European Commission President Ursula von der Leyen called for a global carbon tax during an event on carbon markets at the UN Climate Summit COP28 in Dubai on Friday. “Putting a price on carbon is a way to reduce emissions while encouraging innovation and growth,” von der Leyen said.

Today, only 23 percent of all emissions worldwide are covered by some form of carbon tax. By making heavy emitters pay their share, extra money is released for the fight against climate change worldwide. The European carbon tax has raised 175 billion euros since its introduction 18 years ago.

Triple renewable energy

In the meantime, it is estimated that more than 110 countries at the summit already support a pledge to triple renewable energy by 2030. This also means that the world needs to phase out fossil fuels. One cannot exist without the other, and it is hopeful many participating countries seem to agree on that.

The European Union hopes that this year’s COP28 will end with a promise from all countries worldwide. Renewable energy will become a significant commitment from the United States and the European Union. Even the United Arab Emirates seems in favor.

‘Global Stocktake’

Several countries want energy to be used more efficiently – the European Union wants energy efficiency to double. Some also plead for nuclear energy to grow. Climate envoy John Kerry, for instance, said that it is virtually impossible to be climate neutral by 2050 without “some nuclear energy”.

This year, the COP28 summit focuses on the so-called ‘Global Stocktake’. This is a kind of global assessment of current climate policy. Several reports have shown that the world is not on track to limit global warming to 2 degrees or preferably 1,5 degrees Celsius. Countries can, therefore, adjust their climate plans based on the evaluation.

Failure or success?

Never before has the annual UN conference taken place in an oil state like the United Arab Emirates, and certainly never has it been chaired by the boss of the state oil company, Sultan Al Jaber.

Despite hopeful promises in Dubai, it is still uncertain whether all countries will ultimately agree and whether commitments will also be included in the final agreement of the climate summit. So, it is too early to say whether this summit will succeed or fail.

Sultan Al Jabe, the boss of the United Arab Emirates’ state oil company, promised that more than fifty oil and gas companies would, among other things, eliminate their methane emissions from gas extraction.

Fossil fuels

The 51 companies, including Shell, on the other hand, have not committed to reducing their oil or gas production, even though burning it releases the most emissions by far. The summit’s host country also does not clear whether it wants the world to stop using fossil fuels in the long term.

At previous climate summits, some countries committed to reducing their emissions but never did anything about the most significant cause: the burning of coal, oil, and gas.