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COP28 President Says Oil Companies Support 2050 Net-zero Goal
The summit is seen as a crucial opportunity for governments to accelerate action to limit global warming with reports so far showing countries are off track to meet promises to limit the rise in global temperatures to 1.5 degrees Celsius
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Sultan al-Jaber, head of United Arab Emirates oil giant ADNOC has urged the energy sector players to join the fight against climate change this year. Since his country is an OPEC (Organisation of Petroleum Exporting Country) member and a major oil exporter, he was always a controversial pick to lead COP28, which begins next month.
According to Jaber, a system-wide holistic transformation of entire economies is needed- economies that currently run on the equivalent of 250 million barrels of oil, gas and coal every single day.
He shared that more than 20 oil companies and gas companies had positively answered calls to align around net zero by 2050 and to zero out methane emissions and eliminate routine flaring by 2030.
As per reports by Reuters, 30 November and 12 December are the scheduled dates for COP28. Ahead of COP28, countries remain divided between those demanding a deal to phase out planet warming, fossil fuels, and nations that insist on preserving a role for coal, oil and natural gas.
The summit is seen as a crucial opportunity for governments to accelerate action to limit global warming with reports so far showing countries are off track to meet promises to limit the rise in global temperatures to 1.5 degrees Celsius.
Major oil and gas company chiefs held meetings with heavy industry bosses on Sunday in the UAE to discuss a decarbonisation commitment ahead of COP28.