COP 28 ends with commitment to phase out fossil fuels

The latest international conference on climate change ended with a commitment to phase out fossil fuels in order to meet the target of limiting the increase in global temperatures and reach net zero for carbon emissions by 2050. This was despite significant opposition from many oil producers, including Saudi Arabia and host country the United Arab Emirates.

Oil has fallen in recent months despite efforts from Opec nations to push the price up by cutting supply. The International Energy Agency said there has been a sharp drop in global demand in the last quarter as economic growth slows and Covid-era supply issues are finally resolved. The IEA says supply from non-Opec nations should be more than enough to cover any increase in demand next year. Meanwhile the price of natural gas has dropped sharply as a warm start to the northern hemisphere winter and additional supply of liquified natural gas from the US have all pushed gas prices back towards their long-term levels. 

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