Historic or half measures? Breaking down the UN climate deal

Nearly 200 countries have recognized the need to move away from fossil fuelsin what is being celebrated as a landmark deal at the United Nations climate talks that came to a close Wednesday in Dubai.

COP28 President Sultan al-Jaber described the agreementas a "historic package to accelerate climate action."

But many also warned it containeda "litany ofloopholes" that would make it difficult, if not impossible,to limit warming to the internationally agreedtarget of 1.5 C above pre-industrial levels.

The 1.5 C benchmark is viewed as crucial in limiting the most catastrophic impacts from climate change, and this year's gathering wasseen as pivotal after a year of record-setting heat and extreme weather.

Here's a look at what's in the agreement, what's not and what it means for the years ahead.

A transition,but not a 'phaseout'

For the first time in 28 years of UNclimate talks, the final agreement makes mention of fossil fuels by far the largest source of greenhouse gas emissions and recognizes the need to transition away from them.

The agreement also acknowledges the goal of limiting emissions to keep warming to 1.5 C and stressesit would require "deep, rapid and sustained reductions" of 43 per cent emissions cut by 2030, relative to 2019 levels. The world has already warmed by 1.2 C.

But the agreement doesn'toutline how that would be achieved. There is no mention of a "phaseout"of fossil fuels the terminology many countries and advocates had called for.

Instead, it recognizes the importance of "transitioning away from fossil fuels in energy systemsin a just, orderly and equitable manner, accelerating action in this critical decade."

It also recognizes that "transitional fuels can play a role in facilitating the energy transition while ensuring energy security," which climate activists deridedas a way to promote natural gas instead of renewable energy.

WATCH | Why COP28 president says the agreement is historic:

COP28 reaches historic climate deal to 'transition away' from fossil fuels

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Duration 6:14

Delegates at COP28 in Dubai, U.A.E., have reached a deal that calls for a 'transitioning away from fossil fuels in energy systems' in an effort to address climate change.

Wiggle room on emissions

The agreement leaves ampleroom foremissions of individual nations to peak beyond 2025, even though it recognizes the findings of an Intergovernmental Panel on Climate Change report that concludedcarbon pollution must peak by 2025 to limit warming to 1.5 C.

As it stands, the world is not on pace to limit warming. Global greenhouse gas emissions increased by 1.2 per cent from 2021 to 2022 to reach a new record last year, according to a recent UN report.

In that report, the world is on pace to warm by as much as 2.9 C by the end of the century nearly double the international target agreed upon in Paris.Current and planned coal, oil and gas projects would result in 3.5 times more carbon emissions than required to limit warming to 1.5 C.

Canada, the fourth-largest oil producer in the world, is among the countries set to increase production next year.

"Canada and just four other countries are responsible for over half of the planned expansion of oil and gas production. Allowing that expansion to go ahead is a death sentence for millions around the world," said Julia Levin, associate director of the Canadian advocacy group Environmental Defence.

Renewables need to triple, but how?

The document also recognizes the need to triple "renewable energy capacity globally and double the global average annual rate of energy efficiency improvements by 2030."

Calgary-based PembinaInstitute saysthe emphasis on renewables should be a signal for Canada, and particularly Alberta, to put more effort intorenewable energy.

"While much work remains, what is beyond doubt is that Canada cannot ignore the challenges and opportunities represented by the energy transition currently underway," saidexecutive director Chris Severson-Baker.

But it's unclear how tripling renewable energy worldwide will be achieved,and there areno specifics on money to help developing countries fund that transition.

Kaisa Kosonen ofGreenpeace Internationalsaid the "outcome leaves poorer countries well short of the resources they will need for renewable energy transition and other needs."

She saidrich countries will need to significantly step up financial support and make fossil fuel polluters pay if the many goals of the agreement are to be realized.

Help for developing countries, but more

The agreement does, however, putinto effect a "loss and damage" fund that had been agreed upon earlier in the summit. The fund is designed to help developing countries cope with the impacts of climate change such as floods, drought and rising sea levels.

Canada's Environment Minister Steven Guilbeault announced an initial commitment of $16 million toward the loss and damage fund. In all, the world's richest countries have committed $700 millionto the fund an amount that falls far short of the$400 billion estimated to be required.

WATCH | The climate dealexplained:

COP28's president is calling the Dubai climate agreement 'historic.' Here's why

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COP28 president Sultan Al Jaber says the agreement reached in Dubai is a 'balanced' plan that keeps 1.5 C within reach. Hear some of what he said as he outlined the agreement.

Soon after the final agreement was adopted, Anne Rasmussen, Samoa's lead delegate and the representative for a group of small island nations, said "the course correction that is needed has not been secured."

Rasmussen said the deal representedbusiness as usual instead of exponential emission-cutting efforts andwarned it could "potentially take us backward rather than forward."

Will this change anything?

The agreement is non-binding,but experts say these kinds of documents can still serve as an important reference point both domestically and internationally.

Jessica Green, a political science professor at University of Toronto andexpert in global climate governance, said the Dubai agreement can be considered a "diplomatic success but a policy failure."

Like many previous UN climate meetings, Green said the gathering in Dubai didn't result in firm commitments to change course.

Reaching a consensus among so many countries with such different interests is filled with challenges, but she said at the very least the agreement will set expectations on points such as the need for funding towardclimate adaptation and renewable energy.

"The multilateral process will continue to lurch forward," Green said.

Simon Stiell, the UN Climate Change executive secretary, summed up the deal as an "amber light' when a "green light" was the goal but said there are now "paths forward."

Al Gore, a former U.S. vice president andNobel Peace Prize winning climate activist, said while the agreement wasan important milestone in recognizingthe "climate crisis is at its heart a fossil fuel crisis," he added that"theinfluence of petrostates is still evident in the half measures and loopholes" in the agreement.

In his view, whether this amounts toa turning point "depends on the actions that come next."