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🗞️ Driving the news: Sultan Ahmed Al-Jaber, President-designate of the upcoming United Nations COP28 climate talks and CEO of Abu Dhabi National Oil Company (ADNOC), emphasized the need for an energy transition that is "just, orderly, equitable, and responsible" during a speech at ADIPEC in Abu Dhabi
🔭 The context: Al-Jaber urged oil and gas companies to play a central role in envisioning global decarbonization pathways
• Despite criticism of the UAE's leadership of COP28 and ADNOC's plans to increase oil production, he acknowledged the inevitability of a fossil fuel phase-down, emphasizing the importance of a comprehensive and fair energy transition plan
🌍 Why it matters for the planet: As the head of COP28, Al-Jaber's stance on the role of oil and gas companies in the transition to a low-carbon future sets the tone for global climate discussions
• Balancing the industry's contributions to economic prosperity with the imperative to decarbonize is a critical challenge
⏭️ What's next: With COP28 approaching, Al-Jaber's call for a responsible energy transition will likely influence discussions and policies
• The remarks from both Al-Jaber and Haitham al-Ghais of OPEC underscore the industry's commitment to energy security amid global economic concerns
💬 One quote: "A phase-down of fossil fuels is inevitable. In fact, it's essential. Yet, this must be part of a comprehensive energy transition plan that is fair, that is fast, just, orderly, equitable and responsible." (Sultan Ahmed Al-Jaber, President of COP28)
📈 One stat: Al-Jaber highlighted that 20 oil and gas companies have committed to achieving net-zero emissions by 2050
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