• Home
• /
• Energy
• /
• Business

UAE hosting COP28 is a matter of 'tremendous pride for Opec', says Al Ghais

The Opec chief appreciates UAE's leadership role in the energy sector in tackling the climate challenge

Haitham Al Ghais, Secretary-General, Opec, on Monday praised the UAE’s leadership in climate change and standing commitment to sustainable practices and international cooperation to address the challenge of current times.

As the UAE marks 2023 as a ‘Year of Sustainability’, he said the culmination will be Dubai’s hosting of COP28, which is a matter of “tremendous pride for Opec”.

“The UAE has repeatedly shown climate leadership, particularly through the net zero 2050 strategic initiative and investing $40 billion in the renewable industry to date. Astonishing progress has been achieved in a relatively short period of time,” the Opec chief said while speaking at the 30th Annual Middle East Petroleum & Gas Conference (MPGC 2023) in Dubai on Monday.

ALSO READ:

• $12.1 trillion investment required in oil sector by 2045: Opec chief

• Oil prices to surge as markets poised to tip into deficit soon: IEA

“We have followed with great interest the calls by COP28 president-designate Sultan Al Jabber for a positive, pragmatic and realistic approach to climate challenge… Opec believes that challenges before us be accurately diagnosed. It is about reducing greenhouse gases emission and not a misguided narrative of replacing one energy for another. Technological innovation will play a critical role in realising this objective. This is why member countries invest heavily in hydrocarbon projects, carbon capture utilisation storage facilities and circular carbon economy. There is no better place than the UAE that exemplifies this. The breadth of measures deployed by the UAE to tackle the climate challenge is critical. We need to focus on all people, all fuel and all technologies approach for energy transitions,” he said during the opening remarks of the two-day summit.

“The oil and gas industry has been challenged recently by some to rise to a moment of truth at cop28. Obviously, I can’t claim to speak on behalf of everyone, but I believe that industry must recognise and be proud of what it has been doing in ensuring global energy security and reducing emission across the board at the same time.”

Opec chief underscored great appreciation for the UAE's leadership role in the energy sector in tackling the climate challenge and bringing stakeholders together at COP28. “This mirrors the constructive role this great nation plays in Opec and Opec+ as a builder of consensus and a forger of collaboration under the leadership of the UAE delegation of the UAE oil minister. I thank the UAE for making Opec a successful and vibrant organization.”

-waheedabbas@khaleejtimes.com