COP28 took a realistic approach to transitioning from fossil fuels. India’s argument that only coal can’t be a climate villain won. But the rich world still isn’t forking out enough cash.

As the gavel struck, albeit a day later than the deadline, to mark the agreement at COP28, it signalled more than just the usual closure of another United Nations climate negotiation. This time, the setting was Dubai, presided over the CEO of one of the world’s biggest oil companies, and the subject was fossil fuels.