Some energy companies have backed the Cop28 deal that calls for a transition away from fossil fuels by 2050.
The global stocktake was unanimously approved by 198 countries at the UN climate summit in Dubai on Wednesday, marking a historic moment in the fight against climate change.
France’s TotalEnergies said it welcomed the agreement, adding that it supported the goals of tripling renewable energy and doubling energy efficiency by the end of the decade.
“These objectives are at the heart of TotalEnergies' roadmap for 2030,” the company said in a statement to The National.
Italian energy company
The company also said that natural gas, considered a transitional fuel due to its lower emissions compared with other fossil fuels, could be useful in the move to net zero by 2050.
Carbon dioxide emissions from burning fossil fuels are expected to hit a record high this year amid higher emissions driven by India and China, according to the Global Carbon Budget report.
Earlier this year, TotalEnergies' board reaffirmed its support for the company’s multi-energy strategy, focusing on oil and gas assets with low emissions and diversification into renewables.
In October, QatarEnergy and TotalEnergies signed two sale and purchase agreements for the supply of up to 3.5 million tonnes of liquefied natural gas a year to France.
The company said it supported a “just, orderly and equitable” transition away from fossil fuels, adding that it is crucial for emerging countries aiming for economic and social development.
But TotalEnergies was not the only company welcoming Wednesday's news, with Italy's Eni in agreement.
"For the first time, the final agreement expresses the need to balance emission targets, energy security, access to energy and competitive development," a spokesperson told The National. "Both developed and developing countries have agreed on the complexity of the energy transition challenges ... that’s a great result."
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People from all around the world, including the small island nation of Tuvalu, descend on Cop28 in Dubai. Chris Whiteoak / The National -
Performance artist Marius Diaconu leads a Unity Dance on the opening day at Expo City. Chris Whiteoak / The National -
British Foreign Secretary David Cameron at the second day of the summit. Chris Whiteoak / The National -
Visitors from Ecuador at the event. Chris Whiteoak / The National -
The Saudi pavilion turned heads. Chris Whiteoak / The National -
Protesters held flags reading: 'No climate justice without human rights.' Chris Whiteoak / The National -
Global cultures on full display on day three. Chris Whiteoak / The National -
Sadhguru, founder and head of India's Isha Foundation, on day three. Khushnum Bhandari / The National -
Cop28 demonstrators call for a ceasefire in Gaza. Pawan Singh / The National -
Brazil's popular pavilion. Chris Whiteoak / The National -
Expo City's impressive dome at night. Chris Whiteoak / The National -
Commissioned artwork titled The Choice by Tristan Eaton at Expo City. Chris Whiteoak / The National -
Visitors young and old at the site. Chris Whiteoak / The National -
The summit is a global affair. Chris Whiteoak / The National -
Activists air their hopes at the site. Chris Whiteoak / The National -
Local and international communities are working together to secure a greener future. Chris Whiteoak / The National -
Visitors arrive for day six of the summit. Chris Whiteoak / The National -
Young activists from Engajamundo protest about smog being created from deforestation in the Amazon. Chris Whiteoak / The National -
Colours on display on day six. Chris Whiteoak / The National -
Members of a Sikh human rights group in attendence. Chris Whiteoak / The National -
Egyptian comic Bassem Youssef attends a talk on the sixth day. Chris Whiteoak / The National -
The Wake up experience with Sadhguru. Chris Whiteoak / The National -
The Wake up experience with Sadhguru. Chris Whiteoak / The National -
The first week of talks finished on a high, with hard negotiations planned for the second one. Khushnum Bhandari / The National -
Protestors call for a ban on fossil fuels. Khushnum Bhandari / The National -
Day seven's Sustainable Fashion show. Pawan Singh / The National -
Talks resumed on day nine, after a one-day break. Chris Whiteoak / The National -
Friends for Future protest to phase out fossil fuels on day nine. Chris Whiteoak / The National -
Global Campaign to Demand Climate Justice also demonstrate. Chris Whiteoak / The National -
International visitors at the site on day 11. Chris Whiteoak / The National -
People protest about 'no climate justice without human rights'. Chris Whiteoak / The National -
Mariam Almheiri, minister of Climate Change and Environment, speaks at the launch ceremony of the environmental identity. Chris Whiteoak / The National -
Visitors watch the protests. Chris Whiteoak / The National -
Day 11 at Cop28. Chris Whiteoak / The National -
Day 11 at Cop28. Chris Whiteoak / The National -
Indonesian dancers perform on day 12. Chris Whiteoak / The National -
Day 12 at Cop28. Chris Whiteoak / The National -
Negotiations remain under way on day 12. Chris Whiteoak / The National -
Messages left at the Indonesian pavilion. Chris Whiteoak / The National -
Protestors call for climate action to extend to food systems. Chris Whiteoak / The National -
Nuclear for Climate demonstrators. Chris Whiteoak / The National -
Dr Sultan Al Jaber, Cop28 President, arriving for the plenary session on day 14. Pawan Singh / The National
Sharjah-based Crescent Petroleum said the agreement recognised the importance of the energy trilemma, which includes “achieving affordability and availability as well as sustainability".
It also acknowledged that the transition must be “just and orderly and equitable”, keeping the growing energy needs of the developing world in mind, the company’s chief executive, Majid Jafar, told The National.
The International Energy Agency expects global demand for oil and gas to peak by 2030 with an increasing adoption of renewable energy technology and electric vehicles.
The current annual investment in the oil and gas sector of $800 billion is double what is required by 2030 in the 1.5°C scenario, the agency has said.
Javier Cavada, the chief executive and president of Mitsubishi Power Emea, drew a comparison between the transition from fossil fuels to alternative energy sources and the shift from horses to the automotive industry in the 20th century.
“We have a fossil fuel society … I wouldn't say we have an industry,” Mr Cavada told The National.
Mitsubishi Power, a subsidiary of Japan's Mitsubishi Heavy Industries, provides energy solutions.
Despite the rapid adoption of electric cars and renewable energy, fossil fuels still meet more than 80 per cent of the world's energy requirements.
The Cop28 agreement was struck against the backdrop of two geopolitical conflicts and an economic slowdown, that have raised concerns over energy supply.
Russia’s invasion of Ukraine last year pushed natural gas prices to record highs, forcing traders in developing economies such as India and China to boost their imports of coal.
Despite that, global coal-fired power generation is on track to peak in 2023 as new sources of renewable and low-carbon energy expand rapidly, according to Rystad Energy.
The Norway-based consultancy expects coal consumption to start declining next year as solar and wind grow in popularity.
