COP28 summit in Dubai makes breakthrough over renewable fuels but there is a catch

Leaders from nearly 120 nations vowed to triple the world's renewable energy capacity within the next seven years at COP28 summit in Dubai. The development has emerged as a collective push to shift away from fossil fuels and advance towards achieving net-zero carbon emissions by 2050 despite the fact that major oil producers, including Saudi Arabia, Russia, Iran, and China, have opted not to join the initiative.

What does it mean?

These pledges are voluntary and non-binding. But their focus centers on an ambitious deployment of solar, wind, hydroelectric, and other renewable sources.

President Sultan Al Jaber, leading COP28, expressed the need for broader participation, particularly from key stakeholders. Notably, more than half of all nations signed up to triple global renewable capacity and double energy efficiency by 2030.

Clean energy advocates welcomed the commitment but called for the necessity of concurrently phasing out more polluting forms of energy. 

Greenpeace's COP28 delegation head, Kaisa Kosonen, noted, "The future will be powered by solar and wind, but it won't happen fast enough unless governments regulate fossil fuels out of the way."

COP28 summit: Inside oil companies' pledge to 'decarbonise'

In another significant development, oil and gas companies responsible for 40 per cent of global production, including Saudi Aramco and UAE's ADNOC, pledged to decarbonise their operations by 2050 and curb methane emissions. But these commitments excluded emissions from the burning of fuels by customers.

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The issue of methane emissions gained prominence at COP28, with the US Environmental Protection Agency announcing tighter curbs on such emissions from the country's oil and gas industry.

Methane, responsible for about one-third of greenhouse gas warming, became a focal point in discussions between US climate envoy John Kerry and his Chinese counterpart Xie Zhenhua.

The US' call for tripling nuclear energy capacity

As world leaders gathered at COP28, the United States spearheaded a call by over 20 nations to triple nuclear energy capacity by 2050.  Proponents say that it can play a "key role" in achieving carbon neutrality.

The US Vice President Kamala Harris announced a $3 billion contribution to a fund aiding developing countries in energy transition and climate change impacts, marking Washington's first pledge since 2014.

(With inputs from agencies)