Dr. Sultan Al Jaber, Minister of Industry and Advanced Technology and President of COP28, stated on Monday at the eighth Ministerial on Climate Action (MoCA) that all parties involved in delivering the historic UAE Consensus must work together to implement it and promote sustainable socio-economic development. The historic UAE Consensus, which was first announced during COP28, which took place in Dubai in December, has come to be seen as the benchmark for global climate ambition and sustainable development.
Dr. Al Jaber told ministers at the Wuhan, China event that the UAE Consensus could be implemented more quickly by leveraging its “spirit of solidarity” because solidarity was essential to its success. According to Dr. Al Jaber, this inclusive strategy is producing “facts on the ground” and real-world results in addition to aiding in the creation of the UAE Consensus.
PetroChina, which produces 3.5% of the world’s oil, has joined the Oil and Gas Decarbonisation Charter (OGDC), an initiative started at COP28 to hasten the decarbonisation of the industry. PetroChina joins 52 other businesses, or about 40% of the world’s oil production, in the OGDC. National Oil Companies make up the majority of signatories, at over 60%, making this the largest group of businesses to date to commit to a decarbonisation initiative.
The OGDC demands that the industry strive towards industry best practices in emission reduction, invest in the energy system of the future, zero-out methane emissions by 2030, and align around net zero by or before 2050.
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