The world needs hydrocarbons, says COP28 president
Last year, despite an ongoing war, fears of recession, and a world still recovering from Covid, annual global investment in clean energy exceeded $1 trillion for the first time. And the trajectory is only going up. Most of this new growth will be driven by the dynamic economies of Asia
New Delhi: The world needs hydrocarbons and the current energy system cannot be unplugged before a new energy system is built, said Sultan Ahmed Al Jaber, president-designate of the UN COP-28 climate change summit, on Tuesday.
Speaking at the India Energy Week in Bengaluru at the Asian Ministerial Energy Roundtable, Jaber noted that energy transition would require every segment of society working together in an inclusive effort.
“The world still needs hydrocarbons and will need them to bridge from the current energy system to the new one. We cannot unplug the current energy system before we have built the new one. As such, we must minimize their carbon footprint, only invest in the least carbon intensive barrels and continue to reduce their intensity,” said Al Jaber.
He said the challenge was matched by the size of the economic opportunity. He noted the significant rise in investment in renewable energy in recent years and India’s drive to add 500 GW of clean energy by 2030, adding that the UAE was keen to partner India and the world on advancing clean energies.
“Last year, despite an ongoing war, fears of recession, and a world still recovering from Covid, annual global investment in clean energy exceeded $1 trillion for the first time. And the trajectory is only going up. Most of this new growth will be driven by the dynamic economies of Asia. Here in India, you are aiming for 500GW of clean energy by 2030. This is very ambitious, but also very achievable.”
“And the UAE is ready, willing and able to partner with you. We have spent the last two decades diversifying our energy portfolio. We’ve invested in nuclear, we are investing in hydrogen and we are expanding our global renewable energy footprint to at least 100 GW by 2030. And we need everyone on this journey with us, so that together we can triple global renewable energy capacity over the next 7 years,” he said
Al Jaber noted India’s strong recovery from the COVID-19 pandemic and that the world’s fastest-growing major economy was dealing with the central question of how to embed sustainable, environmentally friendly growth into its development model.
He reiterated that policies should take into account the fact that too many people, particularly across the Global South still have no or very limited access to energy. Their needs must be met while transitioning to a new energy system and accelerate progress on all aspects of the climate agenda.
“I will use my experience, know-how and network of partners, and the unwavering support of my leadership, to convene the entire energy industry to speed things up. I will also work with other industries to help rapidly shift demand to viable alternatives that can replace current energy options. The energy transition will require every segment of society working together in an inclusive effort, and that surely means including the efforts of the energy industry. It’s not a conflict of interest, it is in our common interest to have the energy industry working alongside everyone on the solutions that the world needs.”
The roundtable was convened by the International Energy Forum (IEF), which strives to facilitate a constructive dialogue between energy-producing and consuming nations to promote inclusive sustainable development. Al Jaber’s address marks the first of a series of appearances the COP28 president-designate will make as part of a listening tour ahead of COP28 that will engage crucial stakeholders – including governments, private sector, scientists, academics, civil society and youth – in addressing the climate challenge.
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First Published:7 Feb 2023, 02:20 PM IST
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