Berliner Boersenzeitung - OPEC push on fossil fuels draws ire at climate talks

EUR -
AED 4.115293
AFN 71.716802
ALL 91.011256
AMD 403.562021
ANG 2.005577
AOA 1028.68237
ARS 1713.195177
AUD 1.594208
AWG 2.019825
AZN 1.909415
BAM 1.957737
BBD 2.257204
BDT 139.127639
BGN 1.958565
BHD 0.423134
BIF 3363.247326
BMD 1.120569
BND 1.431761
BOB 13.588807
BRL 6.094441
BSD 1.120744
BTN 106.356015
BWP 15.483871
BYN 3.301269
BYR 21963.14421
BZD 2.25391
CAD 1.566051
CDF 2594.116673
CHF 0.923171
CLF 0.028178
CLP 1112.6354
CNY 7.464224
CNH 7.454829
COP 3607.569699
CRC 509.620086
CUC 1.120569
CUP 26.895608
CVE 110.373701
CZK 24.44637
DJF 199.147889
DKK 7.504901
DOP 67.929628
DZD 152.176216
EGP 62.45874
ERN 16.808529
ETB 180.928952
FJD 2.514224
FKP 0.83779
GBP 0.836432
GEL 2.917805
GGP 0.83779
GHS 13.056266
GIP 0.83779
GMD 82.922473
GNF 9918.812714
GTQ 8.567476
GYD 234.908685
HKD 8.792262
HNL 30.1218
HRK 7.58514
HTG 146.830501
HUF 367.479695
IDR 20320.110526
ILS 3.523696
IMP 0.83779
INR 106.361573
IQD 1698.880708
IRR 2093687.147765
ISK 136.519303
JEP 0.83779
JMD 178.085386
JOD 0.794527
JPY 176.579628
KES 145.528673
KGS 97.99227
KHR 4572.584882
KMF 494.171137
KPW 1008.51168
KRW 1494.188988
KWD 0.348688
KYD 0.93392
KZT 508.132697
LAK 25232.86367
LBP 100357.670957
LKR 372.758771
LRD 190.505918
LSL 18.676176
LTL 3.308748
LVL 0.677821
LYD 7.204095
MAD 11.019052
MDL 20.060562
MGA 5069.195923
MKD 61.640982
MMK 2353.092792
MNT 4031.674913
MOP 9.055638
MRU 45.444581
MUR 52.980907
MVR 17.313208
MWK 1942.874107
MXN 21.05179
MYR 4.547496
MZN 71.615961
NAD 18.676176
NGN 1508.812401
NIO 41.2408
NOK 10.31876
NPR 170.169424
NZD 1.98612
OMR 0.430765
PAB 1.120849
PEN 3.878837
PGK 5.100023
PHP 71.4525
PKR 310.030214
PLN 4.423165
PYG 6565.495266
QAR 4.085242
RON 5.358787
RSD 117.944123
RUB 89.982772
RWF 1654.314474
SAR 4.207062
SBD 9.029773
SCR 15.41855
SDG 674.026121
SEK 11.010935
SGD 1.432875
SHP 0.838561
SLE 25.665129
SLL 23497.767811
SOS 640.442165
SRD 42.155234
STD 23193.507231
STN 24.525029
SVC 9.805701
SYP 14569.632352
SZL 18.671138
THB 37.785986
TJS 10.315567
TMT 3.92199
TND 3.351315
TOP 2.69806
TRY 55.955484
TTD 7.598517
TWD 36.55452
TZS 2959.64354
UAH 50.831102
UGX 4762.860677
USD 1.120569
UYU 45.056183
UZS 13441.777814
VES 994.481985
VND 28914.591409
VUV 133.591345
WST 3.108346
XAF 655.957
XAG 0.022814
XAU 0.000289139815
XCD 3.028393
XCG 2.019698
XDR 0.7923
XOF 655.957
XPF 119.331742
YER 264.68232
ZAR 18.744249
ZMK 10086.465938
ZMW 22.598962
ZWL 360.822626
SSP 6437.889567
MXV 2.372651
  • CMSD

    -0.1200

    19.81

    -0.61%

  • JRI

    0.0000

    10.77

    0%

  • BCC

    -1.8200

    74.15

    -2.45%

  • CMSC

    -0.2228

    19.53

    -1.14%

  • BCE

    0.2000

    20.34

    +0.98%

  • RIO

    0.0100

    94.17

    +0.01%

  • AZN

    -2.7400

    161.47

    -1.7%

  • GSK

    -1.1800

    48.17

    -2.45%

  • RBGPF

    0.0000

    65

    0%

  • NGG

    0.8800

    75.82

    +1.16%

  • RYCEF

    -0.7300

    19.08

    -3.83%

  • BTI

    -0.4500

    54.4

    -0.83%

  • BP

    0.4700

    43.99

    +1.07%

  • RELX

    -0.0600

    33.18

    -0.18%

  • VOD

    -0.1800

    16.15

    -1.11%

OPEC push on fossil fuels draws ire at climate talks
OPEC push on fossil fuels draws ire at climate talks / Photo: Giuseppe CACACE - AFP/File

OPEC push on fossil fuels draws ire at climate talks

Negotiations over the future of fossil fuels heated up at UN climate talks on Saturday, with OPEC catching flak over the oil cartel's push to block any phase-out in the final deal.

Text size:

The tone has veered between optimism and concern about the pace of talks as negotiators have held marathon sessions aimed at finding a compromise on the fate of oil, gas and coal.

OPEC added fuel to the fire after it emerged that its Kuwaiti secretary general, Haitham Al Ghais, sent a letter to the group's 13 members and 10 allies this week urging them to "proactively reject" any language that "targets" fossil fuels instead of emissions.

"I think that it is quite, quite a disgusting thing that OPEC countries are pushing against getting the bar where it has to be," Spanish ecology transition minister Teresa Ribera, whose country holds the rotating EU presidency, told reporters.

Dramatically scaling up the deployment of renewable energy while winding down the production and consumption of fossil fuels is crucial to achieve the global goal of limiting warming to 1.5 degrees Celsius.

The High Ambition Coalition, a broad group of nations ranging from Barbados to France, Kenya and Pacific island states, also criticised the OPEC move.

"Nothing puts the prosperity and future of all people on Earth, including all of the citizens of OPEC countries, at greater risk than fossil fuels," said Tina Stege, climate envoy for the Marshall Islands, which chairs the coalition.

"1.5 is not negotiable, and that means an end to fossil fuels," Stege added.

- Iraq supports OPEC -

A third draft deal released Friday offers various ways to phase out of fossil fuels, but it also includes the option to not mention them at all in the final text.

Saudi Arabia had until now been the most vocal country against a phase-out or phase-down of fossil fuels.

In the OPEC letter sent Wednesday, Ghais said it "seems that the undue and disproportionate pressure against fossil fuels may reach a tipping point with irreversible consequences".

Assem Jihad, spokesman for Iraq's oil ministry, told AFP his country supports the OPEC letter.

Iraqi oil minister Hayan Abdel Ghani "has rejected attempts to target fossil fuels", Jihad said.

He added that Ghani has tasked Iraq's COP28 delegation to "ensure that the wording of the final statement puts the emphasis on world cooperation on a reduction of emissions in order to preserve the environment and climate".

But another OPEC member, COP28 host the United Arab Emirates, has taken a conciliatory tone throughout the negotiations and acknowledged that a phase-down was "inevitable".

- 'Critical stage' -

Canadian climate minister Steven Guilbeault told AFP he was "confident" that the final text would contain language on fossil fuels.

Guilbeault is among a group of ministers who have been tasked by COP28 president Sultan Al Jaber to shepherd the negotiations and find an agreement by Tuesday, when the summit is due to end.

"It's a conversation that will last a few more days," Guilbeault said.

"Different groups are talking and trying to understand on what we could agree, but it's still quite an embryonic conversation," he added.

German climate envoy Jennifer Morgan said countries were "now moving into the critical stage of negotiations" but she was "concerned that not all are constructively engaging".

Fresh calls for a phase-out were made by ministers addressing a plenary session on Saturday.

"We are extremely concerned about the pace of the negotiations, given the limited time we have left here in Dubai," said Toeolesulusulu Cedric Schuster, chairman of the Alliance of Small Island States (AOSIS).

AOSIS has pushed hard for a phase-out, warning that their nations were on the frontlines of climate change, with rising seas threatening their existence.

"I implore you, let this COP28 be the summit where we leaders are remembered for turning the tide," Schuster said, adding that stepping up renewable energy "cannot be a substitute for a stronger commitment to fossil fuel phase-out."

(Y.Berger--BBZ)