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COP28 President-Designate tells oil and gas industry to ‘step up’ in its efforts to decarbonise
COP28 President-Designate Dr. Sultan Al Jaber called on the oil and gas industry to rally around ambitious decarbonisation targets as part of the COP28 Presidency’s Action Agenda to fast- track the energy transition and keep 1.5C within reach. Speaking in Abu Dhabi, Dr. Al Jaber reiterated calls on the industry to “step up, align around net zero by or before 2050, zero-out methane emissions, and eliminate routine flaring by 2030.” He welcomed recent progress and action from over 20 oil and gas companies, including both international and national oil companies (IOCs and NOCs), which have “positively answered the call” to take the challenging but achievable steps to curb emissions from the production of energy.
COP28 UAE will take place at Expo City Dubai from November 30-December 12, 2023. The conference is expected to convene over 70,000 participants, including heads of state, government officials, international industry leaders, private sector representatives, academics, experts, youth, and non-state actors. As mandated by the Paris Climate Agreement, COP28 UAE will deliver the first ever Global Stocktake – a comprehensive evaluation of progress against climate goals.
Describing the progress, Dr. Al Jaber said, “This took time, effort and many months of hard work, negotiation and collaboration. We are counting on many more to come on board and start taking action to decarbonise further and faster. I urge everyone to make this commitment at COP28, a COP where I am calling on everyone to set the highest ambitions, follow through with practical actions and deliver real results.” Dr. Al Jaber issued his call to action at the beginning of the 2023 Abu Dhabi International Petroleum Exhibition & Conference (ADIPEC). The event was attended by HH Shiekh Mansour bin Zayed Al Nahyan, Vice President of the United Arab Emirates, along with 160,000 energy professionals, 2,200 exhibiting companies, 54 NOCs, IOCs, and IECs.
Dr. Al Jaber said “This industry can and must help to drive the solutions. For too long, this industry has been viewed as part of the problem, that it is not doing enough and, in some cases, even blocking progress. This is your opportunity to show the world that, in fact, you are central to the solution.”
Noting the scale of the climate challenge, Dr. Al Jaber stated that “the world must reduce emissions by at least 43% over the next 7 years to keep 1.5 within reach. And that is our north star. It is our destination. It is simply respecting the science. And we must do this while also ensuring human prosperity by meeting the energy needs of the planet’s growing population.”
Describing the necessary actions, Dr. Al Jaber highlighted three key areas that he was prioritising, including curbing emissions from the production of energy, scaling up renewables, and decarbonizing hard-to-abate sectors, such as steel cement, aluminium and heavy transportation.’
Discussing the immediate steps that he expects the oil and gas
industry to take, Dr. Al Jaber noted that “Eliminating methane leaks and flaring is the fastest way to make the biggest impact on operational emissions in the short term.” Dr. Al Jaber also noted the critical role that the oil and gas industry has in scaling up renewables, highlighting how they represent “an opportunity for this industry to diversify and future-proof its business models.” Acknowledging that intermittency meant renewables were not a viable solution for heavy-emitting industries, Dr. Al Jaber emphasised the need to find low-carbon solutions to decarbonise hard-to-abate sectors, such as steel, cement, aluminium, and heavy transportation, he stated “We know that solutions exist, and all industries can and must respond. But they can’t act alone. Governments should be proactive in setting the right demand signals and dealing with critical issues like permitting.” He also stated the need to “overcome the hurdles to scale up and commercialise hydrogen and carbon capture technologies.”
Speaking of his intention to underpin everything at COP28 with full inclusivity, Dr. Al Jaber said that “everyone must be around the table to make the transformational progress needed, and especially the energy industry. No other industry has the same ability to manage complexity, depth of knowledge, engineering talent, technology, capital, and scale that is needed for the task at hand.”
Dr. Al Jaber also outlined his vision to “reimagine the relationship between producers and the heaviest consuming countries and sectors. Since March, I have been convening heavy emitting sectors alongside the energy industry, governments, civil society, NGOs, scientists, technologists and the financial community to accelerate decarbonisation.” Speaking of the need to “create a pro-climate, pro- growth future”, Dr. Al Jaber noted that “it is a historic opportunity for growth and innovation. In fact, it represents the largest economic opportunity since the first industrial revolution.” Concluding his remarks, Dr. Al Jaber said that “It’s time to turn rhetoric into results, ambitions into action, pilots into scalable projects. It is time to unite, it is time to act, and it is time to deliver.”
Dr. Al Jaber’s speech came a day after hosting a “Changemakers Majlis”, a pioneering CEO-level gathering with representatives from the energy, cement, heavy transportation, steel and aluminum sectors to develop and drive actionable solutions to the energy transition. Collaboration focused on commercialising the hydrogen value chain, scaling carbon capture technologies, eliminating methane from energy, increasing renewables in grids, and biofuels as an enabler of decarbonisation.
The COP28 President-Designate’s call to implement a comprehensive energy transition plan is part of the COP28 Presidency’s Action Agenda which is based on four key pillars. These pillars include fast-tracking a just and orderly energy transition, fixing climate finance, focusing on people, lives and livelihoods, and underpinning everything with full inclusivity.
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WORLD PLASTIC PRODUCTION HAS INCREASED FROM 2.1 MILLION TONNES IN 1950 TO 147 MILLION IN 1993 TO 406 MILLION BY 2015. NEARLY EVERY PIECE OF PLASTIC EVER MADE STILL EXISTS TODAY.
MODERN AIRCRAFT ARE 80% MORE FUEL-EFFICIENT THAN THEIR 1950S COUNTERPARTS.
FOUR IN EVERY FIVE LITRES OF BIOFUEL IN THE EU IS BIODIESEL
New report anticipates biofuel market to be worth US$225.9 billion by 2028
The biofuel market is projected to reach USD 225.9 billion in 2028 from USD 167.4 billion in 2023 at a CAGR of 6.2% according to a new report by MarketsandMarkets™. The growing demand for cleaner fuels is one of the major factors driving the biofuels market. Global biofuel demand has been increasing gradually due to goals set to achieve net zero emissions in recent years. According to Statistical Review of World Energy 2022, the total global consumption of biofuel in 2021 was 1,837 thousand barrels of oil equivalent per day. Governments of various countries across the world are focused on reducing greenhouse emissions. With the help of biofuel, greenhouse emissions can be reduced by up to 65%. Expansion of the biofuel business will result in increased employment opportunities. The demand for suitable biofuel crops, because of biofuel production, will support the agricultural industry. Many governments have implemented policies to promote the use of biofuels, such as blending mandates and tax credits. These policies have helped create a demand for biofuels and drive down costs. Governments worldwide have implemented several favourable policies to promote the use of biofuels. The high depletion of fossil fuels presents promising opportunities for the biofuel market. However, the risks associated with high initial investment for setting up biorefineries and uncertain global economic conditions have hindered the growth of the market in recent years and are expected to restrain the market’s growth during the forecast period.
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ANHEUSER-BUSCH, THE COMPANY BEHIND BUDWEISER, BUD LIGHT AND BUSCH WERE THE FIRST DIESEL ENGINE LICENSEE IN THE U.S., THE COMPANY’S CO-FOUNDER, ADOLPHUS BUSCH, PAVED THE WAY TO PRODUCE THE FIRST DIESEL ENGINES IN AMERICA VIA THE DIESEL MOTOR CO. AND AMERICAN DIESEL ENGINE CO. LATER, BUSCH WOULD PARTNER WITH THE SULZER BROTHERS TO PRODUCE DIESEL-POWERED SUBMARINES FOR THE U.S. NAVY.
MORE THAN 370,000 COMMERCIAL FLIGHTS HAVE OPERATED ON SUSTAINABLE AVIATION FUELS SINCE 2016
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