COP28 President Sultan al-Jaber has urged the oil and gas industry to align with a net-zero target by 2050, eliminate methane emissions, and end routine flaring by 2030. Speaking at the Abu Dhabi International Petroleum Exhibition & Conference (ADIPEC), Jaber welcomed the actions taken by more than 20 oil and gas companies to combat climate change. He emphasized the need for a profound transformation of entire economies to address the climate crisis, highlighting that economies currently rely on the equivalent of 250 million barrels of oil, gas, and coal daily, which must be replaced or decarbonized.

Notably, Jaber is also the CEO of the Abu Dhabi National Oil Corporation (ADNOC), and the UAE has a significant reliance on fossil fuels in its economy.

Jaber’s call comes after convening meetings of both demand and supply side businesses in Abu Dhabi. He stressed the importance of collaboration between industries, governments, civil society, NGOs, scientists, technologists, and the financial community to accelerate decarbonization. While industries can take action, governments should play a proactive role in setting the right demand signals and addressing permitting issues, according to Jaber.

The success of the upcoming UN climate summit in Dubai, COP28, will depend on key parameters such as operationalizing the loss and damage fund and establishing an energy pathway to achieve the Paris Agreement’s goal of limiting global temperature rise to 1.5 degrees Celsius, a senior official stated. The conference’s outcomes are crucial as the climate crisis, combined with El Nino, is leading to record-high global land and sea surface temperatures.

Ambassador Majid Al Suwaidi, COP28 Director General from the UAE, which holds the presidency for the summit, emphasized the need to deliver on mandated outcomes such as the Global Stocktake, the Global Goal on Adaptation, and the operationalization of the Loss and Damage fund, along with just transition work.