In an unprecedented move, Iraq voiced concerns regarding a clause in the final agreement at the United Nations Climate Change Conference (COP28) held in Dubai on December 13, 2023. The Iraqi delegation argued that the stipulation could hamper its ability to fulfill its commitments to the people and national interests. The Iraqi government praised the efforts of its negotiators, who successfully preserved the role of fossil fuels in the country’s development and avoided potentially detrimental measures proposed by developed countries.
Global Stance on Fossil Fuel Consumption
Simultaneously, France’s second-largest listed bank, Credit Agricole, announced its decision to discontinue financing new fossil fuel projects, aligning with its climate objectives. The bank also vowed to disclose its sector exposure. The announcement comes in the wake of nearly 200 countries at COP28 agreeing to curtail global fossil fuel consumption—a move cherished by U.S. President Joe Biden as a historic milestone despite the looming challenges in meeting global climate goals.
Saudi Arabia’s Support and Unresolved Issues
Saudi Arabia also backed the COP28 agreement, underscoring the sovereignty of countries to determine their routes to cleaner energy. However, the summit left various intricate issues, such as climate change adaptation and financing, unresolved.
Delay in Arms Supply to Israel
In a separate development, the Biden administration delayed the sale of over 20,000 U.S.-made rifles to Israel due to concerns around violence by Israeli settlers against Palestinians in the West Bank.
Unveiling the Billionaires’ Influence
An analysis by Oxfam revealed that at least a quarter of the billionaires registered as delegates at COP28 amassed their fortunes from high-polluting industries like petrochemicals, mining, and beef production. The report raises questions about the influence of ultra-rich, mega-emitters on global efforts to tackle the climate crisis. The study also showed that fewer than one in 10 businesses represented at COP28 have lobbying efforts that support Paris-aligned climate policy.
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