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The culmination of the COP28, the annual United Nations Climate Change Conference held in Dubai, marked a pivotal moment in global efforts to address the pressing issue of climate change. Amidst the intense negotiations involving representatives from nearly 200 countries, a historic agreement was reached, signaling a collective commitment to transition away from fossil fuels.

The conference, described by German foreign minister Annalena Baerbock as sealing “the end of the fossil fuel era” brought forth a momentous shift in perspectives on climate action. At the heart of these negotiations was the European Union, a key player with a substantial stake in the global fight against climate change. The EU’s financial commitments and priorities regarding climate change played a crucial role in shaping the outcome of COP28. Dan Jørgensen, Denmark’s minister for global climate policy, highlighted the EU’s instrumental role, stating that there is “no doubt” the bloc can celebrate the result. The EU successfully pushed for global targets on renewable energy and efficiency, underscoring its commitment to sustainable practices.

As the negotiations delved into the contentious issue of phasing out fossil fuels, the EU, along with other like-minded nations, advocated for a decisive plan to exit fossil fuels. This stance faced resistance, notably from countries like Saudi Arabia, reflecting the complexities involved in transitioning the global energy landscape. The eventual agreement marked a compromise, emphasizing the need to transition away from fossil fuels while addressing the concerns of countries heavily reliant on these resources. The sentiments of Dutch MEP Bas Eickhout echoed the nuanced nature of the agreement. While characterizing the overall message as positive and aligned with the EU’s mandate, he emphasized that the success of COP28 hinges on the effective implementation of the agreed-upon measures. Eickhout emphasized that the EU’s commitment goes beyond its own interests, advocating for greater support for the developing world and small island states.

The lack of a clearly defined date for ending fossil fuel use left some EU countries dissatisfied, indicating that there is room for improvement in future climate negotiations. The impact of COP28 extends beyond the diplomatic arena, resonating in financial markets and global strategies for a sustainable future. The conference sent a clear signal that the world is entering a new phase of competition – a race to achieve the fastest transition to renewable energy. The push for a target for 2040 without fossil fuels underscores the urgency felt by EU members, aligning with the broader global goal of achieving net-zero emissions by 2050.

Written by: Nenad Stekić