Observers see OPEC ‘panicking’ as COP28 climate talks focus on possible fossil fuel phase-out
The oil industry is reportedly nervous as United Nations climate talks intensify, with potential implications for fossil fuel production. A letter from OPEC’s leader urging oil cartel member countries to prohibit any language in climate agreements that would phase out or down fossil fuels has sparked controversy. Notably, small countries most vulnerable to sea level rise caused by global warming could be heavily impacted by any attempt to block such a deal. Additionally, the need for a rapid phase-out of fossil fuels has emerged as a central issue at the talks. Despite resistance from OPEC, environmental advocates have expressed cautious optimism about a draft document proposing strengthened options for phasing out fossil fuels.
Leave a Comment