United Nations Secretary-General Antonio Guterres spoke today before countries’ representatives gathered at the start of the COP27 summit in Egypt. He told them that they had a choice. First, they may work together now to reduce emissions. The second is to condemn future generations to climate disaster. Immediately following Guterres’ speech, UAE President Sheikh Mohammed bin Zayed al-Nahya made his choice. He took the stage and stated that his country, a member of the Organization of Petroleum Exporting Countries, would continue to produce fossil fuels – oil and gas – for as long as there is a demand. And, of course, as long as there are dollars, too.
As long as they want oil and gas – we’ll sell them
According to him, the UAE is a responsible energy supplier and will continue to play that role as long as the world requires oil and gas.
The UAE will host next year’s United Nations conference, which will attempt to finalize agreements reached last year in Britain and in Egypt this year.
Many oil, gas, and coal-rich countries have criticized the push for a rapid transition away from fossil fuels, claiming it is economically reckless and unfair to poorer and less developed countries eager for economic growth. UAE, by the way, is not a poor country at all.
Oil and gas will not help achieve net zero. Ever
Signatories to the 2015 Paris climate agreement pledged to achieve a long-term goal of keeping global temperatures from rising by more than 1.5°C above pre-industrial levels, the point at which scientists believe climate change will become uncontrollable.
Guterres stated today that the goal will only be maintained if the world achieves net zero emissions by 2050. He urged countries to agree to phase out the use of coal, one of the most carbon-intensive fuels, by 2040. Guterres added that members of the Organization for Economic Cooperation and Development have to reach that goal by 2030.
It’s all about money
On the sidelines of the conference, the head of the International Monetary Fund told the media that meeting climate targets requires achieving a global carbon price of at least $75 per ton by the end of the decade and that the pace of change in the real economy is still way too slow.
Meanwhile, the World Trade Organization stated in a report released today that it should address trade barriers for low-carbon industries in order to address the role of global trade in driving climate change.