FOSSIL fuels account for 90 per cent of global carbon emissions. The UN Climate Conference in Dubai last year took a decision to ‘transition away’ from fossil fuels to protect the planet from their detrimental impact. Given the reliance of the world economy on oil, gas, and coal — mostly energy production — this was not an easy decision.
Fossil fuels have played a key role in economic development by propelling the engines and wheels of industrial revolution. Unfettered access to natural resources and unrestrained extraction and use of fossil fuels by wealthy economies enabled them to reach the heights of development at a fast pace in a relatively short period. But this development came at a heavy cost to the planet and its people. Carbon dioxide and methane emitted during extraction and burning of fossil fuels have badly damaged the planet’s ecosystems, wreaking havoc especially in countries that are not historically responsible for greenhouse gas (GHG) emissions.
In climate talks, the need to move away from fossil fuels has been accepted for some time. However, a common approach on how to embark on a pathway which reduces their adverse impacts eluded agreement. Rich industrialised nations favoured........