{"id":20121,"date":"2023-07-06T12:12:00","date_gmt":"2023-07-06T12:12:00","guid":{"rendered":"https:\/\/www.prnasia.com\/story\/archive\/4150829_EN50829_0"},"modified":"2023-07-06T12:12:00","modified_gmt":"2023-07-06T12:12:00","slug":"cop28-president-designate-calls-on-oil-gas-industry-to-allocate-capital-to-clean-energy-solutions","status":"publish","type":"post","link":"https:\/\/transmediavictoria.net.au\/?p=20121","title":{"rendered":"COP28 President-Designate calls on oil &amp; gas industry to allocate capital to clean energy solutions"},"content":{"rendered":"<p><span class=\"xn-location\">ABU DHABI<\/span>, UAE, <span class=\"xn-chron\">July 6, 2023<\/span> \/PRNewswire\/ &#8212;<\/p>\n<ul type=\"disc\">\n<li>During the 8<sup>th<\/sup>&nbsp;OPEC&nbsp;International&nbsp;Seminar, held&nbsp;in&nbsp;Vienna,&nbsp;under&nbsp;the&nbsp;theme&nbsp;&#8220;Towards a Sustainable and Inclusive Energy Transition.&#8221; Dr. <span class=\"xn-person\">Al Jaber<\/span> thanked OPEC for playing an essential role in balancing energy markets, promoting global prosperity&nbsp;and advancing the goals of sustainable development.<\/li>\n<li>&#8220;Dramatically&nbsp;reducing emissions,&nbsp;while&nbsp;maintaining&nbsp;robust&nbsp;sustainable&nbsp;growth, is&nbsp;the critical challenge of this century.&#8221;<\/li>\n<li>Reiterating his call to action at&nbsp;CERA Week in March, the COP President Designate said&nbsp;&#8220;The&nbsp;entire&nbsp;industry \u2013&nbsp;IOCs&nbsp;and&nbsp;NOCs&nbsp;\u2013&nbsp;should&nbsp;be&nbsp;aligned&nbsp;to&nbsp;achieve&nbsp;net-zero by 2050&nbsp;and we&nbsp;need&nbsp;to accelerate an&nbsp;industry-wide&nbsp;commitment&nbsp;to&nbsp;zero&nbsp;out&nbsp;methane emissions by 2030.&#8221;<\/li>\n<li>&#8220;The&nbsp;world&nbsp;needs&nbsp;to&nbsp;massively&nbsp;scale-up clean&nbsp;energies&nbsp;by&nbsp;2030,&nbsp;triple renewable capacity to 11 TW, and double hydrogen production to 180 million tons<b>.&#8221;<\/b><\/li>\n<li>&#8220;The&nbsp;phase&nbsp;down&nbsp;of&nbsp;fossil&nbsp;fuels&nbsp;is&nbsp;in-evitable.&nbsp;It&nbsp;is&nbsp;in&nbsp;fact&nbsp;essential.&nbsp;But&nbsp;it&nbsp;cannot be irresponsible.<\/li>\n<li>&#8220;We must manage this transition, ensuring energy security, accessibility and affordability,&nbsp;while&nbsp;also&nbsp;sustaining&nbsp;socio-economic&nbsp;development.&nbsp;The&nbsp;speed&nbsp;of&nbsp;the transition will be driven by how quickly we phase up zero carbon alternatives.&#8221;<\/li>\n<li>COP President Designate called on countries to revise their&nbsp;NDCs saying: &#8220;The UAE has recently announced a <span class=\"xn-money\">54-billion-dollar<\/span> capital investment program over the next 7 years to triple renewable and clean energy capacity, significantly expand our&nbsp;hydrogen&nbsp;production,&nbsp;and&nbsp;completely&nbsp;phase&nbsp;out&nbsp;coal&nbsp;from&nbsp;our&nbsp;energy&nbsp;mix.&#8221;<\/li>\n<li>&#8220;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.&#8221;<\/li>\n<li>&#8220;For&nbsp;too&nbsp;long&nbsp;in&nbsp;the&nbsp;recent&nbsp;past,&nbsp;this&nbsp;industry&nbsp;has&nbsp;been&nbsp;viewed&nbsp;as&nbsp;the&nbsp;problem.&nbsp;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.&#8221;<\/li>\n<li>&#8220;We&nbsp;need&nbsp;to&nbsp;rapidly build&nbsp;a&nbsp;new&nbsp;clean&nbsp;energy&nbsp;system,&nbsp;while comprehensively decarbonizing the system we rely on today.&#8221;<\/li>\n<li>Oil&nbsp;&amp;&nbsp;gas&nbsp;industry should&nbsp;&#8220;up&nbsp;its&nbsp;game,&nbsp;urgently decarbonize&nbsp;its&nbsp;operations&nbsp;and&nbsp;take collective action to eliminate operational emissions.&#8221;<\/li>\n<li>Government policies need to stimulate the adoption of clean energies, commercialization of the hydrogen value chain, make carbon capture viable and affordable&nbsp;and&nbsp;incentivize&nbsp;R&amp;D in&nbsp;battery&nbsp;storage, energy&nbsp;efficiencies&nbsp;and&nbsp;other&nbsp;new technologies.<\/li>\n<\/ul>\n<p><span class=\"xn-money\">COP28<\/span> President-Designate, Dr. Sultan Al&nbsp;Jaber, today delivered a speech to the 8th OPEC International Seminar, being held this week in <span class=\"xn-location\">Vienna<\/span>, in which he urged the oil &amp; gas industry to allocate capital at scale to clean energy solutions.<\/p>\n<p>The theme of the seminar \u2013 &#8220;Towards a Sustainable and Inclusive Energy Transition&#8221; \u2013 represents &#8220;one of the most complex issues we collectively face,&#8221; the President-Designate told the gathering of energy producers and consumers. &#8220;Dramatically reducing emissions, while maintaining robust sustainable growth, is the critical challenge of this century.&#8221;<\/p>\n<p>To meet that challenge, <span class=\"xn-money\">COP28<\/span> will need to &#8220;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.&#8221;<\/p>\n<p>While the oil &amp; gas industry has long been viewed &#8220;as the problem&#8221; the sector should &#8220;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,&#8221; the President-Designate told the audience.<\/p>\n<p>&#8220;We need to rapidly build a new clean energy system, while comprehensively decarbonizing the system we rely on today,&#8221; he said.<\/p>\n<p>Dr.&nbsp;Al&nbsp;Jaber&nbsp;repeated his&nbsp;call&nbsp;for&nbsp;the&nbsp;oil&nbsp;&amp;&nbsp;gas&nbsp;industry&nbsp;to&nbsp;&#8220;up&nbsp;its&nbsp;game,&nbsp;urgently decarbonize its operations and take collective action to eliminate operational emissions,&#8221; 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.<\/p>\n<p>&#8220;Today I would like to add a fourth imperative,&#8221; Dr. <span class=\"xn-person\">Al Jaber<\/span> told delegates. &#8220;And that is allocating capital at scale to clean energy solutions, because the energy system of the future will not build itself,&#8221; he stated.<\/p>\n<p>&#8220;Building a new energy system can only happen at speed and scale with united action on the supply and the demand side together,&#8221; the President-Designate said. On the supply side,&nbsp;the&nbsp;world&nbsp;needs&nbsp;to&nbsp;massively&nbsp;scale&nbsp;up&nbsp;clean&nbsp;energies&nbsp;by&nbsp;2030,&nbsp;with&nbsp;renewable&nbsp;energy capacity tripling to 11 terawatts (TW), and hydrogen production doubling to 180 million tons.<\/p>\n<p>&#8220;The phase down of fossil fuels is in-evitable.&nbsp;It is in fact essential. But it cannot be irresponsible. We must manage&nbsp;this&nbsp;transition,&nbsp;ensuring energy security,&nbsp;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.&#8221;<\/p>\n<p>&#8220;Policies&nbsp;at&nbsp;the&nbsp;national level&nbsp;must&nbsp;set&nbsp;the&nbsp;direction,&#8221;&nbsp;the&nbsp;President-Designate&nbsp;said,&nbsp;calling on all nations to update their nationally determined contributions (NDCs) &#8220;to accelerate 2030 trajectories in line with net zero by 2050.&#8221;<\/p>\n<p>The UAE has recently submitted a third update to its second NDC that pushes emissions reductions to 40 percent, compared to business as usual \u2013 an &#8220;almost 10 percent improvement on the previous disclosure,&#8221; Dr. <span class=\"xn-person\">Al Jaber<\/span> said. &#8220;At the same time, we have announced a <span class=\"xn-money\">$54 billion<\/span> 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.&#8221;<\/p>\n<p>&#8220;I urge all countries to update their commitments as aggressively as possible,&#8221; he told delegates.<\/p>\n<p>&#8220;Government&nbsp;policies at&nbsp;the&nbsp;national&nbsp;and&nbsp;sub-national&nbsp;level&nbsp;need&nbsp;to&nbsp;stimulate&nbsp;adoption of clean energies, commercialize&nbsp;the hydrogen value&nbsp;chain, make carbon capture viable&nbsp;and affordable, and incentivize R&amp;D in battery storage, energy efficiencies and other new technologies,&#8221; he said.<\/p>\n<p>Applying new technologies at speed and scale will require significantly more capital to be invested, the President-Designate said, pointing out that last year&#8217;s record <span class=\"xn-money\">$1.5 trillion<\/span> investment in clean technologies is only a third of the amount required. International financial institutions and multilateral development banks will need &#8220;major reform&#8221; to unlock concessional finance, lower risk, and attract private finance at a multiple, he said.<\/p>\n<p>&#8220;Finally, a critical success factor is people. We need capacity building, and skills development&nbsp;to&nbsp;train&nbsp;young&nbsp;people for&nbsp;the&nbsp;jobs&nbsp;of&nbsp;the&nbsp;future,&#8221;&nbsp;Dr.&nbsp;Al Jaber said. &#8220;Because we must deliver climate action at the same time and we must remember that the goal is to hold back emissions, not progress.&#8221;<\/p>\n<p><b>Notes to Editors:<\/b><\/p>\n<p>COP28&nbsp;UAE:<\/p>\n<ul type=\"disc\">\n<li>COP28&nbsp;UAE&nbsp;will&nbsp;take&nbsp;place&nbsp;at&nbsp;Expo&nbsp;City&nbsp;Dubai from <span class=\"xn-chron\">November 30-December 12, 2023<\/span>. The Conference is expected to convene over 70,000 participants, including heads of&nbsp;state,&nbsp;government&nbsp;officials,&nbsp;international&nbsp;industry&nbsp;leaders,&nbsp;private sector representatives, academics, experts, youth, and non-state actors.<\/li>\n<li>As&nbsp;mandated&nbsp;by&nbsp;the&nbsp;Paris&nbsp;Climate Agreement,&nbsp;COP28&nbsp;UAE&nbsp;will&nbsp;deliver the&nbsp;first&nbsp;ever Global Stocktake \u2013 a comprehensive evaluation of progress against climate goals.<\/li>\n<li>The&nbsp;UAE&nbsp;will&nbsp;lead&nbsp;a&nbsp;process for&nbsp;all&nbsp;parties&nbsp;to&nbsp;agree&nbsp;upon&nbsp;a&nbsp;clear&nbsp;roadmap to&nbsp;accelerate progress through a pragmatic global energy transition and a &#8220;leave no one behind&#8221; approach to inclusive climate action.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>ABU DHABI, UAE, July 6, 2023 \/PRNewswire\/ &#8212; During the 8th&nbsp;OPEC&nbsp;International&nbsp;Seminar, held&nbsp;in&nbsp;Vienna,&nbsp;under&nbsp;the&nbsp;theme&nbsp;&#8220;Towards a Sustainable and Inclusive Energy Transition.&#8221; Dr. Al Jaber thanked OPEC for playing an essential role in balancing energy markets, promoting global prosperity&nbsp;and advancing the goals of sustainable development. &#8220;Dramatically&nbsp;reducing emissions,&nbsp;while&nbsp;maintaining&nbsp;robust&nbsp;sustainable&nbsp;growth, is&nbsp;the critical challenge of this century.&#8221; Reiterating his call to action at&nbsp;CERA [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[20],"tags":[],"class_list":["post-20121","post","type-post","status-publish","format-standard","hentry","category-business-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>COP28 President-Designate calls on oil &amp; gas industry to allocate capital to clean energy solutions - My Blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/transmediavictoria.net.au\/?p=20121\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"COP28 President-Designate calls on oil &amp; 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