Colombian President Gustavo Petro introduced his environmental plans at COP28 in Dubai and added his nation to the small group of countries that assist the negotiation of a binding treaty to forestall the proliferation of fossil fuels, regardless of his nation being an oil producer. CREDIT: Emilio Godoy / IPS
  • by Emilio Godoy (dubai)
  • Inter Press Service

That is a necessary calculation on the decommissioning of refineries, pipelines, energy vegetation and different infrastructure that, in some circumstances, have been in operation for years, as mentioned on the 28th Conference of the Parties (COP28) to the United Nations Framework Convention on Climate Change (UNFCCC).

Specialists who talked to IPS on the summit agreed on the magnitude of the invoice, which for some Latin American nations may very well be unaffordable.

Fernanda Carvalho of Brazil, international chief for Vitality and Local weather Coverage on the non-governmental World Wildlife Fund (WWF), referred to the amount with out specifying a determine.

“Monetary assist shall be wanted. There should be a differentiated method, differentiated timing, and developed nations should provide you with the assets,” the professional, who was current at COP28, held at Expo Metropolis on the outskirts of Dubai, informed IPS.

COP28 engaged in an acrimonious debate between phase-out and phase-down, with a particular date, of oil, gasoline and coal, which has already anticipated a disappointing finish in Dubai, that in keeping with the custom at these summits prolonged its negotiations yet another day, to conclude on Wednesday, Dec. 13.

The “phase-down” idea has been within the climate-energy jargon for years, nevertheless it actually took off on the 2021 COP26 within the Scottish metropolis of Glasgow, whose Climate Pact alludes to the discount of coal nonetheless being produced and the elimination of inefficient fossil gas subsidies.

All through the local weather summits since 1995, creating nations have insisted on differentiated measures for them, in accordance with their very own state of affairs, the necessity for financing from developed nations and the switch of expertise, particularly power options.

Enrique Maurtúa of Argentina, senior diplomacy advisor to the Unbiased World Stocktake (iGST) – an umbrella information and advocacy initiative – stated they hoped for a political sign to find out laws or market measures concerning a phase-down or phase-out.

“If a goal date is just not set, there isn’t a sign. For those who set a phase-out for 2050, that could be a pathway for the transition. With a deadline, the market can react. After which every nation should consider its particular context,” the professional informed IPS within the COP28 Inexperienced Zone, which hosted civil society organizations on the summit.

Accessible scientific information signifies that almost all of confirmed hydrocarbon reserves should stay unextracted by 2030 to maintain the planetary temperature rise under 2 levels Celsius, the brink agreed within the 2015 Paris Local weather Change Settlement to keep away from large disasters.

Failed makes an attempt

Within the Latin American area there are unsuccessful precedents of fossil gas phase-outs.

In 2007, the then president of Ecuador, Rafael Correa (2007-2017), launched the Yasuní-Ishpingo Tambococha Tiputini initiative, which sought the care of the Yasuní Nationwide Park within the Ecuadorian Amazon rainforest, in alternate for funds from governments, foundations, firms and people of about 3.6 billion {dollars} by 2024 to go away the oil within the floor.

The intention was to go away 846 million barrels of oil untouched underground. However a particular fund created by Ecuador and the United Nations Atmosphere Fund solely raised 13 million {dollars}, in keeping with the Ecuadorian authorities. So Correa determined to cancel the initiative in 2013, at a time when renewable energies had not but actually taken off.

In a referendum held in August, Ecuadorians determined to halt oil extraction in a block in Yasuní that would offer 57,000 barrels per day in 2022 – the identical consequence sought by Correa, however with out overseas funds.

The results of the referendum is to be applied inside a yr, though the place of the federal government of the present president, banana tycoon Daniel Noboa, who took workplace on Nov. 23, remains to be unclear.

In the meantime, in Colombia, President Gustavo Petro has put the brakes on new oil and coal exploration contracts, a promise from his 2022 election marketing campaign.

As well as, the president introduced on Dec. 2 in Dubai that his nation was becoming a member of 9 different nations which might be selling the formal initiation of the negotiation of a Fossil Fuel Non-Proliferation Treaty.

Colombia will thus turn out to be the primary Latin American nation and the most important oil and coal producer to affix the initiative that first emerged in 2015 when a number of Pacific Island leaders and NGOs raised the pressing want for a world mechanism to section out fossil fuels.

For the endeavor of a simply power transition to cleaner fuels, Petro estimates an initial bill of 14 billion dollars, to come back from governments of the developed North, multilateral organizations and worldwide funds.

The most recent summit of hope for the local weather kicked off on Nov. 30 on this Arab metropolis below the slogan “Unite. Act. Ship” – the least profitable within the historical past of COPs because the first one, held in Berlin in 1995.

The hopes included commitments and voluntary declarations on renewable power and power effectivity; agriculture, meals and local weather; well being and local weather; local weather finance; refrigeration; and simply transitions with a gender focus.

As well as, there have been monetary pledges of some 86 billion {dollars}, with out specifying whether or not it’s all new cash, to be allotted to those points.


Given the manufacturing and exploration plans of the primary hydrocarbon producing nations within the area, the magnitude of the problem within the medium and long run is big.

In October, Brazil, the most important economic system within the area and the eleventh largest on this planet, extracted 3.543 billion barrels of oil and 152 million cubic meters (m3) of gasoline per day.

This represented roughly two % of the home economic system that month.

Mexico, the area’s second largest economic system, extracted 1.64 million barrels and 4.971 billion m3 of gasoline per day in October, equal to 52 million {dollars} in revenues.

In the meantime, Colombia produced 780,487 barrels of oil within the first eight months of 2023 and 1,568 cubic ft per day of gasoline, equal to 12 % of public revenues.

“Now we have to consider decarbonization measures. We wish Latin America to be a clear power powerhouse,” stated Carvalho.

As of September, Brazil’s state-owned oil big Petrobras was engaged on acquiring 9.571 billion barrels of oil equal, in keeping with the Global Oil & Gas Exit List produced by the German non-governmental group Urgewald.

This represents an extra of 94 % above the restrict set by the 2015 Paris Settlement to maintain international warming under two levels Celsius.

In the meantime, Mexico’s state-owned oil firm Pemex is producing 1.444 billion barrels of oil equal, 56 % above the brink set by the Paris Settlement.

Lastly, the general public firm Ecopetrol, principally owned by the Colombian state, is working to acquire 447 million barrels, 98 % above the Paris Settlement restrict, in keeping with Urgewald.

As well as, the price of motion in opposition to the local weather disaster is much from inexpensive for any Latin American nation.

For instance, Mexico estimated that the implementation of 35 measures, together with within the energy, gasoline and oil technology sector, would price 137 billion {dollars} in 2030, however the advantages would complete 295 billion {dollars}.

However Maurtúa says the price range query is just relative. “There may be lots of public cash with which many issues could be achieved,” complemented by worldwide assets, he argued.

© Inter Press Service (2023) — All Rights ReservedOriginal source: Inter Press Service

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