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Big Oil, heavy industry discuss emission curbs ahead of COP28

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By illuminem briefings

· 2 min read

illuminem summarizes for you the essential news of the day. Read the full piece on Reuters or enjoy below

🗞️ Driving the News: Leaders of major oil and gas companies engaged in talks with heavy industry executives in the United Arab Emirates to establish a concrete commitment to reducing carbon emissions in preparation for the upcoming United Nations COP28 climate summit

🔭 The Context: The COP28 summit, set to transpire in Dubai from Nov. 30 to Dec. 12, presents a pivotal opportunity for governments to intensify efforts in addressing global warming
• Current reports indicate a deviation from commitments to restrict the global temperature increase to 1.5 degrees Celsius

🌍 Why it Matters for the Planet: The unprecedented collaboration between the demand and supply sides of emissions, bringing together CEOs from over 50 oil and gas companies and heavy industries, seeks to secure substantial decarbonization commitments crucial for limiting global warming
• The inclusion of oil and gas representatives underscores the significance of their participation in the climate discourse

⏭️ What’s Next: The objective is to solidify decarbonization agreements before COP28, focusing on areas such as hydrogen commercialization, carbon capture technology scaling, methane elimination, and the augmentation or renewable energy

💬 One Quote: "If the oil and gas industry signs up to decarbonization agreements and methane abatement, that is a huge contribution to the debate. It will be the first COP that we can measure the carbon that we are taking off the table" (Adnan Amin, COP28 chief executive officer)

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