There’s a Buzz for Energy Preceding COP28
The 28th Conference of Parties (COP28) is going to be a conference of duality. According to the International Trade Administration, 30% of the United Arab Emirates’ GDP is directly based on the oil and gas industry. So aside from the fact that it has a huge stake in fossil fuels, even this COP’s president leads two clashing organisations — the Abu Dhabi National Oil Company (ADNOC) and renewable energy corporation Masdar. You read that right: an “oil man in charge of leading the world away from oil”, as the New York Times put it.
Although President Al-Jaber may appear to represent two conflicting interests, there is one common denominator — energy. Amid increasing energy uncertainty from all perspectives, including sustainability and energy security, the world is long overdue for a pragmatic discussion on where to go from here. What better place to do it than in one of the largest energy consumers per capita? This year represents a tipping point for governments to solidify, and drastically advance, their energy transition policy, whether that be towards the controversial and reliable nuclear, or towards the less controversial, but far more unreliable, hard-line renewable sources.
Governmental discussion on energy often starts at a failure in the energy market: an energy supply shortage driving up prices and increasing the basic cost of living for households. This has largely been the economic condition ever since Russia’s invasion of Ukraine and the energy supply volatility stemming from it. In an economic climate like this, governments have a few choices: (1) to increase gas imports from other countries, (2) to resume (or expand) the use of coal power generation, or (3) to extend the lives of nuclear plants slated for decommissioning and to move towards more sustainable sources.
To most, an energy crisis like this one represents calamity. To us, it’s an opportunity to step on the ‘gas’ for renewable energy systems. In order to address the shortage, it is imperative for countries to scale up energy production and increase energy security by diversifying supply, but in the long run, it is also imperative for countries to phase out non-renewable sources like coal and liquified natural gas (LNG). Global energy needs are continually rising; we must devise a strategy to meet them, and soon. But this should not come at the cost of defying international legally-binding agreements that stipulate a steady transition towards a sustainable energy mix. A way legislators can ensure they do not move backwards is by choosing option 3: moving towards renewables.
In addition, COP28 President Sultan Al-Jaber is determined on making this COP yield progressive strides. Al-Jaber’s answer to making COP more efficient is to stop viewing “the [fossil fuel] industry as part of the problem” and instead “central to the solution”. While we will soon see his hypothesis put to the test, this means that 20 of the biggest non-renewable energy providers will be in Dubai this December, receptive to an open dialogue with the world’s most passionate environmentalists. It means that the private sector will finally be listening. It means that, if we come in prepared, pragmatically asking for energy providers to step up their renewable ambition, we have the opportunity to extraordinarily and positively redirect our future.
If nothing else, this year will present many opportunities for us as environmentalists: to find out more about the industry, to make more informed decisions about climate policy in the future, and to push governments towards sustainable energy sources.
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Written by Rushil Khandelwal for STEP
Edited by Tongfei Zheng and Viraj Ganatra
References
Bearak, M. (2023, October 5). Meet the Oil Man in Charge of Leading the World Away From Oil. New York Times. https://www.nytimes.com/2023/09/14/climate/sultan-al-jaber-uae-cop28.html
Dahan, M. E. (2023, October 2). COP28 president says oil companies support 2050 net-zero goal. Reuters. https://www.reuters.com/sustainability/climate-energy/cop-28-president-over-20-energy-companies-align-around-2050-net-zero-goal-2023-10-02/
Emergency response and energy security — About. (2023). IEA; International Energy Agency. https://www.iea.org/about/emergency-response-and-energy-security
IEA. (2022). Global Energy Crisis. International Energy Agency. https://www.iea.org/topics/global-energy-crisis
International Trade Administration. (2022, July 26). United Arab Emirates — Oil and Gas. Www.trade.gov. https://www.trade.gov/country-commercial-guides/united-arab-emirates-oil-and-gas
