COP 28 leader calls on oil and gas industry to accelerate decarbonization

“Along with all industries, the oil and gas sector needs to up its game, do more and do it faster. It needs to quickly decarbonize its operations. And this plays a vital role in the decarbonization of its customers”, he commented Al Jaber during “CeraWeek by S&P Global 2023”, a global energy forum taking place in Houston, Texas, in the United States.

“The science is clear. We need to pursue the goal of net-zero emissions. Only half of the industry has declared a net-zero target of achieving 1 and 2 (self-controlled emissions) by 2050 (Paris Agreement global target). Everyone in the industry must be aligned around the same goal,” he added.

O Paris Agreement, in force since 2016, seeks to limit the global warming so that it does not exceed 2°C. This includes eliminating carbon from energy production. This year the COP 28 world summit will be held in Dubai, United Arab Emirates.

What is the Paris Agreement? And why is it so important?

The Paris Agreement is an international treaty that has one main objective: to reduce global warming. In practice, it seeks to prevent a 2ºC increase in global temperature in relation to the pre-industrial era, encouraging the creation of mechanisms to reduce the impact of climate change and the replacement of sources that emit greenhouse gases. O Curto explains more about one of the most important climate commitments in existence, quick game. 🤓

“Houston, we have a problem”, but “failure is not an option”, said Al Jaber, in reference to two well-known expressions that became famous at NASA, which has a space center in this Texas city.

The UAE Minister of Industry also admitted that they are still far from the budget needed to carry out the global energy transition.

“According to the International Energy Agency, in 2022, the world invested 1,4 trillion dollars (7,2 trillion reais) in the energy transition. We need more than three times that amount. Capital must come from all sources,” he said.

Investment in low-carbon technologies exceeds US$ 1 trillion, but it is still little

Investments in renewable energy and technologies that replace fossil fuels grew 31% last year and reached US$1,1 trillion, according to a survey by consultancy Bloomberg NEF (BNEF). It is the first time that resources dedicated to the energy transition reach US$ 1 trillion in the same year, reaching the same level as the fossil industry.

“And when it comes to financing the energy transition, we must ensure that no one is left behind. Only 15% of investment in clean technology reaches the developing economies of the global south, and that is where 80% of the population lives,” he added, and urged multilateral organizations to participate.

(To AFP)

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Energy industry must be part of the climate fight, says COP28 chief

The energy industry must play a role in the campaign against global warming – said this Tuesday (7), in India, the president of this year's UN climate summit, who also heads an oil giant. Sultan Ahmed Al-Jaber, special envoy for climate change for the United Arab Emirates, the COP28 organizing country, denied that this represents a “conflict of interest” with his role as CEO of national oil company ADNOC.