OPEC Lauds UAE Hosting COP28

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OPEC chief Barkindo stressed the Abu Dhabi National Oil Company is a pioneering model of employing advanced technology to produce low-carbon energy, and strengthen supply chains…reports Asian Lite News

Mohammed Barkindo, Secretary-General of the Organisation of the Petroleum Exporting Countries (OPEC), said the selection of the UAE to host COP28 in 2023 in Abu Dhabi is a significant milestone in the history of the event and a historic opportunity for the global energy sector to start a new glorious chapter of transition to clean energy and address climate change.

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In his statement to the Emirates News Agency (WAM), on the sidelines of his participation in the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC) 2021, Barkindo congratulated the UAE for being chosen to host COP28, which highlights its prominent global stature and supports its aspirations to achieve carbon neutrality by 2050.

Hosting such a major international event in the UAE is a significant achievement that supports the country’s goal of leading international efforts in this strategic field, by implementing distinguished initiatives and making significant investments in low-carbon energy production, he added.

COP28 is highly important, not only for the UAE but for all OPEC and non-OPEC member states and players in the oil and gas industry around the world, he said, congratulating the UAE and its leadership and people.

Barkindo stressed the Abu Dhabi National Oil Company (ADNOC) is a pioneering model of employing advanced technology to produce low-carbon energy, most notably hydrogen and strengthen supply chains. During ADIPEC 2021, it signed two agreements with South Korea’s GS Energy and Japan’s Mitsui, along with Fertiglobe, to launch a joint project to produce low-carbon blue ammonia facility at the TA’ZIZ Industrial Chemicals Zone in Ruwais, highlighting the fact the UAE is leading the international efforts to transform the energy sector.

Barkindo then highlighted the keenness of OPEC to benefit from the UAE’s efforts and expertise in energy transition, expressing his happiness at participating in the 37th edition of ADIPEC, and noting the event is the start of the post COVID-19 pandemic era and the resumption of international activities.

He then lauded the good organisation of the event and the UAE’s courage and professionalism in deciding to hold it in 2021 in Abu Dhabi to shape the future of the energy sector.

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Path-breaking initiatives at COP26

At COP26, the Agriculture Innovation Mission for Climate (AIM for Climate) – a major new initiative led by the UAE and US with the support of over 30 governments – was officially launched. AIM for Climate announced an “early harvest” of US$4 billion of increased investment to accelerate innovation for climate-smart agriculture and food systems over the next five years.

The UAE has pledged US$1 billion of increased investment as part of this initiative, which aims to increase and accelerate agricultural and food systems innovation in support of climate action. AIM for Climate is focused on leveraging high-potential economic returns and job creation from innovation investment in a sector that employs over 2 billion people and feeds the world’s growing population.

The UAE also joined the Global Methane Pledge building on its position as one of the least methane intense nations in the world. The nation will share its capabilities and experience in best-in-class methane performance with signatories to the EU-US led initiative that aims to cut global methane emissions by 30 per cent by the end of the decade. The UAE has long acted as a regional leader in methane reduction.

Over five decades, the country has successfully reduced the volume of natural gas flared in the domestic energy sector by more than 90 per cent. In turn, the UAE’s hydrocarbon industry today holds one of the world’s lowest methane intensities of 0.01 per cent. The UAE will build on this foundation of ultra-low methane intensity in the energy sector to further improve its methane performance.

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The UAE, represented by the Ministry of Energy and Infrastructure (MOEI) also announced the Hydrogen Leadership Roadmap, a comprehensive national blueprint to support domestic, low-carbon industries, contribute to the country’s net-zero ambition and establish the country as a competitive exporter of hydrogen.

The road to COP 28 is a testament to the positive climate action initiated by the UAE for over three decades. The UAE was the first country in the Middle East & North Africa to ratify the Paris Agreement and commit to lowering its carbon emissions. It was also a pioneer in setting the region’s first renewable energy and biodiversity conservation targets to match its climate ambitions.