- Europeans Parliament urges global fossil fuel phase-out ahead of COP28.
- Calls for halting new investments in Fossil fuel extraction.
European Parliament urges global fossil fuel phase-out ahead of COP28. Lawmakers want to pressure nations to curb CO2 emissions from oil and gas. They seek to halt new investments in fossil fuel extraction to limit global warming to 1.5°C. The parliament got 462 votes for, 134 votes against, and 30 abstentions passed the resolution.
The EU calls for ending fossil fuel subsidies by 2025. Also, they push for EU contributions to a climate damage fund at COP28. This stance surpasses EU countries’ official position seeking to phase out “unabated” fossil fuels. It highlights the significant gap between emission targets and required measures to prevent a 3°C rise by the century’s end, warned by the United Nations.