COP28 must focus on oil and gas phase-out

The Climate Action Tracker finds that the world's largest fossil fuel producers have not committed to ending new investments in oil and gas, and many governments continue to provide fossil fuel subsidies. The briefing argues that COP28 must prioritize a phase-out of oil and gas production and set an ambitious global renewable energy target exceeding 1 TW of added capacity per year, while avoiding distractions such as carbon capture and storage (CCS) and co-firing technologies.

• The world's largest fossil fuel producers are increasing investments in oil and gas production rather than committing to end them, while most governments have failed to eliminate fossil fuel subsidies.
• G7 members are continuing to provide international public finance for fossil gas, contradicting their 2022 pledge to end such financing for fossil fuels.
• Major oil and gas producers, specifically the UAE, are promoting technologies like carbon capture and storage (CCS) and co-firing with renewable resources to prolong fossil fuel production rather than phasing it out.
• To achieve a full phase-out of fossil fuels in the electricity sector, a global renewable energy target should be established with an average added capacity of more than 1 TW per year.
• In 2022, dividends and share repurchases by big western oil companies totaled USD 110bn, exceeding the Paris Agreement's global climate finance target of USD 100bn by 2020.

APA

NewClimate Institute (2023). COP28 must focus on oil and gas phase-out. https://newclimate.org/resources/publications/climate-action-tracker-briefing-cop28-must-focus-on-oil-and-gas-phase-out

Chicago

NewClimate Institute. COP28 must focus on oil and gas phase-out. 2023. https://newclimate.org/resources/publications/climate-action-tracker-briefing-cop28-must-focus-on-oil-and-gas-phase-out.

Wikipedia

{{cite report |author=NewClimate Institute |title=COP28 must focus on oil and gas phase-out |date=8 June 2023 |url=https://newclimate.org/resources/publications/climate-action-tracker-briefing-cop28-must-focus-on-oil-and-gas-phase-out |access-date=17 August 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{newclimateinstitute2023cop28, author = {{NewClimate Institute}}, title = {{COP28 must focus on oil and gas phase-out}}, institution = {NewClimate Institute}, year = {2023}, month = jun, url = {https://newclimate.org/resources/publications/climate-action-tracker-briefing-cop28-must-focus-on-oil-and-gas-phase-out}, urldate = {2026-08-17}, note = {Indexed by Climate Insights Directory} }