“Along with all industries, the oil and gas sector needs to step up its game, do more and do it faster,” said Abu Dhabi National Oil Company CEO Sultan al-Jaber said in the keynote speech at CERAWeek.
Bookmark Felix | afp | beautiful pictures
The CEO of one of the world’s biggest oil companies, who will lead negotiations at the COP28 climate summit later this year, has called on the energy sector to “step up efforts ” to reduce emissions.
In a keynote address to attendees gathered in Houston, Texas, for the CERAWeek conference – considered by many to be one of the biggest events on the energy industry calendar – the Oil Company CEO Abu Dhabi National Gas, Mr. Sultan al-Jaber, highlighted the “indispensable” role the oil and gas industry plays in addressing the climate emergency.
“The energy leaders in this room have the necessary knowledge, experience, expertise, and resources…
“This is an opportunity for the industry to reinvent itself and lead again,” he added. “Let me urge you to decarbonize faster, earlier in the future and create the energy system of the future today.”
The head of the state oil company of the United Arab Emirates is considered a controversial choice to lead the COP28 climate talks in Dubai later this year. At the time of his appointment, many call asked al-Jaber to step down from his role, saying it conflicts of interest with his COP28 position.
Every year, ministers representing countries around the globe gather in police to discuss how to achieve the desired goal of Paris Agreement — to curb global warming to just 1.5 degrees Celsius above pre-industrial levels by 2050.
If the temperature rises beyond this critical threshold, it is likely that small changes could cause significant changes in the entire Earth’s life-support system.
The UAE, the third-largest producer of the OPEC oil alliance, will host UN-brokered climate talks from November 30 to December 12.
The COP28 summit will see the first global inventory since the 2015 Paris Agreement.
Oil and gas industry must ‘fast decarbonize’
The head of Adnoc quoted the world’s top climate scientists says humanity must cut emissions by 7% each year to keep global temperatures below 1.5 degrees Celsius. “That’s 43% in less than seven years,” he said.
“This year, the world will gauge exactly where we are when it comes to climate progress through the First Global Assessment. And we know we’re on the wrong track. We need a major correction. ,” al-Jaber said at the conference.
“Along with all industries, the oil and gas industry needs to get on with its game, do more and do it faster,” he added. “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 rising profits amid criticism in recent months, typically stressing the importance of Energy security in the transition to renewable energy.
Burning fossil fuels, such as coal, oil and gas, is a key driver of the climate crisis.
Speaking to Daniel Yergin, vice president of S&P Global and president of the CERAWeek conference, shortly after his keynote, Adnoc’s al-Jaber said that the world “couldn’t unplug today’s energy system one way.” responsible until tomorrow’s system is ready.”
When asked about his hopes for COP28, al-Jaber outlined key priorities for mitigation, adaptation, loss and damage and climate finance, among other things,
“COP28 will be the COP of action,” al-Jaber said. “We want real results.”
He added, “The world must move from treaties to implementation. Solutions are needed inside and outside of formal negotiations. It will also be a COP for all: stakeholders included. diverse, accountable for commitments and actionable towards solutions.”
