Credit quality to be hit by 'locked in' emissions

The curtain was raised on the COP28 climate jamboree today, with a colourful session in which its President made the case of fossil fuels and a top UN climate chief invoked the wisdom of Yoda.

COP28 made "a major breakthrough" on its first day, when a fund to help vulnerable countries adapt to the effects of climate change was put into operation, with $277.5 million committed by several governments.

The COP28 climate talks kicking off today in Dubai are unlikely to result in an agreement to phase out fossil fuels, given its setting in one of the world's biggest oil and gas producing countries, warned Deutsche Bank.