The climate summit president will continue his oil company's record investments in oil and gas production, even as he coordinates a global agreement to do so “Transition” from fossil fuels. Sultan Al Jaber, who is also CEO of Adnoc, the UAE's national oil and gas company, told The Guardian that the company needs to meet demand for fossil fuels.
“My approach is simple: we will continue to act as a responsible and reliable provider of low-carbon energy, and.” The world will need the lowest carbon barrels at the lowest cost“he said, arguing that Adnoc hydrocarbons produce fewer carbon emissions because they are produced efficiently and with fewer leaks than other sources.
“Remember that it is ultimately demand that decides and dictates what type of energy source will help meet growing global energy needs,” he added.
It is important to remember that the text of the agreement does not speak of a “phase-out” or “reduction” of fossil fuels, as the most ambitious nations claimed. Ultimately, the document says, it will be about “making a transition” to leave these fossil fuels behind in energy systems, what is “fair, orderly and equitable” and achieving carbon neutrality in 2050, but accelerated action makes this decade possible.
The agreement “recognizes” the need for deep, rapid and sustainable reductions in greenhouse gas emissions to be achieved fall by 43% in 2030 to comply with the 1.5° threshold. And it requires the parties to do their part to achieve this goal within their means, their circumstances and their own roadmap.
For its part, Adnoc plans to invest $150 billion in oil and gas over seven years, according to Al Jaber would maintain current production levels instead of increasing production. In addition, he told The Guardian that Adnoc would give up a large part of its potential funding. “We have the fifth largest oil reserves in the world, but we are not exploiting these resources.”
However, after the summit concluded, not all participants were satisfied with the solution. Some of the world's most vulnerable countries to climate change criticized this for being inadequate and said there were “gaps”.