World News
COP28 Agrees to 'Transition Away' From Fossil Fuels
The COP28 climate summit has reached agreement on a document pledging to 'transition away' from the use of fossil fuels.
After disputes earlier this week, the final document agrees to take actions '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', newspaper the Financial Times reported on Wednesday.
It had earlier been hoped that the document would include language on phasing down or phasing out the use of fossil fuels, and the 'transitioning away' appears to be a compromise.
The document does not include details on what the 'equitable manner' would envisage when it comes to the issue of how poorer countries are to move away from fossil fuels while continuing to develop.
"We have set the world in the right direction," COP28 President Sultan al-Jaber said.
"We have given it a robust action plan to keep 1.5C within reach. It is a plan that is led by the science."
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 571.00 | 1.50 | 685.50 | 5.50 |
| Rotterdam | 516.50 | 1.50 | 677.50 | 3.50 |
| Houston | 556.00 | 6.00 | 679.00 | 1.00 |
| Fujairah | 565.00 | 4.50 | 755.00 | 1.50 |
| Global 20 Ports Average | 589.00 | 3.00 | 764.50 | 3.50 |
| Global 4 Ports Average | 552.00 | 3.00 | 699.00 | 2.50 |
| Global Average Bunker Price | 635.50 | 1.00 | 811.50 | 11.00 |
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