A flurry of summits this week across Dubai focused in one way or another on climate change, or at least acknowledgement the global energy transition is needed to keep temperatures from rising. The fault lines, however, lie on when and how to achieve this.
“Look at what is happening today. Who’s talking about climate change now? Who’s talking about attending to energy security, first and foremost?,” Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman said in suggestive but careful remarks at the World Government Summit in Dubai.
The argument made repeatedly by Sultan al-Jaber, who is both the UAE’s Special Envoy for Climate Change and Managing Director of Abu Dhabi’s state-owned oil company, is that the energy transition will take time. And in that period of time, he says, the world will need more oil and gas. “Put simply, we cannot and we must not unplug the current energy system before we have built the new one,” he said at the energy forum.he said the push to divest from hydrocarbons has led to a supply crunch.
In his dual roles as climate change envoy and head of ADNOC, the state-owned oil and gas firm, al-Jaber symbolizes the two paths the UAE is taking. On one hand, the country has committed to net-zero emissions within its own borders by 2050. On the other, it is committing to more oil and gas production for export. The country’s commitments do not apply to the emissions from burning that fuel.
Al-Jaber summed up this dual track, saying the UAE is expanding production capacity of what he dubbed “the world’s least carbon-intensive oil to over 5 million barrels per day” and its natural gas capacity by 30%. Simultaneously, the UAE has plans to invest $160 billion in renewable energy to achieve its net-zero pledge.
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