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  • btc = $51 500.00 363.52 (0.71 %)

  • eth = $3 048.54 90.92 (3.07 %)

  • ton = $2.10 -0.01 (-0.58 %)

13 Dec, 2023
1 min time to read

The COP28 climate talks in Dubai resulted in a significant deal, marking the first ever commitment by countries to divest from all fossil fuels.

Under the leadership of the UAE's Sultan Al Jaber, the agreement gained support from the US, EU, and oil-producing nations like Saudi Arabia. The deal emphasizes a swift and equitable shift from fossil fuels and encourages countries to contribute to a global transition effort.

Named the "UAE Consensus," the agreement acknowledges the urgency posed by the hottest recorded year, resulting in droughts and devastating wildfires. While it falls short of a specific fossil fuel "phase-out," the deal sets an unprecedented global commitment to move away from oil and gas.

The results reflect a turning point towards a low-carbon energy system, with additional commitments to triple renewable energy deployment and double efficiency by the end of the decade.