© Reuters. Sultan Al Jaber, CEO of the Abu Dhabi National Oil Company (ADNOC) and Minister of Advanced Technology addressing the COP26 Climate Conference on November 10
ABU DHABI (Reuters) – Energy producers gathered in Abu Dhabi on Monday following the UN climate summit (COP26) called for more inclusiveness that would lead to increased investments in oil and gas for energy security while working to reduce oil and gas emissions. emissions while developing their economies.
Sultan Al Jaber, chief executive of Abu Dhabi National Oil Company (ADNOC), said the world could not “simply detach” from hydrocarbons and that the oil and gas industry needed to invest more than $600 billion annually until 2030 to meet projected demand.
This came in his speech at the Abu Dhabi International Petroleum Conference and Exhibition (ADIPEC), in which the Saudi Minister of Energy stressed that efforts to combat climate change must also focus on an equal footing on energy security and economic growth in developing countries.
Climate talks in Glasgow concluded on Saturday with a deal that for the first time targeted fossil fuels as the main driver of global warming.
At the Glasgow summit, OPEC oil-producing countries defended the role of fossil fuels in the future and argued that the world could reduce greenhouse gas emissions without excluding oil and gas.
Defenders of oil, gas and coal argue that using technology such as carbon capture and storage – where emissions are captured and stored underground – could allow economies to continue burning fossil fuels.
Climate activists reject this, saying that the technology is too expensive and its results have not been widely verified and provides only cover for polluting industries to continue operating.
OPEC Secretary-General Muhammad Barkindo said sentiment is gradually taking over the talks” and expressed hope that the next two climate summits in 2022 and the UAE in 2023 would take a comprehensive approach.
Al-Jaber, ADNOC CEO, said that the COP26 climate conference was a success, reiterating the call for a pragmatic approach to combating climate change while ensuring energy security at the global level.
He added that in order to achieve a successful transition to a new energy system, a sudden separation from the existing energy system cannot simply be made.
He said that ADNOC is working to increase its carbon collection and storage capacity from 800,000 tons annually to five million tons, and that it will use nuclear and solar energy in its electricity grid as of next January.
(Press coverage by Alex Lawler, Youssef Saba and Hadeel Al-Sayegh – Prepared by Munir Al-Bouti and Hassan Ammar for the Arabic Bulletin – Edited by Ayman Saad Muslim)
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