New COP28 text diluted to appease oil producers

India is seeking to secure the best deal for itself in the COP28 talks, amid pressure from the EU and US. The latest draft of the agreement avoids mentioning a “phase out” of fossil fuels but instead focuses on “reducing consumption and production of fossil fuels” in order to achieve net zero emissions by 2050. The draft also retains lines on phasing out inefficient fossil fuel subsidies and limiting new coal power generation, which may be of concern to India. Additionally, the draft addresses the need to accelerate and reduce non-CO2 emissions, including methane emissions, by 2030.