ABU DHABI, United Arab Emirates (AP) 鈥 The Emirati president-designate of the upcoming United Nations COP28 climate talks urged oil and gas companies Monday to be 鈥渃entral to the solution鈥 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 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 鈥 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.
鈥淭hat is our North Star. It is, in fact, our only destination,鈥 al-Jaber said. 鈥淚t is simply acknowledging and respecting the science.鈥
However, he added: 鈥淲e must do this while also ensuring human prosperity by meeting the energy needs of the planet鈥檚 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 鈥渄ecarbonizing faster together,鈥 the event is primarily about the drilling, processing and sale of the same carbon-belching fuels driving climate change 鈥 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.
鈥淎 phase-down of fossil fuels is inevitable. In fact, it's essential,鈥 al-Jaber said. 鈥淵et, this must be part of a comprehensive energy transition plan that is fair, that is fast, just, orderly, equitable and responsible.鈥
But on the business side, the oil industry is on the rebound. After , 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 that will get passed onto consumers.
Gazprom, the state-owned natural gas company that is a pillar of Russia鈥檚 economy, had a major stand at the conference despite facing U.S. sanctions over Moscow's war on Ukraine. , showing the 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 that it can host the U.N. Conference of the Parties 鈥 where COP gets its name.
Though all smiles at Monday's conference, al-Jaber has acknowledged the withering criticism he's faced. On Saturday, , dismissing critics who 鈥渏ust go on the attack without knowing anything, without knowing who we are.鈥
鈥淔or too long, this industry has been viewed as part of the problem, that it鈥檚 not doing enough and in some cases even blocking progress,鈥 al-Jaber told the conference. 鈥淭his is your opportunity to show the world that, in fact, you are central to the solution.鈥
Following immediately after al-Jaber, OPEC Secretary-General Haitham al-Ghais praised his speech and defended the oil industry.
鈥淲e see calls to stop investing in oil. We believe this is counterproductive,鈥 al-Ghais said. 鈥淭he cornerstone of global economic prosperity today is energy security.鈥
Al-Jaber said 20 oil and gas companies had pledged to be 鈥渘et zero鈥 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, , 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 鈥 , who is on a trip to the UAE this week 鈥 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.
鈥淎s of today, the pipeline is ready to operate,鈥 he said. 鈥淎nd 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.鈥
He did not elaborate on what the terms would be for the 970-kilometer (600-mile) pipeline, which is Iraq's largest. 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.
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