Heavyweights in OPEC stated on Sunday that the industry had a part to play in a smooth energy transition and that oil and gas should not be stigmatized in the climate discussion.
For the United Nations MENA climate week, energy ministers from Saudi Arabia, the United Arab Emirates, and Iraq—the three largest OPEC members—have assembled in Riyadh, the Saudi capital.
“The three of us here as major hydrocarbon producers also have a responsibility to the world to provide the transition with enough hydrocarbon resources to make sure we are transitioning in a responsibly priced manner,” UAE Energy Minister Suhail al-Mazrouei said on a panel that included the three nations.
The COP28 climate summit is to be held in Dubai between November 30 and December 12 and will be hosted by the UAE.
Following a year of record temperatures, wildfires, and drought, the summit is an opportunity for nations to attempt to quicken action to combat global warming in order to prevent the most destructive effects of extreme weather.
The rise in global temperatures must be kept below 2 degrees Celsius (3.6 degrees Fahrenheit) above pre-industrial levels, according to reports, and efforts must be made to keep the increase to 1.5°C.
The COP28 president, Sultan al-Jaber, declared in his opening remarks on Sunday that the conference would have transformational results for this area and the entire world.
Environmental activists have criticized the choice of Jaber to lead the meeting because his nation is a significant oil exporter and a member of OPEC, and he is the head of the state oil corporation ADNOC.
He has argued in favor of a more inclusive COP that includes the oil and gas sector in the discussion on climate change and enables them to participate in decarbonization efforts.
In the lead-up to COP28, governments are split between those calling for an agreement to phase out planet-warming fossil fuels and those who believe that coal, oil, and natural gas can continue to be used in conjunction with technologies to collect their emissions.
“We have had 27 COPs, and you might be surprised to learn that 17 of them have been hosted in fossil fuel-producing nations,” Jaber explained.
“The fact is, energy is fundamental to everyone, everywhere.”
Prince Abdulaziz bin Salman, Saudi Arabia’s energy minister, added that the business shouldn’t be stigmatized and that the world still needed hydrocarbons.
He informed the crowd, “There is a reason for us to be in oil and gas”.
