Efforts to reduce carbon emissions

SGGP 04/10/2023 07:05

Leaders from more than 50 major companies in the oil and gas, aluminum, steel, and cement industries are meeting in the United Arab Emirates (UAE) to agree on a commitment to reduce carbon emissions. This event takes place ahead of the 28th Conference of the Parties to the United Nations Framework Convention on Climate Change (COP28), scheduled to be held in Dubai from November 30 to December 12.

CEOs discuss measures to reduce carbon emissions in the UAE.

A good opportunity

The conference, named ADIPEC – an international industrial platform for solidarity aimed at accelerating action and responsible decarbonization to ensure a stable future for the world's energy system – has the theme: “Decarbonization – Faster – Together.” The conference and exhibition program is designed to address the challenges and needs facing the energy value chain. ADIPEC 2023 is expected to attract over 1,600 speakers, including ministers, CEOs, policymakers, energy experts, and innovators. Between now and the conference date, there will be 350 special sessions on the actions needed to promote a high-growth, low-carbon world.

ADIPEC, convened by COP28 President Sultan al-Jaber, was attended by US President's Special Envoy for Climate Change John Kerry. The meeting aimed to address issues such as hydrogen commercialization, promoting carbon capture technologies, methane removal, and boosting renewable energy. Referring to the role of energy producers and consumers of fossil fuels, COP28 President al-Jaber emphasized that the oil and gas industry must be part of the climate change dialogue. He called on the energy sector to achieve net-zero emissions by or before 2050 and to accelerate the sector-wide commitment to near-zero methane emissions by 2030. It is hoped that ADIPEC will reach a common agreement on decarbonization and submit it to COP28 for approval, contributing to the fight against climate change.

Challenges ahead

High-emission industries are facing increasing pressure from global public opinion. Recently, large-scale marches have frequently taken place in hundreds of cities worldwide demanding an end to the burning of fossil fuels. ESG Book is a world leader in sustainable data and technology in the fields of environmental, social, and business governance. According to ESG Book, by June 2023, only 22% of the world's 500 largest companies by market capitalization were in line with the Paris Agreement, which aims to limit global warming to 1.5°C above pre-industrial levels. That's a modest increase from 18% in 2018.

According to CNBC, Tengku Muhammad Taufik, Chairman and CEO of Malaysia's state-owned energy group Petronas, said Petronas must accelerate and prepare for future decarbonization systems. The CEO of Shell acknowledged this is both the best and the most challenging time for the fossil fuel industry. Patrick Pouyanne, CEO of the French oil giant TotalEnergies, argued that the oil and gas industry possesses all the necessary tools to become a "key participant" in the energy transition. Scientists have repeatedly warned that time is running out to prevent the worst from the climate crisis.

Source: https://www.sggp.org.vn/no-luc-giam-khi-thai-carbon-post708284.html