UAE holds major oil and gas conference just ahead of hosting UN climate talks in Dubai
ABU DHABI, United Arab Emirates — The Emirati president-designate of the upcoming United Nations COP28 climate talks urged oil and gas companies Monday to be “central to the solution” for climate change, a message delivered even as the industry boosts its production to enjoy rising global energy prices.
However, he added: “We must do this while also ensuring human prosperity by meeting the energy needs of the planet’s growing population.” But on the business side, the oil industry is on the rebound. After prices briefly went negative during the lockdowns of the coronavirus pandemic, benchmark Brent crude now trades around $92 a barrel.
Though all smiles at Monday’s conference, al-Jaber has acknowledged the withering criticism he’s faced. On Saturday, he offered a full-throated defense of his country hosting the talks he’s slated to lead, dismissing critics who “just go on the attack without knowing anything, without knowing who we are.”
Al-Jaber said 20 oil and gas companies had pledged to be “net zero” 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.
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