DUBAI: Countries at the COP28 climate conference are considering calling for a formal phase-out of fossil fuels as part of the UN summit’s final deal to fight global warming, according to a draft negotiating text seen on Tuesday, according to Reuters. Research published on Tuesday showed global carbon dioxide emissions from burning fossil fuels are set to hit a record high this year, exacerbating climate change and fueling more destructive extreme weather. The draft of what could be the final agreement from COP28, published by the UN climate body, kicks off negotiations around what is considered the summit’s defining issue: whether countries will agree to eventually end the use of fossil fuels, or fight to preserve a role for them. On the COP28 main stage, the CEOs of several major energy firms argued in favor of oil and gas, and sought to highlight their climate-friendly credentials such as cutting the greenhouse gas methane. “We are big guys and we can do big things. We can deliver results and we will have to report them very soon,” said Jean Paul Prates, CEO of Brazil’s state-run oil company Petrobras. “The energy transition will only be valid if it’s a fair transition,” he added. TotalEnergies CEO Patrick Pouyanne said a transition away from oil and gas would take a long time “so we need absolutely to produce oil and gas in a different way by slashing down emissions. And we can do it, we have the technology.” “Of course it has a cost,” he said, “but it’s part of our license to operate, I would say, for the future.” However, Saudi Arabia’s energy minister told Bloomberg on Monday that he “absolutely” rejected calls for a phase-down.