Big oil firms support 2050 net-zero emission goal: COP28 president

More than 20 oil and gas companies had positively answered calls to align around net-zero by 2050, said COP28 president Sultan Al Jaber. PHOTO: REUTERS

ABU DHABI - More than 20 firms across the oil and gas sector and heavy industry have agreed to commit to curb emissions at the UN’s COP28 climate summit, with more expected to join the group before the conference, its president said on Monday.

COP28 president Sultan Al Jaber said more than 60 top executives from the oil and gas, cement, aluminium and other heavy industries had held talks on Sunday in Abu Dhabi to agree on a firm commitment to cut carbon emissions ahead of the United Nations climate summit next month.

“For too long, this industry has been viewed as part of the problem, that it’s not doing enough and in some cases even blocking progress,” COP28 president Sultan Al Jaber said at an oil and gas conference in the capital city of the United Arab Emirates (UAE).

“This is your opportunity to show the world that, in fact, you are central to the solution,” he said, addressing major energy companies.

Dr Jaber did not disclose further details of the measures that had been agreed or identify the executives, but said in an interview those who had signed up would be named upon completion of the commitment, which he said would be transparent and measurable.

“I will launch my programme at COP, and those who want to be seen as a responsible, reliable and committed energy player... this is the day that they need to judge: which camp do you want to be in?” Dr Jaber told Reuters in the interview.

The COP28 summit is scheduled to take place in Dubai between Nov 30 and Dec 12. Dr Jaber, who is also head of UAE state oil giant Abu Dhabi National Oil Company, was a controversial pick to lead the climate summit because UAE is an Organisation of Petroleum Exporting Countries member and a major oil exporter.

He has called for the summit to bring together all stakeholders, including in the fossil fuel industry.

The inclusion of oil and gas representatives is a far cry from the 2021 UN climate change summit in Scotland, where energy companies complained they were shut out of the event.

European and small island countries have raised concerns ahead of COP28 that some oil and gas producing countries want to focus on expanding technologies to capture CO2 emissions, rather than curbing the use of fossil fuels directly.

Dr Jaber brushed off the idea that such technologies were a loophole to continue burning fossil fuels, saying scientists had confirmed the need to expand these technologies to meet climate goals.

“It’s not me who is saying this, it is the scientists and responsible intergovernmental agencies... and also the facts on the ground,” he said.

“Are we after decarbonisation, or are we after some ideological idea against oil and gas? We are after emissions, so let’s stay focused on that, that is our enemy; let’s fight that, let’s not fight an industry that has helped shape the world we are all in today.”

Dr Jaber, who has worked closely with both US climate envoy John Kerry and Chinese climate envoy Xie Zhenua, said he was optimistic both countries would have positive participation at COP28.

Climate diplomacy between the world’s two biggest carbon dioxide emitters was suspended in August last year, but in July, Mr Kerry and his counterpart Mr Xie restarted the conversation when they met in Beijing.

Dr Jaber also said a fund that countries agreed to launch at last year’s climate summit in Egypt to help poor countries deal with the irreversible damage caused by climate disasters must be put into operation during COP28.

Countries are split over how to design the fund, with some nations arguing it should only be for the most vulnerable countries, while others say all developing nations should have access to the cash.

Dr Jaber denied media reports that the UAE would also host next year’s COP29 in light of disagreements over the coming host.

On Sunday, major oil and gas company chiefs held discussions with heavy industry bosses in what was seen as a crucial opportunity for governments to accelerate action to limit global warming.

Reports have so far shown countries to be off track to meet promises to limit the rise in global temperatures to 1.5 deg C above pre-industrial levels.

“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,” Mr Adnan Amin, COP28 chief executive, told Reuters. REUTERS

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