“Apart from all industries, the oil and gas sector needs to step up its game, do more and do more faster,” said Abu Dhabi National Oil Company CEO Sultan al-Jaber during his keynote speech at CERAWeek.
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The chief executive of one of the world’s biggest oil companies, who will lead discussions at the COP28 climate summit later this year, has called on the energy industry to “up its game” to reduce emissions.
In a keynote speech to attendees in Houston, Texas, for the CERAWeek conference – considered one of the biggest events in the energy industry’s calendar – Abu Dhabi National Oil Company CEO Sultan al-Jaber emphasized the “integral” role that the oil and gas sector plays for address the climate emergency.
“The energy leaders in this room have the necessary knowledge, experience, expertise, and resources…
“This is an opportunity for the industry to reinvent itself and lead again,” he said. “Let me call you to decarbonize faster, winter-proof faster and create a future energy system now.”
The head of the United Arab Emirates’ state oil company is seen as a controversial choice to lead the COP28 climate talks in Dubai later this year. At the time of his appointment, many called on al-Jaber to step down from the role, saying it was a conflict of interest with the COP28 position.
Every year, ministers representing countries around the world gather at the COP to discuss how to achieve the aspirational goal of the Paris Agreement – preventing global warming to just 1.5 degrees Celsius above pre-industrial levels by 2050.
If temperatures rise beyond this critical threshold, small changes can lead to dramatic changes in all life-support systems on Earth.
The UAE, the third largest producer of the OPEC oil alliance, will host UN-brokered climate talks from November 30 to December 12.
The COP28 summit will see the first global stakes since the 2015 Paris Agreement.
Oil and gas sector must ‘decarbonize fast’
The Adnoc chief cited the world’s leading climate scientists as saying that humans need to reduce emissions by 7% a year to keep global warming below 1.5 degrees Celsius. “That’s 43% less than seven years,” he said.
“This year, the world will evaluate exactly where we are when it comes to climate progress through the first Global Stocktake. And we know that we are far from the track. We need a major course correction,” said al-Jaber at the conference.
“Apart from all industries, the oil and gas sector needs to step up its game, do more and do more quickly,” he said. “You must quickly decarbonize your own operations. And have an important role to play in decarbonizing its customers.”
Big Oil executives have sought to defend their rising profits amid criticism in recent months, mostly highlighting the importance of energy security in the transition to renewable energy.
The burning of fossil fuels, such as coal, oil and gas, is the main cause of the climate crisis.
Speaking to Daniel Yergin, vice-chairman of S&P Global and chairman of the CERAWeek conference, shortly after the speech, Adnoc’s al-Jaber said the world “cannot responsibly dismantle today’s energy system until tomorrow’s system is ready.”
Asked about his hopes for COP28, al-Jaber outlined the main priorities in mitigation, adaptation, loss and damage and climate finance, among others,
“COP28 will be an action COP,” al-Jaber said. “We want real results.”
He added, “The world must move from agreements to implementation. Solutions are needed inside and outside of formal negotiations. This will also be a COP for all: including various stakeholders, responsible for commitments, and workable for solutions.”