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Business as usual for global fossil fuel firms for now after UN climate deal

Published by
Reuters

By Shivani Singh and Aaron Sheldrick BEIJING (Reuters) – It is business as usual for global fossil fuel companies in the near-term after the COP26 climate summit approved a deal which said the world needs to “phase down” rather than “phase out” coal use. The UN deal struck in Glasgow for the first time targeted fossil fuels as the key driver of global warming, even as coal-reliant countries lobbed last-minute objections on the change in language to “phase down” coal. But change will not come overnight. Abu Dhabi’s state oil giant Abu Dhabi National Oil Co (ADNOC) Chief Executive Sultan al-Jabe…

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