Petrostates rejects UN talks on transitioning away from fossil fuels

Several major oil-producing countries, including Saudi Arabia and Russia, oppose talks on a deal at the upcoming COP29 climate change summit to curb fossil fuel use, Western negotiators said. Financial Times.

The group of oil-rich nations, which includes Saudi Arabia, Russia and Bolivia, is blocking efforts to talk about phasing out fossil fuels. COP29 will be held in November in Azerbaijan, which is highly dependent on oil and gas sales for economic growth.

The previous climate summit, COP28, which was held in one day of overtime amid heated debate over the future of fossil fuel use and production, ended with a compromise text. referring for the first time, a call to all parties to move away from fossil fuels.

The summit’s host, the United Arab Emirates, which is also one of OPEC’s top producers and exporters, hailed the “UAE consensus” as a historic deal to cut emissions.

The final text adopted by the countries refers for the first time in such statements at the summit to an explicit call for a transition away from fossil fuels.

But the final agreement was watered down compared to any references to phasing out or phasing out fossil fuels because objections from many oil-exporting countries – led by Saudi Arabia – pulled out of talks in recent days and sent the conference into overtime.

The Conference of the Parties “further recognizes the need for deep, rapid and sustained reductions in greenhouse gas emissions in line with the 1.5°C pathways and calls on Parties to contribute to the following global efforts in a nationally determined manner , taking into account the Paris Agreement and their different national circumstances, pathways and approaches.” read the text adopted last year.

Saudi Arabia and its state oil giant Aramco have repeatedly said the energy sector and debate should focus on how to reduce emissionsnot on reducing oil and gas production.

By Tsvetana Paraskova for Oilprice.com

More top reads from Oilprice.com