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Free AccessEU Member States Split on Fossil Fuel Phase Out Ahead of COP28
EU countries remain split ahead of Monday’s meeting on whether to agree for the first time to a phase out all fossil fuels ahead of the COP28 summit, EU Diplomats told Reuters.
- The EU member states’ climate and environment ministers are meeting on Monday in Luxembourg, partly for the preparation for the COP28 summit that starts 30 November in Dubai.
- Around 10 of the EU's 27 member countries including Denmark, France, Germany, Ireland, the Netherlands and Slovenia want the EU to demand a phase-out of all fossil fuels during COP28.
- A similar number of countries - including the Czech Republic, Hungary, Italy, Malta, Poland and Slovakia - want to phase out only “unbated” fossil fuels, that can not use capture technologies.
- A draft of the EU's negotiating position, seen by Reuters, would call for a "global phase-out of [unabated] fossil fuels and a peak in their consumption already in the near term".
- The EU countries must agree their negotiating position unanimously, meaning one government can block it.
- Fossil-fuel producers and consumers such as Saudi Arabia have blocked previous attempts to agree to a phase out and are expected to offer similar resistance during the COP28 summit.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.