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COP28 president says 20 oil companies support 2050 net zero goal

Sultan Al Jaber urged oil and gas companies to combat climate change.

COP28 president says 20 oil companies support 2050 net zero goal
[Source photo: Pankaj Kirdatt/Fast Company Middle East]

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Undoubtedly, a system-wide holistic transformation of economies that currently run on oil, gas, and coal is the need of the hour. There’s a rallying call to work together to transform, decarbonize, and future-proof the oil and gas industry and accelerate the innovation and tangible actions needed to enable a lower-carbon and higher-growth future for the world.

Addressing the need to accelerate the energy transition at ADIPEC, an oil and gas conference in Abu Dhabi, Dr. Sultan Al Jaber, President-Designate of COP28 and head of UAE oil company ADNOC, urged the energy industry to join the fight against climate change.

He added that more than 20 oil and gas companies have had positive conversations to align around the UAE’s goal of net zero by 2050 while also aiming to meet zero methane emissions targets and eliminate routine flaring by 2030.

“For too long, this industry has been viewed as part of the problem, that it’s not doing enough and in some cases even blocking progress. This is your opportunity to show the world that, in fact, you are central to the solution,” Al Jaber said.

Having one of the fastest-growing clean energy industries in the world, the UAE is set to generate a total capacity of 19.8 gigawatts of clean energy by 2030. 

Echoing Dr Al Jaber’s call to action, Tayba Al Hashemi, Chair of ADIPEC 2023 and CEO of ADNOC Offshore, said: “By 2030, the world will be home to an additional half a billion people, demanding more energy every year. At the same time, the global challenge of climate change calls for urgent, game-changing solutions to eliminate emissions. Every government, industry, business and individual has a role to play in decarbonising quicker, and creating the future of energy, faster, while safeguarding energy security and ensuring nobody is left behind.”

Haitham Al Ghais, Secretary General of OPEC said: “We have to have a clear roadmap of where we’re going, and how to get there”. 

At the event, policymakers and industry leaders explored how innovative policies and inclusive practices are the key to meeting increasing energy demands and achieving net zero emissions.

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