What’s Missing From the COP28 Climate Deal

The COP28 climate summit wrapped up a few hours ago with a compromise agreement that calls on nations to move away from fossil fuels.

But the deal still gives energy-exporting giants like Saudi Arabia plenty of leeway to continue drilling and presents countries and investors with the huge challenge of how to fund a green-energy shift over the next few years.

Here’s what’s in the pact: pledges by countries to wean their economies off fossil fuels in a “just, orderly and equitable manner” this decade; triple their uptake of renewables by 2030; restrict methane emissions; and halt carbon emissions entirely by midcentury.

It’s the first explicit agreement to curb fossil fuel use in the roughly three decades of such multinational negotiations. Scientists say drastic cutbacks are needed to keep global temperatures from rising by more than 1.5 degrees Celsius.