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  • Writer's pictureBy The Financial District

COP28 Hears Big Promises On Oil

Countries and oil companies participating in the UN climate talks have pledged to make significant progress in addressing global warming through a substantial new energy commitment, as reported by Georgina Rannard for BBC News.


This commitment only addresses emissions from production, not the burning of fossil fuels, and critics argue that it may not meaningfully combat climate change. I Photo: COP28 UAE



Approximately 100 countries committed to tripling global renewable energy use by 2030. Additionally, 50 oil and gas companies, including the Saudi giant Aramco, pledged to cease contributing to planet-warming gases by 2050.


However, this commitment only addresses emissions from production, not the burning of fossil fuels, and critics argue that it may not meaningfully combat climate change. Moreover, there are no penalties for failing to meet the targets, and the promises are not legally binding.


All the news: Business man in suit and tie smiling and reading a newspaper near the financial district.

"I am very skeptical," said Prof Bill Hare, CEO of Climate Analytics and author of numerous UN climate change reports.


"The real challenge for the oil and gas sector is to move away from producing oil and gas," he emphasized.


"Nothing else really matters in the end." It appears that not all of the pledges are new, as many oil companies signing this commitment had previously announced plans to reduce their emissions to zero.




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