The COP28 climate talks in Dubai concluded with a groundbreaking deal, marking a historic shift away from fossil fuels – the first of its kind. Sultan Al Jaber, president of the UN-sponsored summit, facilitated an agreement that balanced the need for drastic reductions in fossil fuel usage while engaging oil-producing nations like Saudi Arabia.

The accord emphasized an expedited and equitable transition from fossil fuels, enticing even skeptics by rallying nations to collectively contribute to this global shift, rather than mandating individual transitions. Al Jaber, also CEO of Abu Dhabi National Oil Co., sealed the deal a day late, met with acclaim from delegates.

Though the deal fell short of complete fossil fuel phase-out, it marked an unprecedented move as previous COP texts never broached the subject of moving away from oil and gas. However, the real change hinges on actions taken by investors, consumers, and governments rather than diplomatic negotiations.

Despite the agreement’s limitations, it is a significant step toward a low-carbon energy future, aiming to triple renewable energy deployment and double efficiency gains by decade’s end. Another COP28 agreement secured funding to address climate change's losses and damages.

Al Jaber stressed the agreement's implementation while acknowledging actions as the measure of success, emphasizing the need to translate the deal into tangible actions.

This groundbreaking language around reducing fossil fuel use sends a signal to investors and shapes the risk assessment of related ventures, noted Jonathan Pershing, an environmental expert.

While hailed as a diplomatic success, Al Jaber's presidency faced criticism, especially for cozying up to fossil fuel representatives. Despite attempts to thwart a fossil fuel phase-out, the oil coalition was left isolated as the deal leaned toward the transition away from fossil fuels.