Jaber Jabber: COP chief & oil boss’s flip-flop on fossil fuel shows switching to clean fuel won’t be easy

That eliminating fossil fuels is tough is clear from CO. The current COP president Sultan Al-Jaber, who’s also the boss of Abu Dhabi National Oil Company, said there was “no science” showing that the phase-out of fossil fuels was going to limit warming. There was an uproar. Al-Jaber backtracked. But his flip-flop points to important questions.

Phase out or phase down | ‘Phase down’ is not the evil plan it’s made out to be. India introduced the idea of phasing down fossil fuels last year and 80 nations agreed. In 2021’s COP, India, China successfully opposed the recommendation of “phasing out” unabated coal use.

But who phases down first | Rich countries fuelled climate change, which hurts the global south most. India is a fast-growing economy of 1.4 billion people with aspirations. It can’t just decarbonise. When energy prices rise, democracies find it hard to not give fossil fuel subsidies. So, the original sinners must pony up cash for the transition.

Is there money on the table | COP has agreed on a new global loss and damage fund of $420 million to start with, with the UAE committing $100 million, pressuring others. America remains reluctant, though it now produces more oil than any country in history.

What else is being done | Companies that account for 40% of global oil output pledged to eliminate carbon from their operations by 2050. But this is only about their own operations, rather than the use of their products by consumers. A deal to triple renewable energy capacity by 2030 is on COP’s agenda.

Let’s be sceptical about all this. Because the transition to clean fuel, as we said, is going to be tough.

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