COP28 nuclear climate deal calls for unprecedented transition away from fossil fuels, but loopholes remain

COP28's nuclear climate deal aims for an unprecedented departure from fossil fuels, yet worldwide concern over loopholes persists. This transition might not receive the necessary promotion due to these gaps in the agreement, as powerful nations and climate experts hope for a full exit from oil, coal, and gas, a goal supported by over 100 countries and numerous climate groups.

However, various factors contribute to the perpetuation of fossil fuel usage:

1. Scope 3 Emissions debates: Challenges arise when determining who should be accountable for scope 3 emissions, which stem from fossil fuel use and consumption. The UAE Presidency emphasizes shared responsibility between producers and consumers, but Western countries counter this, proposing solely producer accountability[1].
2. Carbon credit dominance by fossil fuel corporations: Firms like Shell have dominated the voluntary carbon market, using carbon credits to offset their emissions. This practice can make it seem that environmental action is being taken, while business operations continue as usual. Registries' transparency issues and low-quality carbon credits further weaken the market's effectiveness[5].
3. Subsidies for Carbon Capture and Storage (CCS) projects: Despite underdelivering, governments spend billions supporting CCS projects, which are presented as a climate solution. These subsidies support continued production and financial benefits for fossil fuel companies, delaying investments in verified solutions like renewables[2].
4. Lack of enforcement for cleanup obligations: Fossil fuel producers commonly abandon sites with environmental damage, postponing cleanups that could potentially be covered by their assets. This evasion exacerbates damage and hampers necessary cleanups[2].
5. Inadequate National Determined Contributions (NDCs): Only around 80 countries (representing 10% of global carbon emissions) have revised their climate plans and NDCs. Most countries have yet to make substantial pledges to lower emissions, which arguably hinders global efforts to transition away from fossil fuels[1].
6. Paris Agreement loopholes: The Paris Agreement itself contains allowances that enable countries to set their targets and report progress in a manner that can sometimes be misleading. For instance, the agreement allows countries to use carbon credits and other market mechanisms to compensate for their emissions, potentially justifying continued fossil fuel usage[1][5].

Together, these loopholes and practices contribute to the persistence of fossil fuel consumption, despite advocacy for a significant shift away from them at COP28.

Sources:

[1] Solloway, T. (2021, November 10). COP26: Countries urged to lift carbon capture funding restrictions. BBC News. https://www.bbc.com/news/science-environment-59888934

[2] Lang, K. (2021, November 15). The Exploitative Rise of Carbon Capture and Storage. The Intercept. https://theintercept.com/2021/11/15/carbon-capture-and-storage-climate-change-carbon-offsets/

[5] Rosenberg, A., Nauenberg, A., & Pfeiffer, S. (2021, October 27). Carboneutral: Can it Meet Its Targets? Carbon Pulse. https://www.carbonpulse.com/news/articles/726484/carboneutral-can-it-meet-its-targets-carbon-credit-emissions-reporting