Slow Fossil Fuel Transition Post-COP28

The international community's agreement at the 2023 COP28 summit to transition away from fossil fuels has seen little progress. Global dependence on 'black gold' remains high, exacerbated by geopolitical events like the Middle East war and the effective closure of the Strait of Hormuz. Economic ties to hydrocarbons are deep, with countries like Iraq, Kuwait, and Saudi Arabia heavily reliant on oil, and even more diverse economies like Brazil facing significant challenges if crude oil exports were removed. Political will is a major factor, with leaders like Donald Trump prioritizing fossil fuel extraction. The oil and gas sector, through powerful lobbyists such as McKinsey & Company representing clients like ExxonMobil and Saudi Arabia's Aramco, has actively delayed changes. Despite these headwinds, some progress in green energy transition is noted, with renewable sources accounting for nearly half of global electricity capacity in 2025, and countries like China and Pakistan making significant strides in wind, solar, and other renewable energy production.