Current:Home > ScamsThe UAE holds a major oil and gas conference just ahead of hosting UN climate talks in Dubai -EverVision Finance
The UAE holds a major oil and gas conference just ahead of hosting UN climate talks in Dubai
View
Date:2025-04-18 16:42:57
ABU DHABI, United Arab Emirates (AP) — The Emirati president-designate of the upcoming United Nations COP28 climate talks urged oil and gas companies Monday to be “central to the solution” for climate change, a message delivered even as the industry boosts its production to enjoy rising global energy prices.
The appeal by Sultan al-Jaber highlights the gap between climate activists suspicious of his industry ties and his calls to drastically slash the world’s emissions by nearly half in seven years to limit global warming to 1.5 degrees Celsius (2.7 degrees Fahrenheit) compared with pre-industrial times.
While addressing a major international concern, his remarks came at a marquee oil industry event highlighting the state oil company he oversees — feeding the concerns of those already critical of his appointment while also drawing applause from the same energy firms he wants to court at the upcoming COP28 talks starting in November.
“That is our North Star. It is, in fact, our only destination,” al-Jaber said. “It is simply acknowledging and respecting the science.”
However, he added: “We must do this while also ensuring human prosperity by meeting the energy needs of the planet’s growing population.”
Al-Jaber serves as the CEO of the state-run Abu Dhabi Oil Co., which has the capacity to pump 4 million barrels of crude oil a day and hopes to reach 5 million barrels a day. He also made the call to the annual Abu Dhabi International Petroleum Exhibition and Conference, known by the acronym as ADIPEC, which brings together the largest players in the oil and gas industries.
While this year’s conference has been described as focusing on “decarbonizing faster together,” the event is primarily about the drilling, processing and sale of the same carbon-belching fuels driving climate change — which cause more-intense and more-frequent extreme events such as storms, droughts, floods and wildfires. And al-Jaber himself has repeatedly said the world must rely on oil and gas for the near-term to bridge that gap.
“A phase-down of fossil fuels is inevitable. In fact, it’s essential,” al-Jaber said. “Yet, this must be part of a comprehensive energy transition plan that is fair, that is fast, just, orderly, equitable and responsible.”
But on the business side, the oil industry is on the rebound. After prices briefly went negative during the lockdowns of the coronavirus pandemic, benchmark Brent crude now trades around $92 a barrel.
Diesel prices also are expected to rise as Russia has stopped its exports of the fuel, which likely will worsen global inflation through boosting transportation prices that will get passed onto consumers.
Gazprom, the state-owned natural gas company that is a pillar of Russia’s economy, had a major stand at the conference despite facing U.S. sanctions over Moscow’s war on Ukraine. Russian officials took part in Abu Dhabi’s major arms fair earlier this year, showing the UAE’s deepening financial ties to Moscow despite its long ties to the American military and hosting thousands of U.S. troops.
The conference highlights the challenge the United Arab Emirates has faced in trying to convince already-critical climate scientists, activists and others that it can host the U.N. Conference of the Parties — where COP gets its name.
Though all smiles at Monday’s conference, al-Jaber has acknowledged the withering criticism he’s faced. On Saturday, he offered a full-throated defense of his country hosting the talks he’s slated to lead, dismissing critics who “just go on the attack without knowing anything, without knowing who we are.”
“For too long, this industry has been viewed as part of the problem, that it’s not doing enough and in some cases even blocking progress,” al-Jaber told the conference. “This is your opportunity to show the world that, in fact, you are central to the solution.”
Following immediately after al-Jaber, OPEC Secretary-General Haitham al-Ghais praised his speech and defended the oil industry.
“We see calls to stop investing in oil. We believe this is counterproductive,” al-Ghais said. “The cornerstone of global economic prosperity today is energy security.”
Al-Jaber said 20 oil and gas companies had pledged to be “net zero” by or before 2050 and eliminate routine gas flaring by 2030. However, the industry would still be producing the oil and gas that release the carbon dioxide that traps heat in the atmosphere.
Al-Jaber, a 50-year-old longtime climate envoy, has been behind tens of billions of dollars spent or pledged toward renewable energy by this federation of seven sheikhdoms on the Arabian Peninsula. Al-Jaber and his supporters — including U.S. climate envoy and former Secretary of State John Kerry, who is on a trip to the UAE this week — say that’s a sign he can lead the COP28 talks.
Meanwhile, Turkish Energy Minister Alparslan Bayraktar said at the Abu Dhabi conference that an Iraqi-Turkish oil pipeline that had been halted for months would see its flow restart this week.
“As of today, the pipeline is ready to operate,” he said. “And within this week we will start operating the Iraqi-Turkey pipeline, which after the resuming of oil operations, will be able to supply half a million barrels to the oil market.”
He did not elaborate on what the terms would be for the 970-kilometer (600-mile) pipeline, which is Iraq’s largest. In March, Iraqi officials won an international arbitration case to halt oil exports from the semiautonomous Kurdish region to Ceyhan, Turkey, on the Mediterranean Sea.
Iraqi and regional Kurdish government officials did not immediately acknowledge the pipeline reopening, though Iraq’s oil minister has said it was anticipated, without elaborating. Gulf Keystone Petroleum Ltd., which operates Shaikan oil field in Kurdish region of Iraq, saw its stock jump up by over 20% in trading Monday on the London Stock Exchange on news of the pipeline restarting.
Bayraktar said the pipeline also sustained damage in the recent earthquake and flooding in Turkey that had been repaired.
___
Follow AP’s coverage of the climate and environment: https://apnews.com/climate-and-environment
veryGood! (63793)
Related
- Juan Soto praise of Mets' future a tough sight for Yankees, but World Series goal remains
- Supreme Court takes up dispute over educational benefits for veterans
- With Biden’s Win, Climate Activists See New Potential But Say They’ll ‘Push Where We Need to Push’
- Remains of missing actor Julian Sands found in Southern California mountains
- Rams vs. 49ers highlights: LA wins rainy defensive struggle in key divisional game
- As Solar Pushes Electricity Prices Negative, 3 Solutions for California’s Power Grid
- Vanderpump Rules Tease: Tom Sandoval Must Pick a Side in Raquel Leviss & Scheana Shay's Feud
- U.S. Power Plant Emissions Fall to Near 1990 Levels, Decoupling from GDP Growth
- 'We're reborn!' Gazans express joy at returning home to north
- Justin Timberlake Is Thirsting Over Jessica Biel’s Iconic Summer Catch Scene Too
Ranking
- Trump wants to turn the clock on daylight saving time
- An Unlikely Alliance of Farm and Environmental Groups Takes on Climate Change
- Climate Change Could Bring Water Bankruptcy With Grave Consequences
- Illinois city becomes haven for LGBTQ community looking for affordable housing
- Jamie Foxx reps say actor was hit in face by a glass at birthday dinner, needed stitches
- Don’t Miss This Cupshe 3 for $59 Deal: Swimsuits, Cover-Ups, Dresses, Pants, and More
- Meet Noor Alfallah: Everything We Know About Al Pacino's Pregnant Girlfriend
- As Solar and Wind Prices Fall, Coal’s Future is Fading Fast, BNEF Says
Recommendation
Senate begins final push to expand Social Security benefits for millions of people
Global Warming Shortens Spring Feeding Season for Mule Deer in Wyoming
The first full supermoon of 2023 will take place in July. Here's how to see it
Global Warming Shortens Spring Feeding Season for Mule Deer in Wyoming
The Daily Money: Spending more on holiday travel?
The Bachelorette: Meet the 25 Men Vying for Charity Lawson's Heart
Convicted double murderer Joseph Zieler elbows his attorney in face — then is sentenced to death in Florida
GOP-led House panel accuses cybersecurity agency of violating citizens' civil liberties