COP28 President encourages oil companies to join climate journey

COP28 President Dr. Sultan Al Jaber has encouraged all countries to adopt the ambitious economy-wide Nationally Determined Contributions that cover all greenhouse gases, if the world is to meet its climate and development goals.

Speaking during CERAWeek, a high-level energy conference in Houston in Texas, Al Jaber said, "At last year’s CERAWeek I delivered a clear call to action for oil and gas to step up. In fact, I said, ‘Houston, we have a problem’. Today, I am pleased to say that in Dubai at COP28 this industry proved that they are essential to the solution, and can actually drive it."

Dr Al Jaber welcomed the news that China National Petroleum Corporation, which represents 3.8 per cent of global oil production, will soon join the OGDC (Oil and Gas Development Company), increasing the ratio of oil production represented to 44 per cent. "This is major progress – but it is not enough," he said. "My message to other IOCs and NOCs is, what’s keeping you? It is time to step up, sign up and join us in this very important journey.

"If the world is going to meet its climate and development goals, every stakeholder has a vital role to play," he added. "All countries must adopt ambitious economy-wide Nationally Determined Contributions."

“Last year, I said, Houston, we have a problem. And today, I am pleased to say that in Dubai at COP28, this industry showed that they are essential to the solution and can actually drive it.”

At @CERAWeek, Dr. Sultan Al Jaber reiterated that the oil and gas sector is a critical… pic.twitter.com/kZc6gBetVv

— COP28 UAE (@COP28_UAE) March 19, 2024

Dr. Al Jaber indicated that the roadmap of the UAE Consensus must be met with "smart policies to commercialise clean technologies", which should be coupled with financing.

A core priority of the COP28 Presidency is to scale up climate finance and help to mobilise the resources required to make finance more accessible, available and affordable, he said, adding, "We need finance at every level to ensure renewable energy capacity is tripled by 2030 and that the Global South is not left behind. We must leverage the promise of advanced technology and Artificial Intelligence to transform energy efficiency."

"Let’s keep in mind the sheer size of the energy system we are replacing - over 260 million equivalent barrels of oil, gas and coal consumed every day. There is just no avoiding the fact that the energy transition will take time. It will happen in different places at different paces. And we need a responsible approach ensuring energy security alongside sustainability every step of the way."

Al Jaber was also awarded the CERAWeek ‘Leadership Award for Building Global Consensus towards a Sustainable Energy Future’.

The gong was presented by Daniel Yergin Vice Chairman of S&P Global who said, “The UAE Consensus that emerged from Dubai outlined pathways for governments and industries to work together to achieve what is nothing short of a historic transformation of the world’s energy systems.”

In recognition of delivering the historic UAE Consensus as COP28 President, Dr Sultan Al Jaber has been awarded the ‘Leadership Award for Building Global Consensus towards a Sustainable Energy Future’ at the annual @CERAWeek Energy Conference in Texas. The award was presented by… pic.twitter.com/dLF6eFkNfo

— COP28 UAE (@COP28_UAE) March 19, 2024