At the COP-28 summit on Wednesday, the participating countries approved the final document that calls for an end to the use of fossil fuels by 2050. This is reported by Prensa Latina, a partner of TV BRICS.

The agreement calls for phasing out inefficient fossil fuel subsidies and calls for doubling the use of renewable energy and energy efficiency.

Another important decision was taken at COP-28 – to create a Climate Change Loss and Damage Compensation Fund for developing countries. Parties to the UN Framework Convention on Climate Change approved the agreement on 30 November, the opening day of the conference.

The decision to create the fund was taken after COP-27, which was held in Egypt’s Sharm el-Sheikh last year. Representatives of developed and developing countries have been working on the agreement throughout 2023. It envisages the introduction of a special financial mechanism to help vulnerable countries cope with the effects of droughts, floods and sea level rise.

South Africa’s Minister of Forestry, Fisheries and Environment Barbara Creecy said it was an important step to address climate issues and that throughout South Africa’s participation in global negotiations, the country had emphasised the need for a balanced approach to climate challenges.

Creecy said this was fundamental to achieving climate justice both nationally and internationally.

Photo:
IStock