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Oil chief leading COP28 climate summit urges energy industry to ‘up their game’ to reduce emissions

WorldEuropeOil chief leading COP28 climate summit urges energy industry to 'up their game' to reduce emissions
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Sultan Al-Jaber, CEO of Abu Dhabi National Oil Company, said during a keynote address at CERAWeek, “As with all industries, the oil and gas sector needs to up its game, do more, and do it faster. “

Mark Felix | AFP | Getty Images

The chief executive of one of the world’s biggest oil companies, who will lead negotiations at the COP28 climate summit later this year, called on the energy industry to “up its game” to reduce emissions.

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In a keynote address to attendees in Houston, Texas, for the CERAWeek conference – widely regarded as one of the biggest events on the calendar for the energy industry – Sultan Al-Jaber, CEO of Abu Dhabi National Oil Company stressed the “integral” role the oil and gas sector plays in tackling the climate emergency.

“The energy leaders in this room have the knowledge, experience, expertise and resources needed … to address the twin challenge of driving sustainable progress while curbing emissions,” Al-Jaber said on Monday.

“This is an opportunity for this industry to reinvent itself and lead again,” he added. “I call on you to decarbonize as soon as possible, future-proof and build the energy system of today’s future.”

The head of the UAE’s state oil company was seen as a controversial choice To lead the COP28 climate talks in Dubai later this year. At the time of his appointment, many called on al-Jaber to leave his role, saying it was a conflict of interest with his COP28 position.

Every year, ministers representing countries from all over the world gather in COP to discuss how to achieve the aspirational goal of paris agreement Limiting global warming to just 1.5°C above pre-industrial levels by 2050.

If temperatures rise beyond this critical threshold, it becomes more likely that small changes could lead to dramatic changes in Earth’s entire life support system.

The UAE, the third largest producer of the OPEC oil alliance, will host UN-mediated climate talks from November 30 to December 12.

The COP28 summit will see the first global stocktake since the 2015 Paris Agreement.

The oil and gas sector must ‘decarbonize rapidly’

Adnoc chief cited world’s leading climate scientists To keep global warming below 1.5°C, humanity must cut emissions by 7% every year. “It’s 43% in less than seven years,” he said.

Al-Jaber said at the conference, “This year, the world will assess exactly where we are when it comes to climate progress through the first global stocktake. And we know we are way off track. is required.”

“All industries, including the oil and gas sector, need to up their game, do more, and do it faster,” he said. “It needs to rapidly decarbonize its own operations. And it has an important role to play in decarbonizing its customers.”

Big Oil executives have sought to defend their soaring profits amid a flurry of criticism in recent months, typically highlighting the importance of energy security In transition for renewal.

The burning of fossil fuels such as coal, oil and gas is a main driver of the climate crisis.

Speaking to Daniel Yergin, vice chairman of S&P Global and chairman of the CERAWeek conference, shortly after his speech, Adnoc’s Al-Jaber said the world “cannot responsibly unplug today’s energy system until tomorrow’s system is ready Is.”

Asked about his expectations for COP28, Al-Jaber outlined key priorities in mitigation, adaptation, loss and damage and climate finance, among others,

Al-Jaber said, “COP28 will be a COP of action.” “We want real results.”

He added, “The world must move from treaties to implementation. Solutions are needed inside and outside formal negotiations. It will also be a COP for all: including various stakeholders, accountable for commitments and actionable on solutions.”

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