Nov 27 (Reuters) - As the United Nations climate summit, COP28, approaches, countries are preparing to address a range of contentious issues in their efforts to combat climate change. These issues include the phasing out of fossil fuels and finding ways to finance the energy transition in developing nations. The two-week negotiations, set to begin on Nov. 30 in Dubai, will focus on assessing countries' progress in meeting the Paris Agreement's goal of limiting global temperature rise. The spotlight will be on efforts to curb CO2 emissions, increase green technology investments, and update national emissions targets by 2025.

One of the primary tasks at COP28 is conducting a comprehensive "global stocktake" to assess countries' collective progress towards meeting climate goals. This involves reaching an agreement on urgent measures to cut CO2 emissions and promote investments in green technology, as global efforts have fallen behind. However, disagreement arises regarding whether all countries or just the wealthiest nations should shoulder the responsibility, given their historical contributions to planet-warming emissions.

The future role of fossil fuels will be a particularly contentious topic during the COP28 talks. While countries agreed at COP26 to phase down coal use, the issue of a complete fossil fuel phase-out remains unresolved. The United States, European Union, and climate-vulnerable nations are pushing for a COP28 deal that commits countries to phase out fossil fuels. However, at the Group of 20 summit in July, consensus was not reached on this point, with countries like Russia expressing opposition to such a phase-out.

The incoming COP28 President, Sultan al-Jaber of the United Arab Emirates (UAE), has acknowledged that the phase-down of fossil fuels is "inevitable." However, concerns have been raised due to Jaber's dual role as the head of the UAE's state-owned oil and gas company, ADNOC, and the incoming president of the climate talks. Many await seeing if Jaber will use his position to rally support from other oil-rich nations for the phase-out concept at COP28. Meanwhile, the UAE and other fossil fuel-dependent countries aim to focus on nascent technologies for capturing and storing CO2 emissions underground.

Countries will also discuss setting ambitious goals for renewable energy capacity and energy savings by 2030. The proposal put forth by the European Union, United States, and the UAE's COP28 presidency seeks to triple renewable energy capacity and double energy savings. This proposal has garnered considerable support, with major economies like China already endorsing the renewables goal. However, conflicts may arise as the EU and certain climate-vulnerable nations demand coupling this pledge with a commitment to phase out fossil fuels.

Financing the extensive efforts required to tackle climate change emerges as a critical issue. Developing countries will require a minimum of $200 billion annually by 2030 to adapt to climate change impacts and transition to clean energy sources. Additionally, a "loss and damage" fund will be established at COP28 to assist countries in dealing with the costs of climate-related disasters. Developing nations urge wealthy nations, responsible for historical emissions, to fulfill their financial obligations. The EU and the U.S. have committed to contributing to the climate damage fund, but private finance is also being emphasized. Moreover, wealthy countries face pressure to deliver on their pledge to provide $100 billion per year in climate funding to developing nations.

In an effort to involve the fossil fuel industry in the climate fight, the United Arab Emirates intends to launch a voluntary pledge for oil and gas companies to reduce emissions. Alongside COP28, various initiatives are expected to be announced, including commitments to curb methane emissions, limit emissions from air conditioning, and restrict private finance for coal plants.

As the COP28 climate summit draws near, countries must grapple with these contentious issues to find common ground and take decisive actions against climate change. The discussions in Dubai will determine the path towards achieving global climate goals and securing a sustainable future for generations to come.