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News that major OPEC+ countries are reaping big gains from higher oil prices (“Big gains increase pressure on oil majors to help ease cost-of-living crisis”, Report2 November) risks complicating climate diplomacy in many ways.
For one, Aramco’s announcement of a huge payment to shareholders could further fuel tensions between Saudi Arabia and other oil exporters. Not only is Saudi Arabia one of the biggest winners from the global supply crisis, but the country is also the initiator of the recent OPEC+ production cuts, which have created considerable diplomatic friction with the likes of the United States.
Second, the bumps on the diplomatic road are compounded by fears of losing focus on the energy transition. There are widespread reports of declining interest around the world in the kinds of investments needed to combat and manage climate change.
However, on the same day your article was published, there was a silver lining in Abu Dhabi — for diplomats and climate experts alike, with President Joe Biden’s special coordinator Amos Hochstein and Sultan Jaber, UAE Minister of Industry and Advanced Technology, and Abu Dhabi National Oil Company CEO have agreed a deal targeting $100 billion in clean energy investments.
This strategic partnership The goal between the United States and the UAE to produce 100 gigawatts of clean energy by 2035 is likely to be a major milestone in climate diplomacy.
Notably, this energy deal does not ignore emerging economies. This inclusive approach, co-led by the UAE, which will host next year’s COP28, could serve as a model for a reinvigorated COP format.
Anthony Harris
former british ambassador to uae
senior executive
taser insurance broker
Dubai, United Arab Emirates
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