Efforts to reduce carbon emissions

SGGP 10/04/2023 07:05

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

CEOs discuss ways to cut carbon emissions in the UAE

Good opportunity

The conference is called ADIPEC - an international industry platform uniting to accelerate responsible action to decarbonize faster and ensure a resilient world energy system for the future. The theme of ADIPEC is: “Decarbonize – Faster – Together”. The conference and exhibition program is designed to respond to the challenges and needs facing the energy value chain. ADIPEC 2023 is expected to attract more than 1,600 speakers, including ministers, CEOs, policymakers, energy experts and innovators. Between now and the closing day, there will be 350 special sessions on the actions needed to promote a high-growth, low-carbon world.

ADIPEC was convened by COP28 President Sultan al-Jaber, with the participation of US Special Presidential Envoy for Climate Change John Kerry. The purpose of the meeting is to address issues such as commercializing hydrogen, promoting carbon capture technology, eliminating methane and increasing renewable energy. Referring to the role of energy production and fossil fuel consumption companies, COP28 President al-Jaber emphasized that the oil and gas industry must be part of the dialogue on climate change. He called on the energy industry to achieve net zero emissions by or before 2050 and accelerate the industry-wide commitment to achieving 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 responding to climate change.

Challenges ahead

High-emissions industries are increasingly under pressure from global public opinion. Recently, there have been regular large-scale marches in hundreds of cities around the world demanding an end to the burning of fossil fuels. ESG Book is a world leader in sustainability data and technology in the fields of environmental, social and corporate governance. According to ESG Book, by June 2023, only 22% of the world's 500 largest companies by market value will be in line with the Paris Agreement, which aims to limit global warming to 1.5oC above pre-industrial levels. That is a modest increase from 18% in 2018.

Petronas must step up and prepare for future decarbonization systems, said Tengku Muhammad Taufik, president and CEO of Malaysia’s state-owned energy company Petronas. Shell CEO admits this is the best of times and the most challenging of times for the fossil fuel industry. Patrick Pouyanne, CEO of French oil giant TotalEnergies, said the oil and gas industry has all the tools it needs to become a “major player” in the energy transition. Scientists have repeatedly warned that time is running out to prevent the worst of the climate crisis.

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