COP28: Almost every rich country is preaching far more than it delivers

economictimes.indiatimes.com:

Kabuki theatre, performative set-pieces lead from one to the other — politicians and celebrities arrive by private jets, speakers predict imminent doom, hectoring NGOs cast blame, political negotiations go overtime and, finally, the signing of a new agreement that most participants hope, and pretend, will make a difference.

Despite 27 conferences since the 1990s, with ominous speeches and bold promises, global emissions have increased, punctuated only once, by Covid-19. This year is likely to see higher emissions than ever before.

Almost every rich country preaches far more than it delivers.

This is exemplified by the EU, which has promised more than anyone else. Yet, when forced by Russia's invasion of Ukraine to cut off gas imports, it went looking in Africa for more oil, gas and coal.

Meanwhile, almost every poorer country understandably prioritises prosperity, which means cheap and reliable energy. Which still means fossil fuels.

Underpinning the climate summit farce is one big lie repeated — that green energy is on the precipice of replacing fossil fuels.

This exaggeration is today championed by the International Energy Agency (IEA), which has turned from an impartial arbiter of energy data to the proponent of the prediction that fossil fuels will peak within seven years.

The claim ignores that any transition away from fossil fuels is occurring only with taxpayer-funded subsidies. While major energy players like Exxon and Chevron are moving back to investment in fossil fuel, big bets on green energy have failed.

What won't be acknowledged in Dubai is the awkward reality that while climate change has real costs, climate policy does, too.

In most public conversations, climate change costs are exaggerated. Just