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9 EDITORIAL BusinessToday is published every Thursday. The newspaper is a MediaToday publication and is distributed to all leading stationers, business and financial institutions and banks. MANAGING EDITOR: SAVIOUR BALZAN EDITOR: PAUL COCKS BusinessToday, MediaToday, Vjal ir-Rihan, San Gwann SGN9016, Malta Newsroom email: bt@mediatoday.com.mt Advertising: afarrugia@mediatoday.com.mt Telephone: 00356 21 382741 7.12.2023 A fter hours of tough ne- gotiations, countries gathered in Dubai for the UN climate change sum- mit have penned a deal to move away from fossil fuels. COP28 was always going to be the mo- ment of reckoning as nations who built their wealth on oil and gas squared off with others that stand to lose most from global warming. In between stood developed nations that maintain their high standard of living on energy hungry households and devel- oping countries whose thirst for progress depends on the availa- bility of more cheap energy. The final wording of the COP28 conclusions may not be as ambitious as some would have wanted it to be. It speaks of a commitment to transition away from fossil fuels not to phase out the use of oil, gas and coal. US special envoy John Kerry called it a "historic" moment and a "huge achievement". Although he did add that "many, many people" would have used different words. The US and the EU were among the nations and groups that wanted the deal to "phase out fossil fuels". What is important at this stage is that a compromise deal has been reached which for the first time requires coun- tries to start reducing their dependence on fossil fuels. But after the ink has dried on the summit conclusions, the next step is to make them hap- pen and as experience has prov- en that is the hardest part to achieve. There needs to be more and sustained investment in renew- able energy sources, especially wind and solar. There needs to be more investment in safer nuclear plants and a concerted effort to improve international energy grids. There needs to be more investment and research in green hydrogen and the pro- duction of large scale batteries to overcome the intermittency of wind and solar power. The transition won't come cheap but countries must now put their money where their mouths are. Private investment must be encouraged through State support mechanisms that help lower the risks. Within this context the EU must adopt a more flexible ap- proach to its spending rules. The otherwise restrictive mechanisms to limit and con- dition State aid must be relaxed to allow greater public invest- ment into the green transition. Above all, the transition must ensure social and economic justice. It is inevitable that for small island states, economies on the periphery, and under developed nations the transi- tion will be harder and possibly more expensive. If going green means job loss- es, social exclusion and finan- cial hardship for families and SMEs there will inevitably be pushback. This is why the richer coun- tries and the richest in society must shoulder the heavier bur- den. The future of our planet is at stake and getting it right is im- perative. But it should be a fair transition that keeps in mind the needs and aspirations of to- day's people as much as those of future generations. Moving away from fossil fuels: a fair and just transition n August 2023, the seasonally adjusted volume of retail trade decreased by 1.2% in the euro area and by 0.9% in the EU, compared with July 2023, according to estimates from Eurostat, the statistical office of the European Union. In July 2023, the retail trade volume decreased by 0.1% both in the euro area and in the EU. In August 2023 compared with August 2022, the calendar adjusted retail sales index decreased by 2.1% in the euro area and by 2.0% in the EU. In the euro area in August 2023, compared with July 2023, the volume of retail trade decreased by 3.0% for automotive fuels, by 1.2% for food, drinks and tobacco and by 0.9% for non-food products. In the EU, the volume of retail trade decreased by 2.4% for automotive fuels, by 0.9% for food, drinks and tobacco and by 0.6% for non-food products. Retail Price Volume DID U KNOW?

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