CEOs from major oil and gas companies met with heavy industry leaders in the United Arab Emirates to discuss reducing carbon emissions ahead of the COP28 climate summit. The summit, set to take place in Dubai, is seen as a crucial opportunity for governments to accelerate actions to limit global warming. Adnan Amin, COP28 CEO, stated that the aim of the meeting was to secure decarbonization commitments from major industry players to help limit global warming. The gathering included representatives from over 50 companies in the oil and gas sector, as well as the aluminium, steel, and cement industries.
The UAE’s president of the conference, Sultan al-Jaber, emphasized the need for the oil and gas industry to be part of the conversation on climate change. He called for achieving net-zero emissions by or before 2050 and urged the industry to commit to near-zero methane emissions by 2030. The inclusion of oil and gas representatives in the discussions marks a departure from the 2021 U.N. climate change summit, where energy companies felt excluded. However, ahead of COP28, countries remain divided on phasing out fossil fuels, with some demanding such a deal while others insist on preserving a role for coal, oil, and natural gas.
If the oil and gas industry commits to decarbonization agreements and methane abatement, it would greatly contribute to the climate change debate, according to Amin. He highlighted that COP28 would be the first summit where measurable carbon reductions could be observed. Sultan al-Jaber’s role as president of the conference has drawn criticism due to the UAE’s membership in OPEC and its status as a major oil exporter. The discussions at the meeting focused on areas such as commercializing hydrogen, scaling up carbon capture technologies, eliminating methane emissions, and increasing renewable energy.
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