The President of COP28, Sultan al-Jaber, revealed on Monday that more than 20 prominent oil and gas companies have rallied behind his call to take significant steps in curbing carbon emissions, just ahead of the United Nations summit on climate change.
Sultan al-Jaber, who also serves as the head of the United Arab Emirates' oil behemoth ADNOC, has been a vocal advocate for the energy industry's active participation in the fight against climate change. His leadership of COP28, slated to begin next month, generated controversy due to the UAE's membership in OPEC and its status as a major oil exporter.
Speaking at an oil and gas conference in Abu Dhabi, Jaber emphasized the urgent need for a comprehensive transformation of entire economies, particularly those heavily reliant on the equivalent of 250 million barrels of oil, gas, and coal daily.
He addressed major energy companies, stating, “For too long, this industry has been viewed as part of the problem, that it's not doing enough and in some cases even blocking progress. This is your opportunity to show the world that, in fact, you are central to the solution.”
Jaber revealed that more than 20 oil and gas companies have responded positively to calls for alignment around achieving net-zero emissions by 2050. Additionally, they have committed to eliminating methane emissions and routine flaring by 2030, although specific details were not provided.
The upcoming COP28 summit, scheduled from November 30 to December 12 in Dubai, is poised to play a crucial role in addressing the global climate crisis. It comes at a time when countries remain divided between those advocating for a phased reduction of planet-warming fossil fuels and others seeking to preserve the role of coal, oil, and natural gas in their energy portfolios.
The summit holds significant importance as an opportunity for governments to accelerate their efforts to limit global warming, particularly as reports suggest that countries are falling short of their commitments to restrict the rise in global temperatures to 1.5 degrees Celsius.
