Fossil Fuel Phase-Out Plans Remain Elusive After Global Climate Agreement
The recent U.N. agreement among nearly 200 countries to transition away from fossil fuels is being celebrated as a significant step in addressing climate change. However, beneath this agreement lies the troubling reality that no fossil fuel company or country has a concrete plan to phase out fossil fuels. Most expect to continue extracting coal, oil, and gas well beyond what is necessary to meet climate goals, creating a substantial gap between their production plans and emissions reduction targets. This disconnect is driven by each nation's perception that it should be the last producer of fossil fuels, leading to a race for market share and a reluctance to transition to renewable energy sources. Oil and gas companies are also investing minimally in clean energy, raising questions about their commitment to addressing climate change.
After a challenging six months marked by the driest October in 73 years, the Panama Canal is finally seeing a turnaround.