European Union countries have agreed to push for a global phase-out of fossil fuels at the COP28 meeting. This is part of the bloc's pledge to support and accelerate the transition to renewable energy ahead of the climate summit in Dubai this coming November.

Facing climate change, biodiversity loss, pollution, and the consequences of Russia's invasion of Ukraine, the EU claims that dependence on fossil fuels makes us vulnerable. Market instability and geopolitical risk are serious concerns, as is the impact on the environment and climate of emission-producing fossil fuels.

“The transition to a climate-neutral economy will require a global phase-out of fossil fuels,” the European Council stated in a text published on Thursday. The Council added that the use of fossil fuels should peak in the near future if we are to reach net-zero, while acknowledging the role of natural gas during the transition period.