06.07.2023,
7915 Zeichen
Abu Dhabi, Uae (ots/PRNewswire) - COP28 President-Designate, Dr.
Sultan Al Jaber, today delivered a speech to the 8th OPEC
International Seminar, being held this week in Vienna, in which he
urged the oil & gas industry to allocate capital at scale to clean
energy solutions.
* During the 8th OPEC International Seminar, held in Vienna, under
the theme "Towards a Sustainable and Inclusive Energy
Transition."
Dr. Al Jaber thanked OPEC for playing an essential role in
balancing energy markets, promoting global prosperity and
advancing the goals of sustainable development.
* "Dramatically reducing emissions, while maintaining robust
sustainable growth, is the critical challenge of this century."
* Reiterating his call to action at CERA Week in March, the COP
President Designate said "The entire industry – IOCs and NOCs –
should be aligned to achieve net-zero by 2050 and we need to
accelerate an industry-wide commitment to zero out methane
emissions by 2030."
* "The world needs to massively scale-up clean energies by 2030,
triple renewable capacity to 11 TW, and double hydrogen
production
to 180 million tons."
* "The phase down of fossil fuels is in-evitable. It is in fact
essential. But it cannot be irresponsible.
* "We must manage this transition, ensuring energy security,
accessibility and affordability, while also sustaining
socio-economic development. The speed of the transition will be
driven by how quickly we phase up zero carbon alternatives."
* COP President Designate called on countries to revise their NDCs
saying: "The UAE has recently announced a 54-billion-dollar
capital investment program over the next 7 years to triple
renewable and clean energy capacity, significantly expand our
hydrogen production, and completely phase out coal from our
energy
mix."
* "We must leverage the skills, the project management experience,
the project finance expertise, and the technological knowhow of
all relevant industries, including and in particular the oil and
gas industry."
* "For too long in the recent past, this industry has been viewed
as
the problem. Take this opportunity to step up, flip the script
and
show the world once again how this industry is an important part
of the solutions we need."
* "We need to rapidly build a new clean energy system, while
comprehensively decarbonizing the system we rely on today."
* Oil & gas industry should "up its game, urgently decarbonize its
operations and take collective action to eliminate operational
emissions."
* Government policies need to stimulate the adoption of clean
energies, commercialization of the hydrogen value chain, make
carbon capture viable and affordable and incentivize R&D in
battery storage, energy efficiencies and other new technologies.
The theme of the seminar – "Towards a Sustainable and Inclusive
Energy Transition" – represents "one of the most complex issues we
collectively face," the President-Designate told the gathering of
energy producers and consumers. "Dramatically reducing emissions,
while maintaining robust sustainable growth, is the critical
challenge of this century."
To meet that challenge, COP28 will need to "leverage the skills, the
project management experience, the project finance expertise and the
technological knowhow of all relevant industries, including and in
particular the oil and gas industry."
While the oil & gas industry has long been viewed "as the problem"
the sector should "take this opportunity to step up, flip the script
and show the world once again how this industry is an important part
of the solutions we need," the President-Designate told the audience.
"We need to rapidly build a new clean energy system, while
comprehensively decarbonizing the system we rely on today," he said.
Dr. Al Jaber repeated his call for the oil & gas industry to "up its
game, urgently decarbonize its operations and take collective action
to eliminate operational emissions," based on three imperatives.
These include the entire industry aligning to achieve net zero by
2050, accelerating the industry-wide commitment to zero out methane
emissions, and monitoring, measuring and validating progress every
step of the way.
"Today I would like to add a fourth imperative," Dr. Al Jaber told
delegates. "And that is allocating capital at scale to clean energy
solutions, because the energy system of the future will not build
itself," he stated.
"Building a new energy system can only happen at speed and scale with
united action on the supply and the demand side together," the
President-Designate said. On the supply side, the world needs to
massively scale up clean energies by 2030, with renewable energy
capacity tripling to 11 terawatts (TW), and hydrogen production
doubling to 180 million tons.
"The phase down of fossil fuels is in-evitable. It is in fact
essential. But it cannot be irresponsible. We must manage this
transition, ensuring energy security, accessibility and
affordability, while also sustaining socio-economic development. The
speed of the transition will be driven by how quickly we phase up
zero carbon alternatives."
"Policies at the national level must set the direction," the
President-Designate said, calling on all nations to update their
nationally determined contributions (NDCs) "to accelerate 2030
trajectories in line with net zero by 2050."
The UAE has recently submitted a third update to its second NDC that
pushes emissions reductions to 40 percent, compared to business as
usual – an "almost 10 percent improvement on the previous
disclosure," Dr. Al Jaber said. "At the same time, we have announced
a $54 billion local program over the next seven years to triple
renewable capacity and significantly expand our hydrogen production,
while we completely phase out coal from our energy mix."
"I urge all countries to update their commitments as aggressively as
possible," he told delegates.
"Government policies at the national and sub-national level need to
stimulate adoption of clean energies, commercialize the hydrogen
value chain, make carbon capture viable and affordable, and
incentivize R&D in battery storage, energy efficiencies and other new
technologies," he said.
Applying new technologies at speed and scale will require
significantly more capital to be invested, the President-Designate
said, pointing out that last year's record $1.5 trillion investment
in clean technologies is only a third of the amount required.
International financial institutions and multilateral development
banks will need "major reform" to unlock concessional finance, lower
risk, and attract private finance at a multiple, he said.
"Finally, a critical success factor is people. We need capacity
building, and skills development to train young people for the jobs
of the future," Dr. Al Jaber said. "Because we must deliver climate
action at the same time and we must remember that the goal is to hold
back emissions, not progress."
Notes to Editors:
COP28 UAE:
* COP28 UAE will take place at Expo City Dubai from November
30-December 12, 2023. The Conference is expected to convene over
70,000 participants, including heads of state, government
officials, international industry leaders, private sector
representatives, academics, experts, youth, and non-state actors.
* As mandated by the Paris Climate Agreement, COP28 UAE will
deliver
the first ever Global Stocktake – a comprehensive evaluation of
progress against climate goals.
* The UAE will lead a process for all parties to agree upon a clear
roadmap to accelerate progress through a pragmatic global energy
transition and a "leave no one behind" approach to inclusive
climate action.
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content:https://www.prnewswire.co.uk/news-releases/cop28-president-de
signate-calls-on-oil--gas-industry-to-allocate-capital-to-clean-energ
y-solutions-301871113.html
Digital press kit:
http://www.ots.at/pressemappe/PR170977/aom
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