Oil and gas should be part of COP28 talks: UAE

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The S&P Global article explained that Jaber’s comments are in line with statements from Saudi officials, including Energy Minister Prince Abdul Aziz bin Salman Al Saud, who said energy transition should not be disruptive to the world, reports Asian Lite Newsdesk

Discussions during COP28, to be held in the UAE in 2023, should include input from oil and gas experts because the world can’t unplug suddenly from the current energy system, said Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology and Managing Director and Group CEO of the Abu Dhabi National Oil Company (ADNOC).

“The UAE, OPEC’s third-biggest producer, is hosting COP28 at a time when the country’s top energy producer Abu Dhabi National Oil Co. is seeking to boost its oil production capacity to 5 million b/d by 2030 from about 4 million b/d now. ADNOC says the world will need its oil because it is low-cost and low-carbon,” S&P Global said in an article on Tuesday.

Sultan Al Jaber

“We want to successfully transition to the energy system of tomorrow,” Dr. Al Jaber, who is also the UAE’s Special Envoy for Climate Change, told an Atlantic Council virtual event. “We can’t simply unplug from the energy system of today and we can’t do this with a flip of a switch. We need to include the energy experts in the consultations and in the discussions and we need to make economic systems work more efficiently with much less carbon.”

“Officials in the UAE, the first country in the Middle East to make commitments toward zero carbon emissions by 2050, have argued that producing the least carbon intensive energy can go in parallel with lowering emissions and developing renewable energy and clean hydrogen,” noted the article.

The UAE’s 2050 pledge was followed by similar commitments from Saudi Arabia and Bahrain to reach zero emissions by 2060.

“Our goal by undertaking these activities and these initiatives is to hold back emissions, not to hold back progress or economic development,” said Al Jaber. “As long as the world continues to rely on oil and gas, we can play a very critical role in helping to ensure reliable supplies of the least carbon intensive oil and gas and we can make sure that this is available to the market where it is needed.”

The S&P Global article explained that Jaber’s comments are in line with statements from Saudi officials, including Energy Minister Prince Abdul Aziz bin Salman Al Saud, who said energy transition should not be disruptive to the world.

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“If it is disruptive to the economy, if it is disruptive to sustainability, if it is disruptive to the well-being of the citizens here and there and elsewhere, it should be reconsidered,” the prince explained.

Energy security should remain a top priority for the world, which should focus on reducing emissions and not excluding various energy sources, the prince added.

ADGM becomes carbon neutral

Abu Dhabi Global Market, the leading International Financial Centre in Abu Dhabi, on Wednesday announced that it had achieved a “carbon-neutrality” status by offsetting its 2021 carbon emissions as an organisation, thereby reinforcing ADGM’s commitment to building a progressive and more sustainable economy, and in addition, positioning ADGM as the first IFC in the world to be “carbon neutral.”

This development came following ADGM’s recent decision to transform the 4th edition of Abu Dhabi Sustainable Finance Forum (ADSFF) into a carbon-neutral platform and event in the UAE.

Abu Dhabi

To obtain its carbon-neutral position, ADGM purchased and retired all its 2021 carbon credits via the Rimba Raya[1] project, one of the highest-rated REDD 1+ projects globally, based in Indonesia. This initiative was facilitated by AirCarbon Exchange, a digital carbon trading exchange based in ADGM Square.

The ADSFF is an extension of the annual Abu Dhabi Sustainability Week and a strategic platform by the UAE financial sector to accelerate sustainable financing and investments and build up a more sustainable economy and future.

At this year’s ADSFF, a new cohort of 18 industry members joined the Abu Dhabi Sustainable Finance Declaration, bringing the total number of members 59. Together, these members seek to foster more sustainable financing activities and responsible investments, and address matters that affect the financial sector and long-term well-being of the UAE.

During the Forum, ADGM has also unveiled a series of new initiatives and programmes designed to support the sustainable finance agenda.