Critics Respond to UN Climate Deal to Phase Out Fossil Fuels: ‘Soviet-Style Central Planning’

The UN said its ‘global stocktake’ requires a 43 percent drop in emissions by 2030 if planetary temperature increases are to stay below 1.5 degrees Celsius.

Participating world leaders and delegates pose for a photo during the COP28 U.N. climate summit in Dubai, United Arab Emirates, on Dec. 1, 2023. Giuseppe Cacace/AFP via Getty Images

DUBAI—Governments from around the world agreed to a global transition away from “fossil fuels,” greater limits on energy use, and a new fund to compensate governments of poorer nations for alleged damages caused by CO2 emissions from wealthier countries.

The outcome follows two weeks of negotiations at the U.N. climate summit held in the oil-rich United Arab Emirates.