Global climate summits have rarely produced tangible results. More than anything, they have proven to be nothing less than platforms for verbose empty promises and extensive lobbying for the fossil fuel industry. COP28, currently underway in Dubai, may very well end up as the greatest flop so far in global climate diplomacy. Aside from the fact that it is presided over by the CEO of the United Arab Emirates’ state-run oil company, global leaders like Joe Biden and Xi Jinping have decided to skip the conference.

In the exclusive interview for Truthout that follows, leading environmental economist James K. Boyce discusses the main roadblocks to climate action facing COP28 and argues for the need to introduce global carbon pricing as an essential policy towards decarbonization. Boyce is emeritus professor of economics and senior fellow at the Political Economy Research Institute (PERI) at the University of Massachusetts Amherst. He is the author of numerous books, including The Political Economy of the Environment (1972), Economics for People and the Planet: Inequality in the Era of Climate Change (2019) and The Case for Carbon Dividends (2019).

C. J. Polychroniou: COP28 President and United Arab Emirates climate chief Sultan Al Jaber said there is “no science” behind demands for phasing out fossil fuels; in addition, he expressed doubts that there is a road map for the phase out of fossil fuels that would allow sustainable development, “unless [we] want to take the world back into caves.” Isn’t this already sufficient evidence that COP28 will be yet another global climate summit flop? Indeed, why would any country serious about tackling the climate crisis agree to a global climate summit that is hosted by a global leader in the oil and gas industry and whose vested interests are therefore in a product that puts the whole planet at risk? Be that as it may, what are the biggest roadblocks to climate action facing COP28?

James K. Boyce: Look, there is a reason these things are called negotiations. And there is something to be said for taking the fight to the heart of the beast.

There are powerful people who profit greatly from fossil fuel extraction. We’re talking here about big corporations as well as oil fiefdoms. But the vast majority of us, and the generations to come, will benefit far more by phasing them out. So there are opposing interests at play, and the issue is who will prevail.

It is ironic, of course, to see a climate summit happening in the Emirates. But the big roadblock isn’t where the summit is held. It is the vested interests worldwide who want to keep us hooked on fossil fuels as long as they can. This is a transnational alliance among people whose commitments to any particular place are weaker than what bonds them together: the pursuit of self-interest. Rising temperatures could make the Emirates uninhabitable in coming decades, but billionaires can buy safe landings in a more salubrious place. It is the people around the world who are more attached to the places they live and work, people who cannot easily move, who are at greatest risk.

It is important to realize that the climate crisis is not an all-or-nothing phenomenon. We have already entered an era of crisis, and this will intensify in the years ahead. The real question is how bad it will get. And that depends on what we do today. There is never a point where all is lost, because it can always get worse. Nothing could be more irresponsible than to throw up our hands and say, “Game........

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