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Downloading Final Draft 12.0.9.1101/23/2024 Developing countries still need hundreds of billions more in finance, to help them make the transition away from coal, oil and gas. There are plenty of problems with this deal. But it cannot require them to do so and it contains “a litany of loopholes”, according to the small island states that are most vulnerable to the impacts of the climate crisis, that will hamper the world from cutting greenhouse gas emissions drastically enough to limit global heating to 1.5C above pre-industrial levels. The text that was presented to delegates on Wednesday morning at Cop28 – and that was adopted a few minutes ago - enjoins countries for the first time to embark on a de facto phase out of fossil fuels. In the world of climate talks, these two are not mutually exclusive. As the deal goes through with stunning swiftness, Cop president Al Jaber has labelled it the “UAE consensus”, writes Fiona Harvey.īut is this a historic deal that will spell the eventual end of fossil fuels? Or will it be one more step on the road to hell?
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