DUBAI - In a groundbreaking development at the COP28 climate summit, representatives from almost 200 nations reached a historic agreement in Dubai on Wednesday to initiate a reduction in global fossil fuel consumption. This landmark deal signals a pivotal shift away from the oil age, marking a collective effort to combat the most severe impacts of climate change.

After intense negotiations spanning two weeks, the agreement aims to convey a resounding message to investors and policymakers worldwide, underscoring a unified global commitment to breaking free from fossil fuels. More than 100 countries advocated strongly for robust language in the COP28 pact, pushing for the "phase-out" of oil, gas, and coal. However, this faced formidable resistance from the OPEC-led oil producer group, led by Saudi Arabia, which argued that emissions could be reduced without explicitly abandoning specific fuels.

The confrontation prolonged the summit into an extra day, raising concerns of a potential deadlock. OPEC, with control over nearly 80% of the world's proven oil reserves and a third of global oil output, holds substantial economic reliance on fossil fuel revenues. In contrast, small climate-vulnerable island states, supported by major oil and gas producers like the United States, Canada, Norway, the EU bloc, and numerous other nations, championed the inclusion of language aimed at phasing out fossil fuels.

U.S. climate envoy John Kerry hailed the agreement as a moment of effective multilateralism, emphasizing the alignment of individual interests with the common good. Despite criticism from some quarters, including the lead negotiator for the Alliance of Small Island States, Anne Rasmussen, who deemed the deal unambitious, the pact was ultimately embraced, drawing a standing ovation.

The COP28 agreement calls for a transition away from fossil fuels in energy systems, with the goal of achieving net-zero emissions by 2050. It includes provisions for tripling global renewable energy capacity by 2030, expediting the reduction of coal use, and accelerating technologies like carbon capture and storage for challenging-to-decarbonize industries.

Saudi Arabia welcomed the deal, emphasizing its potential to limit global warming to the targeted 1.5 degrees Celsius. However, the oil producer reiterated the stance that addressing climate change should focus on reducing emissions from all sources. Several oil-producing nations, including the UAE, advocated for the inclusion of carbon capture in the agreement, a move criticized by some as a pretext for continued drilling.

Former U.S. Vice President Al Gore praised the agreement but pointed out lingering influences of petrostates in the form of half-measures and loopholes.

With the deal sealed, the onus now falls on countries to implement policies and investments. In the United States, the world's leading oil and gas producer, administrations face the challenge of aligning climate commitments with a divided Congress. Despite significant strides, with the passage of the Inflation Reduction Act, concerns persist over the dominance of fossil fuels, which still constitute about 80% of the world's energy.

While hailed as a positive step, critics, including Rachel Cleetus of the Union of Concerned Scientists, highlighted the inadequacy of finance and equity provisions, stressing the need for improved support to aid developing countries in transitioning to clean energy and closing the energy poverty gap.