Sultan al-Jaber, CEO of the Abu Dhabi National Oil Co., who will lead international climate talks later this year, told energy sector leaders on Monday that the world must cut emissions by 7 percent each year and eliminate all methane emissions, strong comments for an oil executive.
But speaking at Ceraweek in Houston, al-Jaber did not directly address transportation emissions. the destination of most of the crude oil. Transportation emissions are the leading source of climate change in many countries, including the United States.
Al-Jaber spotted electricity, concrete. steel and aluminum as targets for cleaning, but not trucks, cars, trains and planes. He called for much greater investment to accelerate the transition to cleaner industries.
“According to the IEA, the world invested $1.4 trillion in energy transition in 2022,” he said. “We need more than three times that amount.”
Every year, nations gather at COP to discuss how the Paris Agreement goals to limit global warming to just 2.7 degrees Fahrenheit by 2050 can be achieved through international collaboration.
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The 28th International Conference of the Parties or COP28 will be held in Dubai, from 30 November to 12 December. As president, al-Jaber will have influence over the pressure on the major climate change, coal, oil and gas companies and countries that produce the fuels.
Al-Jaber is the UAE’s minister of industry and advanced technology, he is also the chairman of Masdar, a renewable energy company.
Ceraweek attracts high-level oil and gas officials each year and is hosted by S&P Global.
This year COP28 will be held in the UAE, which has drawn criticism given the nation’s high level of crude oil production. Abu Dhabi National Oil Co. pumps about 4 million bpd of crude oil per day and plans to expand to 5 million bpd.
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