Middle East oil chief urges fossil fuel ‘phase down’

afr.com:

London | Abu Dhabi| Sultan al-Jaber, president-designate of this year’s UN climate summit, said the oil and gas industry must prepare for an inevitable “phase down” of fossil fuels as he warned the sector should not be seen to work against decarbonisation efforts.

Speaking to the Financial Times, Mr Jaber — who is also head of the Abu Dhabi National Oil Company, one of the world’s biggest oil and gas groups — said he is in talks with fossil fuel producers about an initiative focused on cutting greenhouse gas emissions that is due to be launched at the COP28 climate summit in Dubai later this year.

Sultan Al Jaber is “applying pressure” on fossil fuel firms to join the so-called Global Decarbonisation Alliance. AP

“I don’t want this industry to be seen in any way, form or shape that they are going against the phase down [of fossil fuels]. This [phase down] is happening,” he said.

“And what they need to do is start investing in the decarbonisation of the current energy system.”

More than 20 fossil fuel-intensive companies, encompassing up to a quarter of all oil and gas production, are in active talks to sign up to the initiative already, he said. He was “applying pressure” on others to join the so-called Global Decarbonisation Alliance, Mr Jaber said.

Companies that back the alliance, which was first reported by the Financial Times, will be asked to commit to reaching net-zero emissions by 2050, as well as a target of “near zero” emissions of methane, a virulent greenhouse gas, across their entire value chain by 2030, he said.

Adnoc said in July it would aim to achieve net-zero emissions from its operations by 2045 rather than 2050 and cut methane emissions to zero by 2030, although it is investing just 10 per cent of its