Sultan al-Jaber, CEO of the Abu Dhabi National Oil Co., who will lead international climate talks later this year told energy industry power players on Monday that the world must cut emissions by 7% every year and eliminate all emissions of methane, strong comments for an oil executive.
But speaking at Ceraweek in Houston, al-Jaber did not directly address emissions from transportation, the destination of most crude oil. Emissions from transport are the largest contributor to climate change in many countries, including the United States.
Al-Jaber singled out electricity, cement, steel and aluminum as targets for clean up, but not trucks, cars, trains and aircraft. He called for far greater investment to speed the transition to cleaner industries.
"According to the IEA, in 2022, the world invested $1.4 trillion in the energy transition,” he said. "We need over three times that amount.”
And he said that investment must flow to the developing world.
"Only 15 per cent of clean tech investment reaches developing economies in the global south, and that is where 80 per cent of the population live,” he stressed.
Al-Jaber did not call for the phasing out of oil and gas production and use, which is something that scientists and advocates have been demanding unsuccessfully for repeated COPs, short for Conference of the Parties, where nations meet to make climate commitments.
According to the International Energy Agency, to avoid the worst climate changes, there can be no new oil and gas production.
Each year, nations gather at COP to discuss how Paris Agreement goals to limit global warming to just 1.5 degrees Celsius (2.7 degrees Fahrenheit) by 2050, can be achieved through international collaboration.
The 28th international or COP28 will be held in Dubai, Nov 30 to Dec 12. The choice of country has drawn criticism given the nation’s high, and growing level of crude production.
The Abu Dhabi National Oil Co. pumps approximately 4 million barrels of crude a day and plans on expanding to 5 million barrels daily.
As president of this year's meeting, al-Jaber will have influence over how much pressure is brought to bear on those most responsible for climate change, countries and companies that produce and burn coal, oil and gas.
Al-Jaber is the United Arab Emirates minister of industry and advanced technology, also serves as 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.
