Within the presence of His Highness Sheikh Mansour bin Zayed Al Nahyan, Vice President, Deputy Prime Minister and Chairman of the Presidential Court docket, Dr. Sultan bin Ahmed Al Jaber, Minister of Trade and Superior Know-how and President-designate of the COP28, appealed to the oil sector. and the fuel business to decide to formidable decarbonisation targets, as a part of the COP28 Presidency’s motion agenda, to speed up the power transition and preserve 1.5°C inside attain.
In his keynote speech on the opening of the thirty ninth version of ADIPEC 2023, Dr. Al Jaber calls on the business to “take motion, align on web zero emissions by or earlier than 2050, scale back methane emissions to zero and remove routine flaring by 2030.” ”
He welcomed the current progress and motion of greater than twenty oil and fuel firms, together with each worldwide and nationwide oil firms (IOCs and NOCs), who’ve “positively answered the decision” to take the difficult however achievable steps to scale back emissions from curb power manufacturing. .
Dr. Al Jaber described the progress as follows: “This took time, effort and lots of months of exhausting work, negotiation and collaboration. We depend on many extra individuals to come back on board and take motion to decarbonize the economic system additional and quicker. I urge everybody to make this dedication at COP28, a COP the place I name on everybody to set the best ambitions, comply with via with sensible actions and ship actual outcomes.”
Dr. Al Jaber made his name to motion at first of ADIPEC 2023, the power sector’s largest and most inclusive gathering.
At first of the occasion, which runs from October 2 to five, Dr. Al Jaber: “This business can and should assist notice the options. For too lengthy, this business has been seen as a part of the issue, not doing sufficient and in some instances even blocking progress. That is your likelihood to point out the world that you’re really central to the answer.”
Dr. Noting the magnitude of the local weather problem, Al Jaber acknowledged that “the world should scale back emissions by at the very least 43 p.c over the subsequent seven years to maintain 1.5 p.c inside attain. And that’s our north star. It’s our vacation spot. It is merely respecting science. And we should do that whereas guaranteeing human prosperity by assembly the power wants of the world’s rising inhabitants.”
In describing the mandatory actions, Dr. Al Jaber prioritized three key areas, together with: lowering emissions from power manufacturing, scaling up renewable power sources and decarbonizing hard-to-decarbonise sectors reminiscent of metal, cement, aluminum and heavy transport. .’
In discussing the quick steps he expects the oil and fuel business to take, Dr. Al Jaber notes that “eliminating methane leaks and flaring is the quickest method to have the best impression on operational emissions within the quick time period.”
Dr. Al Jaber additionally identified the essential function the oil and fuel business performs in scaling up renewable power sources, highlighting how these “symbolize a possibility for this business to diversify and future-proof its enterprise fashions.”
Recognizing that the volatility means renewables are usually not a viable answer for high-emitting industries, Dr. Al Jaber highlights the necessity to discover low-carbon options to decarbonise hard-to-decarbonise sectors reminiscent of metal, cement, aluminum and heavy transport.
“We all know that options exist and that each one sectors can and should reply to them. However they can not act alone. Governments have to be proactive in setting the appropriate demand alerts and coping with essential points reminiscent of permits.”
He additionally acknowledged the necessity to “overcome the hurdles to scale up and commercialize hydrogen and carbon seize applied sciences.”
Talking about his intention to help every little thing at COP28 with full inclusivity, Dr. Al Jaber that “everybody must be on the desk to make the mandatory transformational progress, and particularly the power business. No different sector has the identical skill to handle the complexity, depth of information, engineering expertise, know-how, capital and scale required for the duty at hand.”
Dr. Al Jaber additionally outlined his imaginative and prescient to “reshape the connection between producers and the heaviest consuming nations and sectors. Since March, I’ve convened high-GHG emitting sectors alongside the power business, governments, civil society, NGOs, scientists, technologists and the monetary group to speed up decarbonization.”
Talking about the necessity to “create a future that’s pro-climate and pro-growth,” Dr. Al Jaber notes that “it’s a historic alternative for development and innovation. In truth, it represents the best financial alternative because the first industrial revolution.”
Concluding his remarks, Dr. Al Jaber that “it’s time to flip rhetoric into outcomes, ambitions into actions, and pilots into scalable tasks. It is time to unite, it is time to act and it is time to get outcomes.”
Dr.’s speech Al Jaber arrived a day after internet hosting a “Changemakers Majlis”, a groundbreaking CEO-level assembly with representatives from the power, cement, heavy transport, metal and aluminum sectors to develop actionable options for the power transition and to direct.
The collaboration centered on commercializing the hydrogen worth chain, scaling up carbon seize applied sciences, eliminating methane from power, growing renewables within the grids and biofuels as a catalyst for decarbonization.
The COP28 President-designate’s name to implement a complete power transition plan is a part of the COP28 Presidency’s Motion Agenda, which is predicated on 4 key pillars. These pillars embrace accelerating a simply and orderly power transition, arranging local weather finance, specializing in individuals, lives and livelihoods, and supporting all with full inclusivity.
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