Winners And Losers

Winners

The oil and gas industry

The need to “transition away from fossil fuels” may finally have been recognised after three decades of climate talks, but there is no clear obligation or hard timetable to achieve this, and numerous loopholes in the form of “transition fuels” and allusions to carbon capture technologies and carbon credits.

The US and China

The world’s two biggest emitters will be breathing a sigh of relief after leaving Cop with few extra burdens to change despite growing global alarm about climate disruption. The US pledged only $20m (£15.7bn) in new finance for poor countries and remains the biggest oil producer. China can continue building coal-power plants.

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Losers

The climate

The Paris agreement’s most ambitious goal of limiting global heating to 1.5C was left nominally alive by Cop28, but in effect has been killed off by the lack of urgency and specifics in the agreement. Despite the hottest summer in 120,000 years, the oil, gas, coal and farming companies that are heating the planet can continue to expand production for the foreseeable future.

Small island states

The Alliance of Small Island States, which represents those most vulnerable to sea level rise, said the agreement contained “a litany of loopholes” and represented only incremental change, which was not sufficient to keep heating below 1.5C.

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Future generations and other species

The biggest victims of the climate crisis remain under-represented in decision-making processes. Despite the record heat of 2023, this is still likely to be one of the coolest years in the lives of many young people. The goal of zero global deforestation by 2030 was welcomed by conservation groups, but many ecosystems will continue to be eroded by rising temperatures.

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https://www.theguardian.com/environment/2023/dec/14/cop28-winners-and-losers-fossil-fuel-climate-crisis