Sultan Al-Jaber, CEO of the Abu Dhabi National Oil Co., who will preside over international climate negotiations later this year, made stern remarks to influential members of the energy sector on Monday, calling on the world to reduce emissions by 7% annually and stop all methane emissions.
Al-Jaber, who was speaking at Ceraweek in Houston, however, did not specifically address transportation-related emissions, which are a major concern. In many nations, including the US, emissions from transportation is the main cause of climate change.
He singled out electricity, cement, steel and aluminium as targets for cleanup, but not trucks, cars, trains and aircraft. He called for far greater investment to speed the transition to cleaner industries.
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In his words, “According to the IEA, in 2022, the world invested $1.4 trillion in the energy transition. We need over three times that amount,” adding that investment must flow to the developing world.
The oil executive stressed that “Only 15 per cent of cleantech investment reaches developing economies in the global south, and that is where 80 per cent of the population live.”
According to the International Energy Agency, to avoid the worst climate changes, there can be no new oil and gas production.
Story was adapted from The Washington Post
