agreement of 2015, aiming to cut carbon emissions and restrict global temperature rise.
The draft GST text outlines several options, including an "orderly and just phase-out of fossil fuels" and a rapid reduction of unabated coal power within this decade. "Unabated" fossil fuels refer to the continued use of coal, oil, and gas without emissions reduction efforts, though a universally accepted definition is yet to be established.
The global push for fossil fuel phase-out, which accounts for over 75 percent of greenhouse gas emissions, faces resistance from fossil fuel-producing nations and companies advocating for continued extraction with carbon capture technologies.
The draft text also emphasises tripling global renewable energy capacity and energy efficiency rates by 2030, scaling up low-emissions technologies, and welcomes the operationalisation of a fund addressing irreversible loss and damage caused by climate change.
The draft acknowledges the doubling of finance to help poorer nations cope with climate impacts as an "initial step." Contentious issues include the wording around the USD 100 billion pledge by developed countries, covering emissions from all sectors, and addressing greenhouse gases.
It discusses pushback against unilateral measures, particularly the Carbon Border Adjustment Mechanism (CBAM) proposed by the EU. CBAM aims to impose carbon taxes on imports from developing nations, causing diplomatic strain.
Climate experts caution that such unilateral actions erode trust between developed and developing nations. The ongoing COP28 is set to finalise the crucial GST document, guiding countries in making the necessary changes to combat climate change.