[ad_1]
“Like all industries, the oil and gas industry needs to be more competitive, do more, and do it faster,” said Al Jaber
read more…
In his keynote speech at CERAWeek on Tuesday, Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology and UAE Chair-designate of COP28, highlighted the integral role the oil and gas industry plays in addressing the climate challenge.
Speaking at the first day’s plenary session, Dr. Al Jaber explained, “Energy leaders have the knowledge, experience, expertise and resources needed to address the twin challenges of driving sustainable growth and curbing emissions.”
“Today let me call on you to decarbonize faster, adapt faster to the future, and create the energy systems of the future today,” he said.
“Like all industries, the oil and gas industry needs to become more competitive, do more, and do it faster,” Al Jaber added.
Dr Al Jaber summed up the complexity of the challenge when he said: “By 2030, the planet will be populated by 500 million more people, requiring more energy each year. At the same time, the world will need to reduce emissions by 7% each year to maintain 1.5% of emissions – or a 43% reduction in less than seven years. This is a global challenge that requires a global solution from all stakeholders in solidarity.”
“This year, the world will take stock of our progress on climate change with the first global stocktake. We know we are off track. We need a major course correction,” he said.
He added, “In order to echo two of the city’s most famous phrases, first we need to recognize ‘Houston … we have problems,’ and then we need to agree that ‘failure is not an option.'”
He emphasized the need for solidarity in addressing the energy trilemma. “Every government, every industry, every business and every individual has a role to play. No one can stand by. The industry, especially, is integral to developing solutions. In fact, the industry must take responsibility and lead.”
Dr Al Jaber said the oil and gas industry needs to quickly decarbonise its operations and help decarbonize those of its customers.
“Only half of the industry has announced Scope 1 and Scope 2 net zero targets by 2050. Everyone in the industry needs to align around the same goal. We should try to go further. Let’s aim for earlier Achieving net zero emissions. Let us also scale up best practice to achieve net zero methane emissions by 2030. Let us electrify our operations, equip our facilities with carbon capture and storage, and use all available technologies to increase efficiency. Let us monitor, measure and verify progress at every step.”
Al Jaber said: “Mitigating the climate crisis is about more than decarbonizing the oil and gas business. With the right incentives, the right technology, the right mindset and the right partnerships, the oil and gas industry has the capacity and the resources to help everyone Deal with range 3.”
He added: “Power generation is the sector that can have the greatest impact in the shortest time. Renewable energy capacity needs to triple by 2030.”
“This is the decade of diversifying portfolios, future-proofing companies and delivering the clean energy the world needs. That said, we know that renewables are not enough for high-emitting sectors. Aluminum, steel, cement and many Other heavy industries account for 30% of global emissions.”
He added that “a large-scale decarbonisation economy requires an ‘enabling ecosystem’ linking policy, people, technology and capital.”
“Policymakers must create incentives to move the market in the right direction. The industry needs clear policies to guide long-term investment decisions. The right regulations will inspire breakthrough technologies, unlock battery storage, reduce the cost of carbon capture, and the value of hydrogen Chain development and commercialization. People need to be empowered to work together, break down their silos, and unite around a common cause.”
Dr Al Jaber identified the funding gap between the world’s climate ambitions and the funding needed to achieve the world’s climate goals.
“The entire financial community needs to play a bigger role. In 2022, the world is investing $1.4 trillion in the energy transition. According to the International Energy Agency, we need more than three times that amount. Capital must come from all sources : Government, private sector, institutional investors, private equity, industry and international financial institutions.”
He stressed that “we must ensure that no one is left behind” when it comes to financing the energy transition.
“Only 15% of cleantech investment goes to developing economies in the Global South, where 80% of the population lives. This is why we need to seriously consider fundamental reforms of international financial institutions and multilateral banks to unleash concessional financing , reduce risk and attract more private investment.”
Outlining several key priorities for the energy sector, Dr Al Jaber said: “As an emerging technology, entrepreneurship, partnership and collaboration will be key to building the entire hydrogen value chain. We in the UAE are ready to collaborate with all Join our in-person partnership to make it happen.
“Our fastest wins will come from energy efficiency. Let’s work with our customers to improve energy efficiency while increasing access to zero-carbon energy. Let’s focus on our emissions reduction goals.”
Noting the historic opportunity presented by the global energy transition, Dr Al Jaber said: “Transforming the world’s energy systems represents the greatest opportunity for human and economic development since the first industrial revolution.”
Dr Al Jaber concluded by inviting government, private sector and civil society parties to “cooperate, collaborate, share ideas and talk to us”.
He said: “Let me extend an open invitation to all parties in government, the private sector and civil society. Let us remember that progress is made through partnership, not polarization. Let us use a COP of solidarity, a COP of action To unite a divided world with a COP shared by all. We all need to work in the same direction because unity has more energy than division. We must have the will. We certainly have the ability to make a difference. This is ours Moonshot. Failure is not an option.”
Following his speech, Dr. Al Jaber was interviewed by Daniel Yergin, Vice Chairman of S&P Global and Chairman of the CERAWeek Conference, in which he emphasized that the world “cannot responsibly shut down today’s energy systems until tomorrow’s systems are ready”.
He emphasized that “policies aimed at shutting down existing energy systems before building new ones are a recipe for future energy crises. So we have increased renewable energy and scaled decarbonisation technologies”.
When asked what he hoped to achieve at COP28, Dr Sultan outlined key priorities in terms of mitigation, adaptation, loss and damage, climate finance and process innovation. He reiterated that “COP28 will be a COP for action”, adding that “we want real results. The world must move from treaty to implementation. Solutions are needed both inside and outside formal negotiations. It will also be a COP for all: inclusion Different stakeholders, accountable for commitments and action on solutions”.
[ad_2]
Source link