What COP28 means for natural gas [Gas in Transition]
What COP28 means for natural gas [Gas in Transition]
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Natural Gas News
What COP28 means for natural gas [Gas in Transition]
Summary
Even though this is a historic agreement in that for the first time it commits to “transitioning away from fossil fuels”, it still leaves a role for oil and gas in future energy systems for a long time to come. [Gas in Transition, Volume 3, Issue 12] by: Charles Ellinas
The immediate reaction to COP28’s Global Stock-Take Agreement (GST) was that it signals the “beginning of the end of fossil fuels” by laying the ground for a swift, just and equitable transition, underpinned by deep emissions cuts. The exact wording is that the COP recognises the need for “transitioning away from fossil fuels in energy systems, in a just, orderly and equitable manner, accelerating action in this critical decade, so as to achieve net zero by 2050 in keeping with the science.” Even though this is a historic agreement in that for the first time it commits to “transitioning away from fossil fuels,” it still leaves a role for oil and gas in future energy systems for a long time to come. And as Bloomberg points out, the choice of wording – transitioning away from fossil fuels – “puts the onus on the demand side, rather than on productio...