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UAE used COP28 to pursue oil deals, recent investigation finds

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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 Euronews or enjoy below:

🗞️ Driving the news: The UAE's state-owned oil company, ADNOC, used COP28 to significantly increase its fossil fuel deals, pursuing nearly $100 billion in agreements, a fivefold increase from the previous year, according to an investigation by Global Witness
•  This investigation revealed plans to leverage COP28 for ADNOC's benefit, sparking significant controversy

🔭 The context: Sultan Al Jaber, CEO of ADNOC, presided over COP28, which raised concerns about conflicts of interest
• Leaked documents showed the UAE aimed to use its hosting position to strike deals with over a dozen nations
• ADNOC pursued major deals globally, including partnerships with BP, Lukoil, and Wintershall Dea

🌍 Why it matters for the planet: This exploitation of a climate summit to advance fossil fuel interests undermines global efforts to combat climate change
• It raises fears that future COPs, like the upcoming COP29 in Azerbaijan, might follow this detrimental precedent, threatening climate goals and policies

⏭️ What's next: Ensuring future climate summits are not co-opted by fossil fuel interests is crucial. Vigilance from international communities and stricter regulations may be needed to prevent similar occurrences
• The global community must advocate for genuine climate action over business interests

💬 One quote: "I hope the younger generations can forgive us for what we have done," lamented one diplomat involved in the ADNOC negotiations

📈 One stat: ADNOC pursued 20 major international fossil fuel deals in 2023, worth approximately €92 billion, five times more than in 2022

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