COP28 chief: Oil and gas sector needs to align with net-zero emissions by 2050

New Delhi The global oil and gas industry needs to align with net-zero emissions by 2050, and ensure there are zero emissions of methane and routine flaring is eliminated by 2030, Sultan Al Jaber, president-designate of the United Nations climate summit (COP 28) to be held later this year, urged on Monday.

Al Jaber, who is also CEO of Abu Dhabi National Oil Company, welcomed action by over 20 oil and gas companies to take steps to fight climate crisis.

“Economies currently run on the equivalent of 250 million barrels of oil, gas, and coal every single day, which we need to either replace or decarbonise,” he said at the Abu Dhabi International Petroleum Exhibition & Conference. “The monumental task will require a system wide transformation of entire economies, a complete paradigm shift and not business as usual.”

Al Jaber’s call came a day after convening meetings of both demand and supply side businesses in Abu Dhabi.

The United Arab Emirates will host the annual climate summit that begins on November 30 in Dubai.

“We must re-imagine the relationship between producers and the heaviest consuming countries and sectors,” Al Jaber said. “Industries can and must act. But they can’t act alone. Governments should be proactive in setting the right demand signals and dealing with critical issues like permitting.”

Discussing the immediate steps he expects the oil and gas industry to take, Al Jaber said: “Eliminating methane leaks and flaring is the fastest way to make the biggest impact on operational emissions in the short term.”

One of the issues likely to blow up at the summit is the silence on fossil fuel phase out or phase down. The Delhi Declaration of G20 addressed the concerns of petroleum states, of which the UAE is one, even as it expressed ambition to meet Paris climate pact goals by committing to global net-zero emissions by mid-century, HT reported on September 11.

Operationalising the loss and damage fund and setting out an energy pathway to keep the Paris Agreement goal of containing global temperature rise within 1.5°C are among the key parameters to determine the success of the upcoming summit, HT reported on Monday. The outcomes of the conference are particularly important because the combination of climate crisis and El Nino is leading to record global land and sea surface temperatures.

“We have spent a lot of time with partners, listening to them to understand where we can find success at COP28. In terms of negotiated outcomes, we need to deliver on the Global Stocktake, the Global Goal on Adaptation and operationalisation of the Loss and Damage fund. Those are mandated outcomes as well as the just transition work that we have to deliver,” Majid Al Suwaidi, COP28 director-general from the UAE, said during a briefing last week.

“COP28 president-designate Dr Sultan Al Jaber’s efforts to involve everyone and advocate for leadership in setting ambitious decarbonisation targets are noteworthy. However, the looming billion-dollar question remains — can we place our trust in those companies that have, for decades, concealed the truth and fostered disinformation to delay essential climate action?

“The stark reality is that Big Oil, fully aware of their significant contribution to the climate crisis, persistently expands fossil fuel extraction while scaling back their already scant investments in renewable energy. Their track record is undeniably dreadful. It is imperative that governments exhibit courage to enact stringent regulations and levy new taxes to ensure compliance, rather than wasting precious time in unproductive consultations and persuasions. The revenue generated from such endeavors must be allocated to facilitate a just energy transition and address loss and damage in developing nations,” Harjeet Singh, head of global political strategy at Climate Action Network International, said.

COP28 is short for the 28th conference of parties, where parties denote the countries that are signatories to the United Nations Framework Convention on Climate Change.

Disclaimer: The copyright of this article belongs to the original author. Reposting this article is solely for the purpose of information dissemination and does not constitute any investment advice. If there is any infringement, please contact us immediately. We will make corrections or deletions as necessary. Thank you.