More than 1,500 leaders from different sectors gathered in Abu Dhabi for the UAE Climate Tech conference. The conference provided a platform for discussion on how to transform, decarbonize and protect the future of economies. Dr. Sultan Al Jaber, UAE Minister of Industry and Advanced Technology and President-Elect of COP28, called on world leaders to take collective climate action to reduce emissions by at least 43% by 2030.
Towards a zero-carbon economy: the challenges of the energy transition
Dr. Al Jaber stressed the need for a responsible and pragmatic energy transition that focuses on eliminating fossil fuel emissions while developing all viable zero-carbon alternatives. He also stressed the need to find a way to curb emissions while maintaining economic progress. The most critical source of solutions is technology.
Cleantech investment crossed the $1 trillion mark for the first time in 2022, with substantial room for growth. Dr. Al Jaber estimates that, with the right policies and investments, climate technologies could double their contribution to global growth while eliminating up to 25 billion tons of carbon emissions each year.
However, the majority of emissions cannot be solved by renewables alone, especially in gas-intensive industries. Dr. Al Jaber highlighted the critical role of hydrogen and carbon capture in the responsible and pragmatic energy transition. He stressed the importance of continuing to invest in nuclear power and seeking breakthroughs in battery storage.
Eliminating methane emissions by 2030: Dr. Al Jaber’s call to the oil and gas industry
The agricultural sector, which accounts for more than a third of global emissions, is also a significant contributor of greenhouse gases. Dr. Al Jaber called on technology companies to focus on this space and develop solutions that reduce emissions while increasing crop yields.
Dr. Al Jaber repeated his call to the oil and gas industry to eliminate methane emissions by 2030 and align with complete net zero plans by 2050 at the latest. He also stressed the need to reinvent the relationship between producers and consumers and to create an active partnership that accelerates the energy transition.
Maximizing technology adoption in the global south requires improving the availability, accessibility, and affordability of capital for those countries that need it most. Technology is essential to help the most vulnerable communities build capacity and transition to a low-carbon economic development model.
Thus, Dr. Al Jaber stressed that time is running out and the stakes for the planet are high. COP28 UAE will focus on “how” to address the climate challenge and will conduct the first comprehensive global stocktaking. The conference is expected to attract over 70,000 participants. It will lead a process for all parties to agree on a clear roadmap to accelerate progress through a pragmatic global energy transition and an inclusive approach to climate action.
