The UN COP26 climate conference ended with a deal on Monday to save the planet from climate change. However, last-minute lobbying from China, India, and other countries, resulted in a watered-down clause, from “phasing out” coal-fired power to “phasing down.” Some fossil fuel-consuming and producing countries said the revision reflected a successful defence of the use of natural resources for which supply is tight, and demand is still high.
Sultan al-Jaber, the UAE’s special climate envoy who is also the CEO of Abu Dhabi National Oil Co (ADNOC), said the energy transition could not succeed by simply unplugging from today’s energy system. He added that the oil and gas industry still required more than $600 billion in investments to meet future demand.
On the other hand, progressive nations and climate activists were upset by the weaker wording. Tuvalu’s foreign minister Simon Kofe said his country was disappointed with the last-minute change. Tuvalu is among the most vulnerable countries and has seen itself as on the front line of the climate fight.
