MoFo’s weekly Climate Links provide the latest industry updates from thought leaders and third-party sources. This week:
- For the first time in nearly three decades, government ministers from nearly 200 countries approved a deal that calls on the world to move away from using fossil fuels. U.S. climate envoy John Kerry said the COP28 agreement “sends very strong messages to the world.” Climate campaigners singled out the need for the U.S. to lead the charge in shifting away from fossil fuels.
- Nations struck a historic deal at the COP28 climate summit in Dubai to transition the global economy away from fossil fuels. But some delegations and environmental groups say it contains major loopholes that could keep oil, gas, and coal flowing indefinitely.
- The Biden administration is investing billions in passenger rail, giving a boost to a potentially important tool for mitigating climate change. However, significant hurdles could slow efforts to get more rail online.
- A controversial leader. A universally hated draft. Against all odds, climate negotiators reached their first-ever agreement on moving away from coal, oil, and gas.
- Pacific Island nations left COP28 disappointed. The UAE gained some bragging rights. And the prospect of the world hitting its most ambitious climate goal remained in limbo.
- As part of its ambitious goal to make transportation sustainable in the future, the Biden-Harris administration announced a plan to cut emissions from federal employee travel.
- This COP was different. Because it was hosted by a “petro-state” there was both hope and fear that it could make the breakthrough the world needs to fight climate change. But, as the clock clicked down, a deal looked out of reach. The negotiators worked into the wee hours, and emerged victorious with an agreement that was greeted by cheers and applause by delegates.
- After lengthy and spirited negotiations, COP28 closed with an important signal: an agreement by all the world’s nations to, among other things, “transition away from fossil fuels in energy systems, in a just, orderly and equitable manner, accelerating action in this critical decade, to achieve net zero by 2050 in keeping with the science.”