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Oil and Gas Companies Commit to Decarbonization Goals at COP28 Dubai Climate Summit

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Oil and Gas Companies Commit to Decarbonization Goals at COP28 Dubai Climate Summit

More than 20 oil and gas companies, including state-owned companies, have pledged to meet the decarbonization goals set at the Dubai World Climate Summit, COP28, according to Sultan Ahmed Al Yaber, CEO of Abu Dhabi National Oil Company (ADNOC). Al Yaber made this announcement during the opening of the World Energy and Climate Summit in Madrid. With just 59 days remaining until COP28 begins, Al Yaber emphasized that the world is not currently on track to limit global warming to 1.5 degrees Celsius. He called for a reduction of 22 gigatonnes of greenhouse gas emissions in the next seven years and stressed the importance of global unity and solidarity from all interested parties to achieve this goal.

The agenda for COP28 will focus on accelerating a just energy transition, fixing climate finance, and addressing people’s livelihoods. Al Yaber urged governments to triple renewable energy and double energy efficiency by 2030, citing support from various organizations including the EU Presidency, Kenya, the African Union Commission, and the G20.

To achieve renewable energy goals, practical measures such as expediting permit granting and investing in improving electrical networks will be necessary, according to Al Yaber. He also emphasized the importance of sending strong demand signals to incentivize the private sector. Al Yaber highlighted the need to decarbonize current energy sources while building a fossil fuel-free energy system.

In addition to the commitments made by the oil and gas industry, Al Yaber called for political objectives to triple the world‘s renewable energy capacity and double efficiency, as well as a stronger commitment to reducing fossil fuels.

However, Al Yaber acknowledged the lack of international cooperation as a hindrance to addressing the climate crisis. He urged finding a way to isolate geopolitical tensions so that countries can focus on climate issues. This sentiment was echoed by Teresa Ribera, the acting Spanish Minister for the Ecological Transition, who emphasized the need for a global response and greater alignment with the objectives of the Paris Agreement.

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The Madrid summit, organized by the Government of Spain and the International Energy Agency (IEA), aims to intensify efforts to achieve the 1.5-degree goal outlined in the Paris Agreement. Al Yaber also called for a mechanism to support clean energy financing in emerging countries and a commitment from the oil and gas industry to align their actions with the COP’s objectives.

In conclusion, the upcoming COP28 provides a crucial opportunity to address decarbonization and accelerate global efforts to combat climate change. The commitments from oil and gas companies, coupled with international cooperation and political objectives, are essential for achieving the desired decarbonization goals.

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