COP28 concludes with a final pact to move away from the use of fossil fuels

A new pact has been agreed at the United Nations climate summit in Dubai – COP28 – after multiple negotiations. The new pact mentions and calls on all countries to avoid the use of fossil fuels but it does not provide any text demanding the phase-out of fossil fuels.

The agreement is hailed by COP28 president Sultan Ahmed Al-Jaber who called the pact as a historic package and emphasized that the pact has the potential to redefine the economies. At the COP28, the 60 maritime organizations and govt. partners called upon to agree on a course to deliver on the IMO (International Maritime Organization) net zero targets by or around 2050. The leaders present at the event from across the world shared their mutual consent to work together to deliver a robust regulatory outcome at the IMO negotiations in March 2024 at MEPC81. The CEOs of leading global shipping lines, MSC, Maersk, CMA CGM, Hapag-Lloyd and Wallenius Wilhelmsen stood together and called for an end date for fossil-only powered new builds.