Abu Dhabi: President designate COP28 Sultan Ahmed Al Jaber on Wednesday called upon oil and gas industry to cut methane emissions by 2030 and align around “comprehensive net zero plans” by or before 2050.
“There is need to phase out emissions from all sectors including transportation, agriculture, heavy industry, and of course fossil fuels, while investing in technologies to phase up all viable zero carbon alternatives” Jaber said while addressing the UAE Climate Tech forum in UAE.
He emphasized the significance of reducing methane emissions, which account for around 30% of global temperature rise since the industrial revolution.
He reiterated the need to reduce emissions by 43% by 2030, despite increasing energy demand due to global population growth.
The COP28 Chief said “Technology companies need to focus on food systems and agriculture- the biggest single source of greenhouse gasses, representing over one third of global emissions”.
He stressed the importance of implementing practical actions based on COP negotiations and highlighted the role of technology in achieving emission reduction goals without hindering economic progress.
He noted that clean tech investments surpassed $1 trillion in 2022, and with supportive policies, climate technologies could double their contribution to global growth while removing up to 25 billion tonne of carbon emissions annually.
Stating that “Renewables not only answer” he called for the tripling of global renewable energy capacity to 11000 GW by 2030 and double again by 2040.
“5000 cement, steel and aluminum plants in the world make up more than 30 per cent of global emissions and none can run on renewable energy alone… adding that the Hydrogen needs to be scaled up and commercialized to make real impact on energy system.
“Most recent IPCC report clearly states that applying carbon capture technologies to heavy emitting industries is a critical enabler in the race to net zero” he said.
“Paris Agreement united governments around what the world must do to meet the climate challenge, COP 28 will focus on the “how” COP 28 to be a COP of Practical Action and Pragmatic Results, a COP of Solutions, a COP of Impact, and a COP for All” he said.
Over 1,500 leaders from technology companies, major industries, finance, government, civil society, and the energy sector convene in Abu Dhabi for UAE Climate Tech. UAE Climate Tech provides platform to transform, decarbonize and future proof economies.