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By Sharon Kimathi, Energy and ESG Editor, Reuters Digital

Hello,

The countdown to the United Nations Climate Change Conference of the Parties (COP28) is intensifying and European Union leaders are calling for a global deal at the summit to phase out fossil fuels, aiming to add pressure on countries to tackle CO2-emitting oil and gas.

But before we dive into the ins and outs of the proposal, please note that Sustainable Switch will be sent daily throughout COP28 from Nov. 30 to Dec. 12 for yet another year. So, keep your eyes peeled for more from next week.

Now back to EU lawmakers who are calling for “a tangible phase-out of fossil fuels as soon as possible, to keep 1.5°C within reach, including by halting all new investments in fossil fuel extraction,” the EU Parliament said in a resolution.

Here’s what else is on my radar today:

• Economic models buckle under strain of climate reality
• Explainer: Global fossil fuel subsidies on the rise despite calls for phase-out
• Deliveroo riders not entitled to collective bargaining, top UK court rules

 This year will mark the 28th Conference of the Parties, or COP28, and will begin Nov. 30 in Dubai, United Arab Emirates. REUTERS/Amr Alfiky

Countries agreed under the 2015 Paris Agreement to take action to stop the planet becoming more than 1.5 degrees Celsius hotter than in preindustrial times, a limit that if breached would unleash far more disastrous extreme weather. They are far off track.

Countries’ current emissions targets would lead to nearly 3°C of warming this century, the United Nations said in a report earlier this week, calling for urgent action to cut emissions faster.

EU lawmakers passed its resolution with 462 votes in favor, 134 against and 30 abstentions. Green lawmaker Pär Holmgren, one of its co-authors, said the time for debating how quickly to tackle climate change had passed.

But other nations, such as the host of COP28 United Arab Emirates (UAE), say coal, oil and natural gas must have a continued role, combined with technology to capture their emissions until new energy systems can sustain the world’s needs.

Sultan al-Jaber, the UAE oil chief executive and leader of COP28 climate talks, has promoted the inclusion of fossil fuel leaders in the climate conversation.

The approach has alarmed climate activists. Greta Thunberg called Jaber’s appointment as president-designate to COP28 in January “completely ridiculous”, while former U.S. vice president Al Gore, a long time climate activist, has said fossil fuel interests have taken over the U.N. climate process.

Speaking of climate activism against fossil fuel interests, people are increasingly turning to courtrooms to challenge fossil fuel companies’ activities, leading to wins on issues like “climate-washing” but also backlash as companies file countersuits.

In the last five years, the number of climate-related court cases that have been filed around the world more than doubled, according to a 2023 report by the U.N. Environment Programme (UNEP) and New York’s Columbia University, from 884 filed by 2017 to nearly 2,500 as of today.

A lawsuit “holds companies to account in a way that just protests or campaigns cannot do,” said Joana Setzer, a climate litigation researcher at the London School of Economics and Political Science (LSE).

Analysts say the strategy appears to be working, with more than half of cases with judicial outcomes leaning toward stronger climate action, according to a 2023 report from LSE.

Click here for an explainer on key trends in climate litigation by Reuters climate and environmental journalist Gloria Dickie.

Dilshad Bano, sits on the floor of her damaged home after a Glacial Lake Outburst Flooding incident, in Hassanabad village, Gilgit-Baltistan region of Pakistan. REUTERS/Akhtar Soomro

Ed Wealend, chief innovation officer at UK-based energy and sustainability consultancy, Longevity Partners, shares his thoughts on why profiting from fossil fuels with a short-term mindset will result in long-term losses: 

“Those who profit from fossil fuels must recognise that the clock is ticking faster than climate science had predicted – 2023 is already tracking 1.46°C above the pre-industrial average. 

“Trying to maximize profit in the short term will only lead to more catastrophic losses in the long term – something insurers and pension funds are only too aware of, but those who have only an eye on the share price, seem all too willing to ignore.

“This dynamic underscores the complexity surrounding the energy transition, particularly for developing nations heavily reliant on fossil fuels for economic growth and stability.

“Investing in the renewable energy sector is not only vital for progressing the mitigation of the climate crisis but also offers immense opportunities for job creation and economic growth. It’s a win-win path that we must collectively pursue at COP 28, acknowledging the complexities, but driven by the goal of a sustainable future.”

Ahead of international climate talks in Dubai this month, economists are updating estimates of the impact of global warming on the world economy, sometimes calculating down to a decimal place the hit to output in decades to come.

But detractors say those numbers are the product of economic models that are not fit to capture the full extent of climate damage. As such, they can provide an alibi for policy inaction. Click here for more.

Lucy, an adult female Koala sits in a eucalyptus tree planted by Bangalow Koalas, in Bangalow, Australia in this undated image. Saul Goodwin/Handout via REUTERS 

Today’s spotlight shines a light on koala conservation efforts in Australia’s tree corridor. The project provides safe passage across their increasingly fragmented habitat, increasing genetic diversity and protecting the animals from human threats.

When Lucy was rescued from a rural property in New South Wales two years ago, she was suffering from chlamydia, a disease widespread among koalas.

Today, she’s one of the lucky residents of tree corridors in the Australian state dedicated to protecting the marsupial by preserving its rapidly shrinking habitat.

The vast networks of vegetation, planted by local conservation group Bangalow Koalas in the Northern Rivers region of the state, are a lifeline for koalas and numerous other species like the endangered glossy black cockatoo, gliders, possums, and wallabies.

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