UAE wants transformative action which is fair for developing economies

UAE wants transformative action which is fair for developing economies

The UAE’s Minister of Industry and Advanced Technology, Emirate’s Special Envoy for Climate Change and COP28 President-Designate Dr Sultan Al-Jaber pointed to the scale of the world’s energy and climate challenges, calling for transformative action that is carried out in a way that is fair for developing economies.

Taking part in a round table meeting conference on the role of the energy sector in accelerating climate action, which was hosted by the International Energy Agency (IEA) in Paris on Thursday, Dr Al Jaber, who is also head of Abu Dhabi National Oil Company, said that the forthcoming COP marks the first global stocktake since the Paris Agreement, and its conclusions are not in doubt.

“We are way off track and the bottom line is that the world needs to cut emissions 43% in the next seven years to keep the target of 1.5° C alive,” Dr Al-Jaber said.

He continued: “In the course of those same seven years, the global population will exceed 8.5 billion and is on its way to 10 billion by 2050. Meeting the scale of the world’s fast growing energy needs, while dramatically reducing emissions is one of the most complex challenges nations ever faced. Nothing short of transformational progress will do across mitigation, adaptation, climate finance and loss and damage.”

Ambassadors and senior representatives from more than 50 countries from across the globe – accounting for around 80% of global CO2 emissions – attended the event, as well as leaders of several major energy companies. The discussions focused on the key priorities for the COP28 Climate Change Conference that is taking place in Dubai in November this year under the Presidency of the UAE.

The meeting was an opportunity for Dr Al-Jaber to set out his vision for the UAE’s COP Presidency and for the countries present – a diverse group of advanced, emerging and developing economies spanning Africa, the Americas, Asia-Pacific, Europe, and the Middle East – to give their perspectives, pose questions and make suggestions.

Need to Control Emissions

IEA Executive Director Fatih Birol provided opening remarks, setting out the global energy and climate landscape as it stands today. He highlighted that while the world is contending with an unprecedented energy crisis, the growth of clean energy technologies – such as renewables, EVs, heat pumps and energy efficiency – has prevented a much stronger rise in emissions.

He also stressed the need to accelerate the deployment of these and other technologies to put emissions into decline. Crucially, this includes mobilising more financing for clean energy investments in emerging and developing economies.

“A successful COP28 is vital for all countries because the Paris Agreement target of limiting global warming to 1.5° C – and therefore the future of the planet – is at risk, he said, noting the opportunity the UAE must demonstrate leadership on climate action for other oil and gas producers.

“We are pleased to host Dr Sultan Al-Jaber for a frank discussion on how to accelerate climate action. More than 50 countries from around the world took part in the meeting, representing around 80% of global CO2 emissions and, I hope, more than 80% of the solutions,” Dr Birol said.

According to Birol, the UAE’s COP28 Presidency is a crucial opportunity for the oil and gas sector to show it can take an active and transparent role in tackling climate change. An ambitious and successful COP28 in Dubai can change the world’s energy and climate future for the better. And it can change the economic destiny of many oil and gas producing countries, setting a path that moves them away from over-reliance on hydrocarbons towards a cleaner and more secure future.

“The IEA will help map out this path with a special report that we will publish ahead of COP28 on the role of oil and gas producers in the transition to net zero emissions,” Fatih Birol added.

Global Business Magazine

Global Business Magazine

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