Ten leading oil companies throwing their weight behind action on climate change might be rhetorical. But the declaration by the Oil and Gas Climate Initiative (OGCI), announced in Paris on October 16, is notable for its timing, its location, who signed on – and who did not.
The OGCI commits specifically to limiting global warming to 2°C, a widely-used, although arbitrary, benchmark. Its announcement does not contain many hard targets – it is notable more for putting various existing initiatives in a coherent framework. These include energy efficiency, greater use of gas and progressing on capturing carbon dioxide emissions.
But the announcement is a preemptive move ahead of the COP21 climate talks which will start in the French capital on November 30. For too long, the petroleum industry has chosen variously from silence, reticence or obstructionism in its public positions on climate change, instead of seeking to positively influence the debate.
The 10 signatories collectively produce almost 20 per cent of global oil and gas. Seven of them – Shell, Total, Statoil, BP, BG, ENI and Repsol – are European companies that face increasing political and regulatory pressure at home. In June, the first six had already jointly called for putting a price on carbon emissions, and Shell, Statoil and BP at least have engaged seriously with climate change and cleaner energy for two decades.
The other three companies on the declaration are more striking – Saudi Arabia’s state-owned Aramco, Mexico’s national oil company Pemex and India’s leading refiner Reliance.
Their presence acknowledges three key facts.
First, the national oil companies – not the international majors – control the bulk of global oil and gas reserves. They have the most to lose from curbs on the use of oil and gas, with the prospect of their vast resources rendered obsolete. At current production rates – a simplistic but revealing measure – Aramco’s oil reserves would last for 64 years, the UAE’s oil for 72 years, Qatar’s gas for 138 years.
Second, campaigns for “divestment” from western petroleum companies, to deprive them of finance, miss the point, since state-owned and some large local private companies dominate the production and supply of oil and gas in Russia, China, India, Mexico, Brazil and most of the Middle East.
Third, the bulk of future growth in fossil fuel use – and greenhouse gas emissions – will be in developing countries and it is their choices that are most critical for tackling climate change.
So it is welcome to see Saudi Aramco, Pemex and Reliance on the list, and hopefully other Arabian Gulf, Russian and Chinese state oil corporations will join them soon. But the obvious absentees are the Americans – Chevron and ExxonMobil – that have spoken out against carbon pricing.
A worldwide carbon price would deter the use of high-carbon fuels, and encourage energy efficiency and low-carbon sources such as renewable and nuclear power. Europe has such a scheme and there are a few national or local initiatives, including a trial in China. But to be truly effective, the price needs to be high enough and cover most of the global economy.
The October declaration does not call explicitly for carbon pricing – ENI’s chief executive hinted that it had to be left out to get the three non-European members on board. But a systematic price on carbon provides energy companies with a predictable framework – instead of today’s bewildering mishmash of badly designed incentives that cost consumers and companies, nonsensical policies that encourage outcomes such as burning coal instead of gas and abrupt policy reversals such as cutting overpriced solar subsidies or suddenly abandoning nuclear power.
The declaration does not give environmentalists all – or even most – of what they would want from the oil companies. But it is a constructive and proactive move. To safeguard their futures, it’s time for other corporations to join, or propose something better of their own.
Robin Mills is the head of consulting at Manaar Energy, and author of The Myth of the Oil Crisis
Results
2.15pm: Maiden (PA) Dh40,000 1,200m
Winner: Maqam, Fabrice Veron (jockey), Eric Lemartinel (trainer).
2.45pm: Maiden (PA) Dh40,000 1,200m
Winner: Mamia Al Reef, Szczepan Mazur, Ibrahim Al Hadhrami.
3.15pm: Handicap (PA) Dh40,000 2,000m
Winner: Jaahiz, Fabrice Veron, Eric Lemartinel.
3.45pm: Handicap (PA) Dh40,000 1,000m
Winner: Qanoon, Szczepan Mazur, Irfan Ellahi.
4.15pm: Sheikh Hamdan bin Rashid Cup Handicap (TB) Dh200,000 1,700m.
Winner: Philosopher, Tadhg O’Shea, Salem bin Ghadayer.
54.45pm: Handicap (PA) Dh40,000 1,700m
Winner: Jap Al Yassoob, Fernando Jara, Irfan Ellahi.
Killing of Qassem Suleimani
PFA Team of the Year: David de Gea, Kyle Walker, Jan Vertonghen, Nicolas Otamendi, Marcos Alonso, David Silva, Kevin De Bruyne, Christian Eriksen, Harry Kane, Mohamed Salah, Sergio Aguero
'Cheb%20Khaled'
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KILLING OF QASSEM SULEIMANI
SWEET%20TOOTH
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UAE currency: the story behind the money in your pockets
Mohammed bin Zayed Majlis
The candidates
Dr Ayham Ammora, scientist and business executive
Ali Azeem, business leader
Tony Booth, professor of education
Lord Browne, former BP chief executive
Dr Mohamed El-Erian, economist
Professor Wyn Evans, astrophysicist
Dr Mark Mann, scientist
Gina MIller, anti-Brexit campaigner
Lord Smith, former Cabinet minister
Sandi Toksvig, broadcaster
Other must-tries
Tomato and walnut salad
A lesson in simple, seasonal eating. Wedges of tomato, chunks of cucumber, thinly sliced red onion, coriander or parsley leaves, and perhaps some fresh dill are drizzled with a crushed walnut and garlic dressing. Do consider yourself warned: if you eat this salad in Georgia during the summer months, the tomatoes will be so ripe and flavourful that every tomato you eat from that day forth will taste lacklustre in comparison.
Badrijani nigvzit
A delicious vegetarian snack or starter. It consists of thinly sliced, fried then cooled aubergine smothered with a thick and creamy walnut sauce and folded or rolled. Take note, even though it seems like you should be able to pick these morsels up with your hands, they’re not as durable as they look. A knife and fork is the way to go.
Pkhali
This healthy little dish (a nice antidote to the khachapuri) is usually made with steamed then chopped cabbage, spinach, beetroot or green beans, combined with walnuts, garlic and herbs to make a vegetable pâté or paste. The mix is then often formed into rounds, chilled in the fridge and topped with pomegranate seeds before being served.
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57%20Seconds
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RACE SCHEDULE
All times UAE ( 4 GMT)
Friday, September 29
First practice: 7am - 8.30am
Second practice: 11am - 12.30pm
Saturday, September 30
Qualifying: 1pm - 2pm
Sunday, October 1
Race: 11am - 1pm
The Sand Castle
Director: Matty Brown
Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea
Rating: 2.5/5
Moon Music
Artist: Coldplay
Label: Parlophone/Atlantic
Number of tracks: 10
Rating: 3/5
Our legal consultant
Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
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%3Cp%3EEngine%3A%204-cylinder%202.5-litre%20%2F%202-litre%20turbo%0D%3Cbr%3EPower%3A%20188hp%20%2F%20248hp%0D%3Cbr%3ETorque%3A%20244Nm%20%2F%20370Nm%0D%3Cbr%3ETransmission%3A%207-speed%20auto%0D%3Cbr%3EOn%20sale%3A%20now%0D%3Cbr%3EPrice%3A%20From%20Dh110%2C000%0D%3C%2Fp%3E%0A
Auron Mein Kahan Dum Tha
Starring: Ajay Devgn, Tabu, Shantanu Maheshwari, Jimmy Shergill, Saiee Manjrekar
Director: Neeraj Pandey
Rating: 2.5/5
COMPANY%20PROFILE%20
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Company profile
Date started: Founded in May 2017 and operational since April 2018
Founders: co-founder and chief executive, Doaa Aref; Dr Rasha Rady, co-founder and chief operating officer.
Based: Cairo, Egypt
Sector: Health-tech
Size: 22 employees
Funding: Seed funding
Investors: Flat6labs, 500 Falcons, three angel investors
Kandahar%20
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Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
Killing of Qassem Suleimani
Milestones on the road to union
1970
October 26: Bahrain withdraws from a proposal to create a federation of nine with the seven Trucial States and Qatar.
December: Ahmed Al Suwaidi visits New York to discuss potential UN membership.
1971
March 1: Alex Douglas Hume, Conservative foreign secretary confirms that Britain will leave the Gulf and “strongly supports” the creation of a Union of Arab Emirates.
July 12: Historic meeting at which Sheikh Zayed and Sheikh Rashid make a binding agreement to create what will become the UAE.
July 18: It is announced that the UAE will be formed from six emirates, with a proposed constitution signed. RAK is not yet part of the agreement.
August 6: The fifth anniversary of Sheikh Zayed becoming Ruler of Abu Dhabi, with official celebrations deferred until later in the year.
August 15: Bahrain becomes independent.
September 3: Qatar becomes independent.
November 23-25: Meeting with Sheikh Zayed and Sheikh Rashid and senior British officials to fix December 2 as date of creation of the UAE.
November 29: At 5.30pm Iranian forces seize the Greater and Lesser Tunbs by force.
November 30: Despite a power sharing agreement, Tehran takes full control of Abu Musa.
November 31: UK officials visit all six participating Emirates to formally end the Trucial States treaties
December 2: 11am, Dubai. New Supreme Council formally elects Sheikh Zayed as President. Treaty of Friendship signed with the UK. 11.30am. Flag raising ceremony at Union House and Al Manhal Palace in Abu Dhabi witnessed by Sheikh Khalifa, then Crown Prince of Abu Dhabi.
December 6: Arab League formally admits the UAE. The first British Ambassador presents his credentials to Sheikh Zayed.
December 9: UAE joins the United Nations.
match info
Manchester United 3 (Martial 7', 44', 74')
Sheffield United 0