The objective is to secure commitments for decarbonization from major industry players, thereby contributing to the collective effort to combat global warming.
In a groundbreaking move, leaders from major oil and gas corporations engaged in high-level discussions with heavy industry executives in the United Arab Emirates on Sunday, with the aim of solidifying a resolute commitment to curb carbon emissions in advance of the upcoming United Nations Climate Change summit, COP28.
The COP28 summit, scheduled to convene in Dubai from November 30 to December 12, is viewed as a pivotal opportunity for nations to accelerate efforts towards limiting global warming. Recent reports have underscored that countries are falling short of their promises to cap the increase in global temperatures at 1.5 degrees Celsius.
Adnan Amin, CEO of COP28, expressed the unprecedented nature of the gathering, stating, “What we have done today is something quite unprecedented in the COP process, to bring together both the demand and supply side in terms of emissions.”
The objective is to secure commitments for decarbonization from major industry players, thereby contributing to the collective effort to combat global warming. Amin emphasized the goal of finalizing these agreements before the COP28 summit, ensuring optimal positioning during the conference.
CEOs from over 50 companies in the oil and gas sector, representing the supply side, convened alongside counterparts from the aluminium, steel, and cement industries, representing the energy demand side. Discussions, held under the auspices of COP28 President Sultan al-Jaber, were attended by U.S. Climate Envoy John Kerry.
Key agenda items included advancing hydrogen commercialization, upscaling carbon capture technologies, methane reduction, and bolstering renewable energy initiatives, according to a statement released by COP28.
President Jaber of the United Arab Emirates emphasized the necessity of including the oil and gas industry in climate change dialogues. He called for the sector to achieve net-zero emissions by 2050 or earlier and urged a collective commitment to achieving near-zero methane emissions by 2030.
This significant inclusion of oil and gas stakeholders marks a departure from the 2021 U.N. climate change summit in Scotland, where energy companies voiced dissatisfaction over their limited participation.
As COP28 approaches, divisions persist among nations, with some advocating for a phased transition away from fossil fuels while others emphasize the retention of coal, oil, and natural gas in their energy portfolios.
Adnan Amin emphasized the potential impact of the oil and gas industry’s endorsement of decarbonization agreements and methane reduction, labeling it a substantial contribution to the climate change discourse. He added, “It will be the first COP that we can measure the carbon that we are taking off the table.”
President Jaber, who also leads UAE’s state oil company ADNOC, assumed a controversial role as the head of the climate summit, given his country’s status as an OPEC member and significant oil exporter.