As we stand on the precipice of COP28, the world’s attention is focused on the global climate crisis like never before. The urgency of the situation is undeniable, with temperatures rising, extreme weather events becoming more frequent and ecosystems teetering on the brink of collapse. Amidst this tumultuous backdrop, a surprising announcement has emerged: more than 20 oil and gas companies are aligning themselves with the goal of achieving net-zero emissions by 2050. This revelation, coming from none other than COP28 President, Sultan al-Jaber, who also leads the United Arab Emirates oil giant ADNOC, raises questions about the commitment and the role of the fossil fuel industry in combating climate change.
Sultan al-Jaber’s call for the energy industry to join the fight against climate change is not without its controversies. His dual role as the head of ADNOC, a major oil player and the President of COP28, has raised eyebrows and sparked debates. In his address at an oil and gas conference in Abu Dhabi, Jaber made it clear that a profound transformation is necessary to combat climate change effectively. Jaber’s words resonate with the growing urgency of climate action, but can we trust that oil companies, historically seen as part of the problem, will be genuine partners in the solution?
Jaber’s announcement came with three key commitments from the oil and gas industry: aligning with the goal of achieving net-zero emissions by 2050, reducing methane emissions and eliminating routine flaring by 2030. While these commitments sound promising, they leave much to be scrutinized.
First and foremost, the commitment to net-zero emissions by 2050 raises questions about the feasibility and accountability of such a goal. Net-zero implies that any emissions produced must be offset by equivalent removals from the atmosphere. Can oil companies truly transition their operations to such a degree that they become carbon-neutral in just three decades? It remains to be seen whether these pledges are more than just lip service, especially given the vast scale and complexity of the global oil and gas industry.
Secondly, lowering methane emissions is an essential first step in halting global warming. Methane is a strong greenhouse gas, hence lowering it is essential to preventing further temperature rises. But the devil is in the details. Will these businesses put in place strict enforcement and monitoring procedures to guarantee compliance? Will these assurances actually help reduce methane emissions, or will they just be empty promises?
Lastly, the commitment to eliminate routine flaring by 2030 is laudable, as flaring is not only a source of emissions but also a waste of valuable resources. However, once again, the proof will be in the pudding. Will these companies take meaningful steps to end this practice, or will they continue to prioritize profit over planet?
In the lead-up to COP28, major oil and gas company chiefs convened with heavy industry leaders to discuss a decarbonization commitment. While this signifies a step in the right direction, it is essential to remain cautious. The history of the fossil fuel industry is rife with instances of greenwashing, where companies make environmentally friendly claims without substantiating them with concrete actions. Are these discussions mere PR exercises designed to improve the industry’s tarnished image, or will they result in genuine, far-reaching changes?
Skepticism surrounding the oil and gas industry’s commitment to climate action is warranted, given its track record. It is crucial for COP28 and the global community to demand transparency and accountability from these companies. Binding agreements, robust monitoring and meaningful penalties for non-compliance must be integral components of any climate initiative involving the fossil fuel industry. Moreover, civil society and environmental organizations should play an active role in holding these companies accountable.
The announcement that more than 20 oil and gas companies are pledging to achieve net-zero emissions by 2050 is a significant development in the fight against climate change. However, the road to a sustainable future is fraught with challenges and skepticism. It is not enough to make lofty promises; concrete actions are needed to address the climate crisis.
As we approach COP28, the world watches with bated breath, hoping that this summit will mark a turning point in the battle against climate change. The oil and gas industry, long perceived as a major contributor to the problem, now has a chance to demonstrate that it can be part of the solution. But words alone will not suffice; genuine commitment and meaningful action are the need of the hour. The fate of the planet hangs in the balance, and it is up to COP28 to determine whether these oil and gas companies will be remembered as heroes or as mere green washers in the climate history.
—The Writer is the Owner of Observer Diplomat, the first International Affairs & Diplomatic Magazine led by women in Pakistan. She is an entrepreneur and advocate of women empowerment.
