Top executives from major oil and gas companies engaged in discussions with heavy industry leaders in the United Arab Emirates on Sunday, aiming to establish a firm commitment to reducing carbon emissions in advance of the upcoming United Nations climate summit, COP28.
Scheduled to occur in Dubai from November 30 to December 12, COP28 is viewed as a critical opportunity for governments to accelerate efforts to combat global warming, as current reports indicate that countries are falling short of their promises to limit global temperature increases to 1.5 degrees Celsius.
Adnan Amin, CEO of COP28, described the gathering as an unprecedented effort to bring together both the supply and demand sides of emissions in the COP process.
The objective is to encourage major industry players to commit to decarbonization efforts that will contribute to the fight against global warming. Amin expressed hopes of reaching this agreement prior to COP28 and aligning on its positioning at the summit.
The event united CEOs from over 50 companies in the oil and gas sector (supply side) and the aluminum, steel, and cement industries (energy demand side).
COP28 President Sultan al-Jaber convened the meeting, attended by U.S. Climate Envoy John Kerry, addressing topics such as hydrogen commercialization, carbon capture technology expansion, methane reduction, and increased reliance on renewable energy.
The president of the conference, Jaber, emphasized the necessity of involving the oil and gas industry in climate change discussions. He urged the energy sector to achieve net-zero emissions by or before 2050 and accelerate a collective commitment to achieving near-zero methane emissions by 2030.
This inclusive approach to involving oil and gas representatives marks a significant departure from the 2021 U.N. climate change summit in Scotland, where energy companies felt excluded from the proceedings.
In the lead-up to COP28, nations remain divided between those advocating for a fossil fuel phase-out and those seeking to maintain the role of coal, oil, and natural gas. Amin underscored the potential significance of the oil and gas industry's commitment to decarbonization and methane reduction, stating that it would be the first COP where carbon reduction efforts can be quantified.
Jaber, also the head of UAE state oil giant ADNOC, stirred controversy when selected to lead the climate summit due to his country's OPEC membership and significant oil exporting activities.
Nevertheless, the ongoing discussions and commitments represent a notable step toward addressing climate change on a global scale.