CNBC's Ruxandra Iordache and Sam Meredith are reporting that COP28 ends with deal to transition away from fossil fuels. 

The COP28 climate summit concluded with nearly 200 countries agreeing to transition away from fossil fuels, though not mandating an absolute phase-out. The UAE Consensus, announced on social media, emphasized this historic shift towards reducing reliance on fossil fuels. The final agreement, arrived at after intense discussions and some backlash over a previous draft, calls for transitioning from fossil fuels in a "just, orderly and equitable manner," aiming for net-zero emissions by 2050. It also urges efforts towards phasing down coal power and significantly increasing renewable energy and energy efficiency. However, the agreement has been met with mixed reactions. Some, like U.N. climate chief Simon Stiell and U.S. special climate envoy John Kerry, see it as a positive step. Others, like climate activists and some delegates, express disappointment, feeling the summit did not go far enough in ending the fossil fuel era. The summit also saw the establishment of a fund for climate disaster impacts and pledges for renewable energy expansion, but faced controversy over COP28 President Sultan al-Jaber's dual role as head of the Abu Dhabi National Oil Co.

Source: CNBC

(This article was written with assistance from ChatGPT)

Written by Ursa Nova

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