UAE’s COP28 President Urges Urgent Global Action on Emissions Cuts and Decarbonization of Oil and Gas Industry
Dr. Sultan Al Jaber, the United Arab Emirates’ Special Envoy for Climate Change and President-designate of COP28, is leading the charge for urgent action on climate change. He stressed the importance of reducing global emissions by 43% over the next seven years to keep the Paris Agreement’s 1.5°C temperature goal alive. Dr. Al Jaber is also calling on industries such as oil and gas to decarbonize alongside other sectors.
At a recent meeting in Paris, Dr. Al Jaber emphasized that climate and economic progress must go hand-in-hand, and a just transition that is fair to the global south is required. He also called for a fundamental reform of international financial institutions and multilateral banks to ensure that vulnerable countries are not left behind.
The Intergovernmental Panel on Climate Change (IPCC) has warned that the world has already warmed by 1.1°C since pre-industrial times, and we are already seeing the devastating impacts of climate change, such as more frequent and severe weather events, rising sea levels, and loss of biodiversity. To limit global warming to 1.5°C and avoid the worst impacts of climate change, the world must drastically reduce greenhouse gas emissions and transition to a net-zero emissions economy by mid-century.
Dr. Al Jaber’s call for global emissions cuts comes as the world continues to experience record-breaking temperatures, wildfires, and extreme weather events. The world’s top 10 emitters, which include China, the United States, and India, are responsible for more than two-thirds of global emissions. Therefore, it is crucial that all countries, including the largest emitters, take ambitious and immediate action to reduce their emissions.
Oil and gas companies, in particular, have a critical role to play in the transition to a low-carbon economy. The International Energy Agency (IEA) estimates that oil and gas production accounts for about 5% of global emissions. To achieve the Paris Agreement’s goals, the IEA recommends that there should be no new oil and gas exploration or development, and all existing fields should be phased out by 2050.
Dr. Al Jaber’s call for oil and gas companies to decarbonize aligns with the growing pressure on the industry to transition to renewable energy sources. Many oil and gas companies have already made commitments to reach net-zero emissions by 2050, including BP, Shell, and TotalEnergies. However, these commitments must be followed by concrete actions to reduce emissions, such as investing in renewable energy and carbon capture technologies, and phasing out fossil fuels.
The IEA will publish a special report ahead of COP28 on the role of oil and gas producers in the transition to net-zero emissions. The report will provide insights into the potential for oil and gas companies to reduce their emissions and contribute to the global effort to combat climate change.
In conclusion, urgent action is needed to reduce global emissions and limit the worst impacts of climate change. Dr. Al Jaber’s call for a just transition that is fair to the global south and fundamental reform of international financial institutions and multilateral banks is crucial to ensure that vulnerable countries are not left behind. Oil and gas companies have a critical role to play in the transition to a net-zero emissions economy, and their decarbonization efforts will be essential in achieving the Paris Agreement’s goals. The world must come together to tackle the climate crisis and build a more sustainable future for all.
