Sultan Al Jaber says that Adnoc must meet demand for fossil fuels and welcomes an unprecedented agreement at COP28. The president of the COP28 climate meeting will continue to implement his oil company's investments in oil and gas extraction, even while coordinating a global agreement on transitioning away from fossil fuels.
Sultan Al Jaber, who is the CEO of the United Arab Emirates' state oil and gas company Adnoc, told the Guardian newspaper that the company must meet the demand for fossil fuels.
“My approach is very simple – we will continue to act as a responsible, reliable low-carbon energy supplier, and the world will need low-carbon barrels at the lowest cost,” he said, arguing that Adnoc's hydrocarbons produce lower carbon emissions because they are extracted efficiently and with less leakage than other sources.
“Ultimately – remember, it is demand that will decide and determine what source of energy will help meet growing global energy needs,” he added.
Al Jaber referred to the Intergovernmental Panel on Climate Change findings that the world will still need a small amount of fossil fuels in 2050, even if net-zero greenhouse gas emissions are reached, which is necessary to limit global temperature rise to 1.5 °C (2.7 °F) above pre-industrial levels.