Editorial | Moving away from fossil fuels: a fair and just transition

After hours of tough negotiations, countries gathered in Dubai for the UN climate change summit have penned a deal to move away from fossil fuels. COP28 was always going to be the moment of reckoning as nations who built their wealth on oil and gas squared off with others that stand to lose most from global warming.

In between stood developed nations that maintain their high standard of living on energy hungry households and developing countries whose thirst for progress depends on the availability of more cheap energy.

The final wording of the COP28 conclusions may not be as ambitious as some would have wanted it to be. It speaks of a commitment to transition away from fossil fuels not to phase out the use of oil, gas and coal.
US special envoy John Kerry called it a “historic” moment and a “huge achievement”. Although he did add that “many, many people” would have used different words.
The US and the EU were among the nations  and groups that wanted the deal to "phase out fossil fuels".

What is important at this stage is that a compromise deal has been reached which for the first time requires countries to start reducing their dependence on fossil fuels.
But after the ink has dried on the summit conclusions, the next step is to make them happen and as experience has proven that is the hardest part to achieve.

There needs to be more and sustained investment in renewable energy sources, especially wind and solar. There needs to be more investment in safer nuclear plants and a concerted effort to improve international energy grids. There needs to be more investment and research in green hydrogen and the production of large scale batteries to overcome the intermittency of wind and solar power.

The transition won’t come cheap but countries must now put their money where their mouths are. Private investment must be encouraged through State support mechanisms that help lower the risks.

Within this context the EU must adopt a more flexible approach to its spending rules. The otherwise restrictive mechanisms to limit and condition State aid must be relaxed to allow greater public investment into the green transition.

Above all, the transition must ensure social and economic justice. It is inevitable that for small island states, economies on the periphery, and under developed nations the transition will be harder and possibly more expensive.

If going green means job losses, social exclusion and financial hardship for families and SMEs there will inevitably be pushback.

This is why the richer countries and the richest in society must shoulder the heavier burden.

The future of our planet is at stake and getting it right is imperative. But it should be a fair transition that keeps in mind the needs and aspirations of today’s people as much as those of future generations.