Dr Sultan Al Jaber, Cop28 President-designate, said on Monday that the oil and gas industry will play an important role in solving climate change.
At the CERAWeek energy conference in Houston, Dr Al Jaber said energy leaders have the “knowledge, experience, expertise and the resources” needed to address the dual challenges of driving sustainable progress while holding back emissions.
“We already know we are way off track and what we need is a major course correction,” he said.
“We must accept the fact that this is a global challenge that calls for global solutions from every stakeholder, acting in unity and solidarity.”
Dr Al Jaber, who is also the UAE's Minister of Industry and Advanced Technology and special envoy on climate change, said that the oil and gas sector needs to rapidly decarbonise its operations.
“Only half of the industry has declared a scope 1 and 2 net-zero goal by 2050,” he said.
“Everyone in the industry needs to be aligned around the same goal. And we should stretch ourselves to go further and let's aim to achieve net-zero even earlier.
“Let’s also scale up best practices and aim to reach net-zero methane emissions by 2030. We must electrify operations, equip facilities with carbon capture and storage, and use all available technologies to increase efficiency across the board.”
Global carbon dioxide emissions rose by less than 1 per cent last year as the growth of renewable energy and electric vehicles helped offset a surge in crude oil and coal consumption, the International Energy Agency said in a report last week.
Carbon dioxide emissions grew by 0.9 per cent in 2022 to reach a new high of more than 36.8 billion tonnes, the agency said.
Emissions from crude oil rose by 2.5 per cent but remained below pre-pandemic levels.
“Making a dent in the climate crisis is not just about decarbonising oil and gas operations. With the right incentives, the right technologies, the right mindset and the right partnership model, the oil and gas industry has the capacity and the resources to help everyone address scope 3,” said Dr Al Jaber.
“Keep in mind that power generation is the sector where the biggest impact can be made in the shortest amount of time.”
Investment in renewable energy needs to double to more than $4 trillion by the end of the decade to meet net-zero emissions targets by 2050, the International Energy Agency said in its World Energy Outlook last year.
The agency's stated policies scenario (Steps), based on the latest policy settings worldwide, expects clean energy investment to rise to slightly more than $2 trillion by 2030.
“This is the decade to diversify portfolios … to future-proof companies and provide the clean energy the world needs,” said Dr Al Jaber.
“That said, we know that for high-emitting sectors, renewable energy is just not going to be enough. Aluminium, steel, cement and many other heavy industries make up 30 per cent of global emissions.”
The Adnoc chief executive also urged the global financial community to help fund efforts aimed at tackling climate change.
“The entire financial community needs to play a much bigger role,” said Dr Al Jaber.
“Capital must come from all sources: governments, the private sector, institutional investors, private equity, industry and international financial institutions.”
And when it comes to financing the energy transition, “we must ensure that no one is left behind”, he added.
“Only 15 per cent of clean tech investment reaches developing economies in the Global South, and that is where 80 per cent of the population live,” he continued.
“That’s why we need to fundamentally reform the IFIs [international financial institutions] and MDBs [multilateral development banks] to unlock concessional finance, lower risk and attract greater private investment.”
Dr Al Jaber, who is the chairman of Abu Dhabi-based renewable energy company Masdar, also stressed the importance of using hydrogen as a clean fuel source.
“Let's develop and commercialise and expand hydrogen production by 2030. And as a nascent technology, entrepreneurship, innovation and collaboration will be key to building out the entire hydrogen value chain,” he said.
“We in the UAE are very ready to partner with all those who want to join us to translate this vision into reality.
“Let's stay focused on our objectives of rolling back emissions, not progress.”
-
Sheikh Abdullah bin Zayed, Minister of Foreign Affairs and International Co-operation, unveils the Cop28 logo with President-designate Dr Sultan Al Jaber, Minister of Industry and Advanced Technology, at Abu Dhabi Sustainability Week. Victor Besa / The National -
The Masdar display at the event. Victor Besa / The National -
The Mohamed Bin Zayed University stall. Victor Besa / The National -
Visitors walk past the Masdar stall. Victor Besa / The National -
The Adnoc display. Victor Besa / The National -
The National signage on display at the event. Victor Besa / The National -
The government of Fujairah's stall. Victor Besa / The National -
The Abu Dhabi Department of Energy's display. Victor Besa / The National -
Another view of the Adnoc stand. Victor Besa / The National -
Another view of the Masdar display. Victor Besa / The National -
Visitors at Abu Dhabi Sustainability Week. Victor Besa / The National -
Day two of Abu Dhabi Sustainability Week. Khushnum Bhandari / The National -
Abu Dhabi Sustainability Week aims to accelerate sustainable development and advance economic, social and environmental progress. Khushnum Bhandari / The National -
The Envision stand at Abu Dhabi Sustainability Week. Khushnum Bhandari / The National -
Masdar's stand at Abu Dhabi Sustainability Week. Khushnum Bhandari / The National -
The Tadweer stand. Khushnum Bhandari / The National -
The event brings together heads of state, industry leaders, entrepreneurs, investors and senior policymakers. Khushnum Bhandari / The National -
A solar energy diorama on Day 2 of Abu Dhabi Sustainability Week at Adnec in Abu Dhabi. Khushnum Bhandari / The National -
Abu Dhabi Sustainability Week plays host to some very big names in international business, including Huawei of China. Khushnum Bhandari / The National -
Saeed Al Tayer, managing director and chief executive of Dubai Electricity and Water Authority, delivers a speech. Khushnum Bhandari / The National -
Mahmoud Mohieldin, executive director of the IMF, left, in discussion on Day 2 of Abu Dhabi Sustainability Week at Adnec in Abu Dhabi. Khushnum Bhandari / The National -
Visitors at the Dubai Electricity and Water Authority stand at Abu Dhabi Sustainability Week in Adnec, Abu Dhabi. Khushnum Bhandari / The National -
Awaidha Al Marar of the Abu Dhabi Department of Energy, an Abu Dhabi Executive Council Member and Member of Enec's board of directors, delivers opening remarks on Net-Zero Ambitions in Energy on Day 2 of Abu Dhabi Sustainability Week at Adnec. Khushnum Bhandari / The National -
The Dubai Electricity and Water Authority (Dewa) stand at Abu Dhabi Sustainability Week in Adnec, Abu Dhabi. Khushnum Bhandari / The National -
The Aldar stand at Abu Dhabi Sustainability Week in Adnec, Abu Dhabi. Khushnum Bhandari / The National -
The Bee'ah stand at Abu Dhabi Sustainability Week in Adnec, Abu Dhabi. Khushnum Bhandari / The National -
Mariam Al Mheiri, Minister of Climate Change and Environment, and Ahmed El Hoshy, chief executive of Fertiglobe, right, in a panel discussion titled A Manifesto for Food Systems at Abu Dhabi Sustainability Week in Adnec, Abu Dhabi. Khushnum Bhandari / The National -
Sharif Al Olama, Undersecretary of the Ministry of Energy and Infrastructure, delivers a speech promoting solar power at the opening of Abu Dhabi Sustainability Week. Khushnum Bhandari / The National -
Laurent Fabius (2nd L), president of the constitutional council of France, speaks to guests at Abu Dhabi National Exhibition Centre. Photo: Presidential Court -
President Sheikh Mohamed speaks to John Kerry, US presidential envoy for climate, at a reception before the opening ceremony. Photo: Presidential Court -
President Sheikh Mohamed meets Hakainde Hichilema, President of Zambia. Photo: Presidential Court -
President Sheikh Mohamed meets Nana Akufo-Addo, President of Ghana. Photo: Presidential Court -
Dr Sultan Al Jaber, right, Minister of Industry and Advanced Technology Group, chief executive of Adnoc and chairman of Masdar, receives Prince Abdulaziz bin Salman, Saudi Arabia’s Minister of Energy. Photo: Presidential Court -
President Sheikh Mohamed greets Kassym-Jomart Tokayev, President of Kazakhstan. Photo: Presidential Court -
President Sheikh Mohamed stands for a photograph with heads of state and government. (Front row: R-L) presidents Surangel Whipps Jr of Palau, Nana Akufo-Addo of Ghana, Kassym-Jomart Tokayev of Kazakhstan, Yoon Suk Yeol of South Korea, Ilham Aliyev of Azerbaijan, Joao Lourenco of Angola, Filipe Nyusi of Mozambique and Abiy Ahmed, Prime Minister of Ethiopia. (Back row: R-L) Aziz Akhannouch, Prime Minister of Morocco, Wavil Ramkalawan, President of Seychelles, Hakainde Hichilema, President of Zambia, Yoweri Museveni, President of Uganda, Tiemoko Meyliet Kone, Vice President of Ivory Coast and Dr Sultan Al Jaber. Photo: Presidential Court -
President Sheikh Mohamed greets a guest. Photo: Presidential Court -
Dr Al Jaber with Ilham Aliyev, President of Azerbaijan. Photo: Presidential Court -
President Sheikh Mohamed greets Abiy Ahmed, Prime Minister of Ethiopia. Photo: Presidential Court -
(Back row L-R) Siaosi Sovaleni, Prime Minister of Tonga, Aziz Akhannouch, Prime Minister of Morocco, Wavil Ramkalawan, President of Seychelles, Hakainde Hichilema, President of Zambia, Surangel Whipps Jr, President of Palau, Nana Akufo-Addo, President of Ghana, Kassym-Jomart Tokayev, President of Kazakhstan, Yoon Suk Yeol, President of South Korea, President Sheikh Mohamed, Ilham Aliyev, President of Azerbaijan, Joao Lourenco, President of Angola, Filipe Nyusi, President of Mozambique, Abiy Ahmed, Prime Minister of Ethiopia, Yoweri Museveni, President of Uganda, Olafur Ragnar Grimsson, former president of Iceland and chairman of Arctic Circle, Tiemoko Meyliet Kone, Vice President of Ivory Coast, and Dr Sultan Al Jaber, Minister of Industry and Advanced Technology. Photo: Presidential Court -
President Sheikh Mohamed presents the 2023 Zayed Sustainability Prize for East Asia & Pacific Global High Schools to a representative from Kamil Muslim College, Fiji. Photo: Presidential Court -
Kassym-Jomart Tokayev, President of Kazakhstan (L), and President Sheikh Mohamed present the 2023 Zayed Sustainability Prize for Americas Global High Schools, to a representative from Fundacion Bios Terrae in Colombia. Photo: Presidential Court -
(L-R) Sheikh Saif bin Zayed, UAE Deputy Prime Minister and Minister of Interior, Kim Keon Hee, first lady of South Korea, Yoon Suk Yeol, President of South Korea, President Sheikh Mohamed, Ilham Aliyev, President of Azerbaijan, Sheikh Mansour bin Zayed, Deputy Prime Minister and Minister of the Presidential Court, Joao Lourenco, President of Angola and Ana Dias Lourenco, first lady of Angola. Photo: Presidential Court -
Guests stand for the national anthem during the opening ceremony of Abu Dhabi Sustainability Week. Photo: Presidential Court -
Children sing the UAE national anthem . Photo: Presidential Court -
Dr Sultan Al Jaber, Cop28 President-designate and the UAE's special envoy on climate change, speaks at the opening of Abu Dhabi Sustainability Week. Khushnum Bhandari / The National -
Mr Yoon, a keynote speaker at Abu Dhabi Sustainability Week. Khushnum Bhandari / The National -
US climate envoy John Kerry, centre. Khushnum Bhandari / The National -
Azerbaijan’s President Ilham Aliyev. Khushnum Bhandari / The National -
From left, Phillip Cornell, senior fellow of Atlantic Council Global Energy Centre; Christian Bruch, president and chief executive officer of Siemens Energy; Lorenzo Simonelli, chairman, president and chief executive of Baker Hughes; and Marisa Drew, chief sustainability officer of Standard Chartered. Khushnum Bhandari / The National
