Carbon Balance @ COP28

We need emission reduction first with transparent and strong metrics. We also need to track progress of CO2 storage. We need to track geological net zero with the geologically stored fraction.

Remember that the Geologically Stored Fraction is the fraction of carbon dioxide still produced from fossil fuels and industrial processes that is captured, either at source or recovered from the atmosphere, and committed to permanent geological storage. The fraction needs to steadily increase to 100% by 2050.

We call for the global community to start tracking global geological net zero progress. Remember we need fractions, not quantity targets!

Although the most ambitious is complete phase-out of fossil fuels, we recognise that this will be politically difficult in the UNFCCC negotiations.

We call for a global phase-out of unabated fossil fuels. This will be a huge step for climate action and the direction for our energy transition!

We need to recognise the ‘unabated/abated’ fossil fuels are complicated terms. There is no scientific and political consensus when it comes to global fossil fuel phase-out.

We call for all Parties to be transparent in their definition setting and assessment when they refer to ‘abated fossil fuels’. We will also call for regional expert groups to be formed, with the aim to define net zero and climate compatible abatement!

The COP28 Presidency has invited the fossil fuel industry to participate at this COP. If we are to engage with the fossil fuel industry, we need to call for credible and transparent accountability frameworks.

We need to define what a credible net zero pathway is for a fossil fuel company; which metrics we need to track and how to build credible, durable and just accountability structures!

(Pssst. We call for new regional regulation on fossil fuel industry)