COP28 President-Designate urges oil and gas industry to accelerate decarbonisation efforts

COP28 President-Designate Dr. Sultan Al Jaber has called upon the oil and gas industry to intensify their efforts towards decarbonisation. Speaking at the recent Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC), Dr. Al Jaber emphasised the importance of aligning with net-zero targets, eliminating methane emissions, and ending routine flaring, for the purpose of fast-tracking the global energy transition.

Dr. Al Jaber, who is the UAE’s Minister of Industry and Advanced Technology, Managing Director and Group CEO of the Abu Dhabi National Oil Company (ADNOC), as well as Chairman of Masdar, welcomed recent progress made by over 20 international and national oil companies that have committed to taking substantial steps to reduce emissions from energy production and stated that these efforts are essential to meeting the goals set forth in the Paris Climate Agreement of 2016.

COP28 UAE will take place in Dubai from November 30 to December 12, with participation anticipated from over 70,000 attendees, including heads of state, government officials, industry leaders, and various experts. This conference aims to deliver the first-ever Global Stocktake, providing a comprehensive evaluation of progress towards climate goals.

Dr. Al Jaber urged the oil and gas industry to play a pivotal role in solving the climate crisis, stressing that "this industry can and must help to drive the solutions." He acknowledged that the industry has historically been perceived as part of the problem but urged it to demonstrate its potential as a central part of the solution. Highlighting the urgency of the climate challenge, Dr. Al Jaber stressed the need to reduce emissions by at least 43% over the next seven years to limit global warming to 1.5 degrees Celsius. He identified three key priorities: reducing emissions from energy production, scaling up renewables, and decarbonizing challenging sectors like steel, cement, aluminum, and heavy transportation.

Dr. Al Jaber also highlighted the immediate importance of eliminating methane leaks and flaring, describing them as the fastest way to make a significant impact on operational emissions. He also called for increased efforts to scale up renewable energy sources and find low-carbon solutions for hard-to-abate industries. Furthermore, Dr. Al Jaber expressed his commitment to fostering inclusivity, stating that "everyone must be around the table to make the transformational progress needed." He outlined his vision to reimagine the relationship between producers and heavy-consuming sectors, pointing out the historic economic opportunity presented by the transition to a more sustainable future.

Dr. Al Jaber concluded by calling for concrete action, stating, "It's time to turn rhetoric into results, ambitions into action, pilots into scalable projects. It is time to unite, it is time to act, and it is time to deliver."

The President-Designate's address followed a "Changemakers Majlis," a CEO-level meeting focused on actionable solutions for the energy transition. This call for a comprehensive energy transition plan is part of COP28's Action Agenda, centred on four key pillars: fast-tracking a just energy transition, addressing climate finance, prioritising people – and their lives and livelihoods, and ensuring full inclusivity.

As the world gets ready for COP28 UAE, the message from Dr. Al Jaber is clear: the time to act decisively on climate change is now, and the oil and gas industry has a crucial role to play in shaping a sustainable future.