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Dr. Sultan Al Jaber, UAE Minister of Industry and Advanced Technology and Chair-designate of COP28, said collective climate action by global leaders is needed to transform, decarbonise and future-proof the economy.
Speaking to more than 1,500 global policymakers, innovators and industry leaders at the UAE Climate Technology Conference in Abu Dhabi, Dr Al Jaber called for accelerated development and deployment of technological solutions to decarbonize the economy and reduce emissions A reduction of at least 43% by 2030 is in line with the Intergovernmental Panel on Climate Change (IPCC) report.
In his speech, he emphasized the urgent need for a responsible and pragmatic energy transition, focusing on phasing out fossil fuel emissions while phasing in all viable zero-carbon alternatives, while ensuring that the global South is not left behind.
“Science already tells us we are off track. The latest IPCC report confirms that the world must reduce emissions by 43% by 2030 if we are serious about maintaining the 1.5 ambition. At the same time, we know global energy demand will Continue to grow as 5 billion people will join the planet by 2030.
“If we are to maintain economic progress while reducing emissions significantly, we only need major adjustments. We need to translate what we agreed in the COP negotiating room into practical action in the real world. We need to find a way to stop emissions, Not progress. We need breakthrough solutions, and the most critical source of those solutions is technology,” he said.
Dr. Al Jaber continued his remarks, noting that cleantech investment will cross the $1 trillion mark for the first time in 2022, with plenty of room to grow.
“I believe this shift represents the greatest opportunity or human and economic development since the first industrial revolution, and I know we’re headed in the right direction.
“With the right policies stimulating the right investments, climate technology can at least double its contribution to global growth while reducing carbon emissions by as much as 25 billion tons per year. By harnessing climate technology, we can build a climate fundamental new model of economic development while breathing new life into economic growth,” said Dr Al Jaber.
Despite the growth of renewable energy, most emissions cannot be addressed by renewable energy alone, especially in heavy-emitting industries. Dr. Al Jaber noted that there are more than 5,000 cement, steel and aluminum plants in the world today, which together account for almost 30% of global emissions, and none of which can run on wind or solar power alone.
Dr Al Jaber went on to highlight the critical role of hydrogen and carbon capture in enabling a responsible and pragmatic energy transition.
“This is where solutions such as hydrogen can play a role, but it needs to be scaled up and commercialized to have a real impact on the energy system. If we are serious about curbing industrial emissions, we need to be serious about carbon capture technologies. Carbon capture technology will all play a role in our realistic scenario of achieving net zero emissions. Without it, the math doesn’t add up.”
Dr Al Jaber highlighted the importance of continuing to invest in nuclear energy and drive breakthroughs in battery storage, before addressing the need for collaboration between agriculture and technology to reduce global emissions.
“We should remember that, aside from heavy emitting industries, food systems and agriculture are the largest single source of greenhouse gases, accounting for more than a third of global emissions. We need tech companies to really focus on this area. The UAE is becoming an agricultural A leader in technology, vertical farming and the use of digital technologies to reduce energy and water usage while increasing crop yields in harsh environments.
“Together with the US, the UAE launched AIM for Climate, a coalition of 50 countries to maximize commercial technology to reduce emissions and increase the global supply of nutritious food.”
Dr Al Jaber reiterated his call for the oil and gas industry to zero methane emissions by 2030 and develop a comprehensive net-zero emissions plan by 2050.
“While the world is still using hydrocarbons, we must do everything we can to reduce and eventually eliminate the carbon intensity of this energy source. That’s why I’m calling on the oil and gas industry to zero methane emissions by 2030 and align around net combined A zero-emissions plan by 2050 or earlier. The goals for this industry and all industries are clear. We need to gradually reduce emissions across all sectors, including transport, agriculture, heavy industry and of course fossil fuel emissions, while investing in technology to gradually reduce all A viable zero-carbon alternative.
“To get there faster, we need to reimagine the relationship between producers and consumers. From one based purely on supply and demand, to one focused on co-creating the future. active partnership between industrial consumers, technology companies, the financial community, governments and civil society. It is an effort of all the above: working together, the goal will be an accelerated, pragmatic, practical and just energy transition that does not Nobody left behind,” he said.
Dr Al Jaber noted that maximizing technology adoption in the global South will require the public, multilateral and private sectors to enhance climate finance by improving the availability, accessibility and affordability of capital countries where it is most needed.
“It is vital that the Global South not be left behind as we adopt new technologies. Last year, developing economies received only 20 percent of cleantech investments. These economies account for 70 percent of the world’s population — More than 5 billion. Technology is critical to helping the most vulnerable communities build capacity and leapfrog a low-carbon economic development model.”
Dr. Al Jaber concluded by stating that time is running out and the stakes for the planet are high. “While the historic Paris Agreement brought governments around the world together to tackle the climate challenge, COP28 will focus on the ‘how’,” said Dr Al Jaber. – trade arab news agency
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