ABU DHABI, United Arab Emirates: In a significant appeal, the Emirati president-designate for the upcoming United Nations COP28 climate talks, Sultan al-Jaber, has called on oil and gas companies to play a central role in addressing climate change.
Despite the industry ramping up production to benefit from rising global energy prices, al-Jaber emphasized the crucial role of these companies in combatting climate change.
Al-Jaber’s call underscores the divide between climate activists, who are wary of his industry ties, and his push to drastically reduce global emissions by nearly half within seven years to limit global warming to 1.5 degrees Celsius (2.7 degrees Fahrenheit) compared to pre-industrial times.
Our North Star is to limit global warming to 1.5 degrees Celsius. It is simply acknowledging and respecting the science, al-Jaber stated. We must do this while also ensuring human prosperity by meeting the energy needs of the planet’s growing population.
Al-Jaber, who also serves as the CEO of the state-run Abu Dhabi Oil Co., which has significant oil production capacity, made this call during the annual Abu Dhabi International Petroleum Exhibition and Conference, where key players in the oil and gas industries convene.
While this year’s conference is centered around the theme of “decarbonizing faster together,” it primarily revolves around the drilling, processing, and sale of carbon-emitting fuels that drive climate change, causing severe and frequent extreme events like storms, droughts, floods, and wildfires. Al-Jaber has consistently emphasized the necessity of relying on oil and gas in the near term to bridge the gap.
“A phase-down of fossil fuels is inevitable and essential,” al-Jaber said. “Yet, this must be part of a comprehensive energy transition plan that is fair, fast, just, orderly, equitable, and responsible.”
On the business side, the oil industry is experiencing a rebound, with benchmark Brent crude trading around $92 a barrel. Diesel prices are also expected to rise due to Russia halting exports of the fuel, impacting global transportation prices and contributing to inflation.
The conference highlights the challenge the United Arab Emirates faces in convincing climate scientists, activists, and critics that it can successfully host the U.N. Conference of the Parties (COP) and effectively lead efforts to combat climate change.
Al-Jaber, amidst criticism, passionately defended his country’s hosting of the talks, emphasizing the oil and gas industry’s potential to be a crucial part of the climate change solution.
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, al-Jaber told the conference. This is your opportunity to show the world that, in fact, you are central to the solution.
Following al-Jaber’s address, OPEC Secretary-General Haitham al-Ghais praised his speech and defended the oil industry, highlighting its pivotal role in global economic prosperity and energy security.
Furthermore, Turkish Energy Minister Alparslan Bayraktar mentioned at the conference that an Iraqi-Turkish oil pipeline, halted for months, would resume its flow. However, he did not provide specific details regarding the pipeline’s terms or the reasons for its earlier halt.
