Wednesday 21 February 2024

COP28 CEO urges O&G to step up their decarbonisation efforts

ABU DHABI, November 23, 2023

Adnan Amin, CEO of COP28, has urged the oil and gas sector to take urgent actions towards achieving net zero emissions by 2050 and zero methane emissions by 2030, supporting the global transition and highlighting the need for COP28 to be an inflection point in climate change efforts.
He said: “I have consistently called on oil and gas to aim for the highest possible ambitions and deliver urgent action through decarbonisation. We believe the oil and gas industry can do more.  That is why I have been calling for the oil and gas industry to align around net zero by or before 2050 and zero out methane emissions by 2030. They must decarbonise their own businesses and support the global transition.”
He added: “The IEA report reinforces the need for COP28 to be an inflection point in the world’s efforts to tackle climate change and keep 1.5 deg C within reach. The world must deliver an ambitious decision on the Global Stocktake and give the world some good news.”
Amin concluded: “The report specifically notes that all sectors must be part of the solution. Real tangible climate action will only come with everyone at the table, and we have always said that we cannot have an energy transition without the energy industry.”
Driving greenhouse gas emissions from the world’s energy sector to net zero and limiting global warming to 1.5 deg C remains possible due to the record growth of key clean energy technologies, though momentum needs to increase rapidly in many areas, according to a new edition of the IEA’s landmark Net Zero Roadmap.
The report stresses the importance of stronger international cooperation to limiting global warming to 1.5 deg C. It warns that a failure to sufficiently step up ambition and implementation between now and 2030 would create additional climate risks and make achieving the 1.5 deg C goal dependant on the massive deployment of carbon removal technologies, which are expensive and unproven at scale.
In a Delayed Action Case that the report examines, a failure to expand clean energy quickly enough by 2030 means nearly 5 billion tonnes of carbon dioxide would have to be removed from the atmosphere every year during the second half of this century. If carbon removal technologies fail to deliver at such scale, returning the temperature to 1.5 deg C would not be possible.
The 2023 Conference of the Parties of the UNFCCC (COP28) will be held in Dubai, UAE from November 30 to December 12. It will bring together 198 states and parties to address the global threat posed by climate change. --OGN/TradeArabia News Service


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