Isn’t this exciting? The United Nations has announced it will hold a climate summit later this year, gathering all the nations of the world to have discussions and make plans for taking on the fight against global warming!!
Except — they’ve done this before, 27 times before in fact, every single year since 1995. And nothing has changed.
But maybe this time it will be different. Because COP28 is being held in Dubai, and the president of this year’s conference is Sultan al-Jaber, chief executive of the Abu Dhabi National Oil Company (ADNOC), one of the world’s largest oil and gas firms.
So, do you think his company will take the lead and show the way to a carbon-free future?
No, I guess not…
UAE oil giant ADNOC — run by the president of the COP28 climate conference — is expected to spend more than $1 billion every month this decade on fossil fuels, according to new analysis by international NGO Global Witness.
This is nearly seven times higher than its commitment to decarbonization projects over the same timeframe, the research says. It comes ahead of the COP28 climate summit, with Dubai set to host the U.N.’s annual conference from Nov. 30 through to Dec. 12.
Global Witness’ analysis found that ADNOC is planning to spend an average of $1.14 billion a month on oil and gas production alone between now and 2030 — the same year in which the U.N. says the world must cut emissions by 45% to avoid global catastrophe.
It means that ADNOC is forecast to spend nearly seven times more on fossil fuels through to 2030 than it does on “low-carbon solution” projects.
By 2050, the year in which the U.N. says the entire world economy must achieve net-zero emissions, ADNOC is projected to have invested $387 billion in oil and gas. The burning of fossil fuels is the chief driver of the climate emergency.
