Strong words from an oil executive, who will also serve as the head of the United Nations climate negotiations later this year: the world needs to reduce emissions by 7% annually and stop all emissions of the greenhouse gas methane.
At the Ceraweek conference in Houston, Sultan al-Jaber, CEO of the Abu Dhabi National Oil Co., urged attendees to decarbonize more quickly.
Al-Jabar did not, however, specifically address transportation-related emissions, where the majority of crude oil is used. In many nations, including the US, emissions from transportation are the main cause of climate change.
Al-Jaber singled out cement, steel, aluminum, and electricity as targets for cleanup but left out vehicles like trains, planes, cars, and trucks. To hasten the shift to cleaner sectors, he urged much higher investment.
The IEA estimates that $1.4 trillion was invested globally in the energy transition in 2022, he said. “We require more than three times that.”
He added that this investment must go to the underdeveloped globe.
Only 15% of clean tech investment, where 80% of the world’s population resides, reaches developing nations in the global south, he emphasized.
Al-Jaber did not argue for the phase-out of oil and gas production and consumption, as have scientists and advocates throughout the course of numerous COPs, or Conference of the Parties, when countries gather to establish climate commitments.
The International Energy Agency states that no new oil and gas infrastructure should be developed in order to prevent the worst climatic changes.
The leader of the United Arab Emirates claimed that his nation had been the first in its neighborhood to define a route to net zero emissions and to ratify the Paris Climate Agreement. Yet, the Global Carbon Project reports that its emissions increased by 3% in 2021 compared to the previous year, not decreased. Nonetheless, they fell 6% short of the nation’s 2015 peak. In light of the climate.
The Abu Dhabi National Oil Co. pumps approximately 4 million barrels of crude a day and plans on expanding to 5 million barrels daily.
Every year, countries meet at the COP to examine how the Paris Agreement’s goals, which call for keeping global warming to 1.5 degrees Celsius (2.7 degrees Fahrenheit) by 2050, may be met through cooperation among nations.
The 28th such meeting, COP28, will take place from November 30 to December 12 in Dubai. With the nation’s high and rising crude production, the choice of country has come under fire. Al Jaber’s selection as CEO of the national oil corporation has also received criticism. John Kerry, the United States’ climate envoy, has underlined his support for the UAE president.
Al-Jaber will have a say in how much pressure is put on the nations and businesses that produce and use coal, oil, and gas, which are the parties most accountable for climate change.
Al-Jaber is the head of the renewable energy business Masdar and the UAE’s minister of industry and advanced technology.
High ranking oil and gas officials attend Ceraweek, which is organized by S&P Global, every year.