• The COP28 concluded in Dubai this week with 198 signatory countries agreeing that the world must “transition” away from fossil fuels in a “just, orderly and equitable manner” to achieve net zero by 2050.
  • The Dubai Consensus is significant only because this is the first time since 1995, when the first ever COP was held in Berlin, that there is a formal acknowledgement that emissions from fossil fuels are the main culprit driving global warming.
  • But because there are no timelines yet, fossil fuels are going to be the mainstay of economies everywhere in the years to come.