COP28 must focus on oil and gas phase-out

This briefing from the NewClimate Institute and Climate Action Tracker (CAT) argues that COP28 must prioritize the phase-out of oil and gas production and the establishment of ambitious global renewable energy targets over distractions like carbon capture and storage (CCS).

• The Climate Action Tracker (CAT) reports that none of the world's largest fossil fuel producers have committed to ending new investments in oil and gas production, and are instead increasing those investments. Furthermore, most governments have not eliminated fossil fuel subsidies, and G7 members continue to provide international public finance for fossil gas despite a 2022 pledge to end such funding for fossil fuels.
• The CAT identifies technologies such as carbon capture and storage (CCS) and the co-firing of fossil fuels with renewable resources as distractions that prolong oil and gas production. Specifically, the UAE is noted for promoting an "emissions-free" fossil fuel agenda that emphasizes CCS over the phase-out of oil and gas.
• To achieve the Paris Agreement's temperature limits, the CAT asserts that electricity generation must transition rapidly to zero emissions. It finds that national renewable electricity targets lack sufficient ambition and implementation, and while coal phase-out targets are increasing, some major players have not acted.
• The briefing suggests that an effective global target for renewable energy expansion should require an average added capacity of more than 1 TW per year starting immediately and continuing for decades to support a total phase-out of fossil fuels in the electricity sector.
• In 2022, big western oil companies paid out USD 110bn in dividends and share repurchases, a sum that exceeds the Paris Agreement's global climate finance target of USD 100bn by 2020, which developed countries have failed to meet.

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} }