Generic Hero BannerGeneric Hero Banner
Latest Market News

Fossil fuels in Cop 30 action agenda spotlight

  • : Emissions, Oil products
  • 25/10/14

Transitioning away from fossil fuels is the goal in the UN Cop 30 climate summit's action agenda that has received the most initiatives from governments, companies and civil society, the action agenda's coordinator Bruna Cerqueira said.

That specific action agenda goal has received around 60 initiatives, all with different perspectives and focuses, Cerqueira said on 14 October during pre-Cop in Brazil's capital of Brasilia.

The action agenda looks to mobilize voluntary climate action from civil society, businesses, investors and governments to intensify emission reductions, climate adaptation and the transition to sustainable economies, as set out in the Paris Agreement. Cop 30's action agenda is six-pronged and lays out 30 objectives, including the transition away from fossil fuels.

Brazil has made it clear that it is looking to increase crude production, which climate activists say is contradictory to the phase out of fossil fuels. But that does not interfere with the action agenda, Cerqueira told Argus. "Brazil is involved in some of these initiatives and [state-controlled] Petrobras is part of the group of oil companies that committed back in Cop 28 to advance [on this topic]," she said.

Besides, country goals and the action agenda "move separately", she added.

Brazil produced almost 4mn b/d of oil in July-August, data from hydrocarbon regulator ANP show. The country is seeking to raise that to 5mn b/d by 2030, energy research firm EPE says.

"The action agenda is not a space where we expect everyone to agree," Cerqueira said. But the group has allowed all sides to present their positions, receiving suggestions on an array of topics. Cerqueira specifically mentioned areas such as sustainable fuels and methane.

The topic of phasing out fossil fuels has come up during pre-Cop, said entrepreneur Dan Ioschpe, the Cop 30 high-level champion. "We are about to watch a presentation by [the International Renewable Energy Agency] Irena that will have data showing an important increase in renewable and sustainable energies, which ties into the phase-out," he said.

Also during pre-Cop, Brazil announced that Italy, Japan and India have endorsed its proposal to quadruple global output and use of sustainable fuels by 2035.

There are also some "interesting topics" regarding the phase-out of fossil fuels in hard-to-abate sectors such as aviation and maritime travel, Ioschpe added.


Generic Hero Banner

Business intelligence reports

Get concise, trustworthy and unbiased analysis of the latest trends and developments in oil and energy markets. These reports are specially created for decision makers who don’t have time to track markets day-by-day, minute-by-minute.

Learn more