Carbon Tracker Founder and Director Mark Campanale issued the following statement on COP 27:

“While critical that the goal of 1.5C survives, as reaffirmed by G20 leaders, we cannot ignore the challenges it faced in Egypt from the fossil fuel lobby which turned out in force, viewing COP 27 as an opportunity to dress up “natural gas” as a climate solution.

“But despite the best efforts of the fossil lobby, this summit saw the supply-side agenda receive greater attention than ever before. This reflects the energy transition which is accelerating rapidly – despite the shadow of Russia’s war on Ukraine. It also saw calls for the urgent phase-out of all fossil fuels by powerful countries receive greater support than ever before, sending an unequivocal message to investors.

“Tuvalu and Vanuatu are now calling for a Fossil Fuel Non-Proliferation Treaty. New countries and states used COP27 to join the Beyond Oil & Gas Alliance.

“The announcement of Indonesia’s $20bn Just Energy Transition Partnership(JET-P) committed the world’s largest exporter of coal to an accelerated net zero power sector by 2050 & a net zero economy by 2060. Increasing momentum to phase down coal comes at a critical time. We are on the verge of busting through the remaining Carbon Budget within just over six years (50% probability), risking a collision course with the worst impacts of climate change.

“Carbon Tracker’s Global Registry of Fossil Fuels shows that producing and combusting the world’s existing stock of fossil fuel production and reserves would yield more than seven times the remaining carbon budget to keep us within 1.5C. But governments, businesses, and finance can see an alternative future, based on a clean energy economy. The Carbon Tracker report “African Sun” laid out the case for Africa to become a renewables superpower: that investment in solar power and renewable technologies – supported by assistance and finance from the Global North – can lead to enhanced energy security, stability, economic development for African countries, and avoid the damage of stranded assets.

“Although the establishment of a Loss and Damage Fund is a major breakthrough, COP27 did not deliver. Above all, COP failed to sufficiently address the climate science which is now screaming at us. As UN Secretary-General Guterres says loud and clear: we cannot afford to carry on with business-as-usual expansion in oil, gas, and coal.

“A managed phase-out – in line with the findings of the UNEP Production Gap report and starting with major Global North producers – therefore must begin without delay. Some governments tried to reflect this need for a step-change in the final COP text but were blocked by incumbent fossil fuel interests.

“Challenges for policymakers in 2023 are more pressing than ever. A renewables-based future is within our grasp, a fact increasingly recognised by finance and investors. But to seize that future, governments must also appreciate that the fossil industry is entering its twilight era and the greenwashing must stop. We cannot afford to lose any more time.