Is the COP28 conference a turning point? That hinges on future developments

COP28: A Mixed Bag of Promises and Disappointments

The COP28 climate conference in Dubai, United Arab Emirates (UAE) concluded with a call for all countries, including petro states, to transition away from fossil fuels in their energy systems. However, the agreement falls short of enforcing a reduction in fossil fuel production, a point of contention for many climate activists.

The UAE and other petro states in the region have preferred the phrase "phasing down" of fossil fuels, a compromise that has been met with criticism. Climate activist and former U.S. Vice President Al Gore tweeted that COP28 was on the verge of failure due to the draft, which initially did not mention a phaseout of fossil fuels, leading to accusations that it was dictated by OPEC.

However, the conference was not a complete disappointment. The business world was hailed for its progress in sustainable mobility. Companies like AZuR, EUREF AG, Kiepe Electric, and BMW Group are leading the way in promoting circular economy and electric mobility, potentially inspiring more ambitious goals in upcoming COP negotiations.

The COP28 conference also emphasized the need for all countries to take action against climate change. The UN Framework Convention on Climate Change, established in 1992, urged the world's countries to avoid "dangerous warming." This year, 2023, is likely to be the hottest year on record, as was the case for most previous years.

The COP28 agreement does not include concrete targets for achieving the transition away from fossil fuels. This has led to concerns that the pace of change will not be fast enough to combat the worsening climate crisis. European Commission President Ursula von der Leyen hailed the text as a global turning point, but many believe that the business world can and should move faster, particularly in regards to corporate fleets and sustainable mobility.

Looking back, the COP21 conference in Paris in 2015 was a breakthrough, where the world agreed on +1.5°C as the target to limit global warming. In contrast, COP15 in Copenhagen in 2009 was a major disappointment, as a global agreement that seemed close ultimately was not reached.

Sultan Al Jaber, conference president and CEO of the UAE's national oil and gas company, said this could be a paradigm shift. Only time will tell if the promises made at COP28 will translate into meaningful action against climate change.