The UAE expects billions in investment in oil and gas production

The United Arab Emirates (UAE), one of the world's leading oil exporters, called the recent UN climate summit in Glasgow a "success", but said the world must continue to invest billions in oil and gas production. Nearly 200 countries pledged at the COP26 summit on Saturday, November 13, after two weeks of negotiations, to step up the fight against rising temperatures. However, they failed to secure consensus on the issue of complete coal rejection, but only agreed to move away from it. UN Secretary-General Antonio Guterres has therefore warned that the "climate catastrophe" is still knocking on the door. The summit "was a real success," said Sultan al-Jaber, UAE's minister of industry and advanced technology. However, he predicted that the oil and gas industry would have to invest "more than $ 600 billion (€ 524.11 billion) a year in mining by 2030 to keep pace with expected demand." "Although the world has agreed to accelerate the transformation of energy, it is still heavily dependent on oil and gas," he said at the opening of the international oil conference in Abu Dhabi. He recalled that due to the recovery of economies from the COVID-19 pandemic, energy demand exceeded supply. The UAE and neighboring Saudi Arabia, the world's largest oil exporter, have announced net zero emissions targets, despite plans to increase oil production. Net zero refers to emissions generated within the country, not to products sold and consumed abroad. The UAE, Saudi Arabia and other major oil producers have defended their plans to continue investing in fossil fuels. "The future is approaching, but it is not here yet," said al-Jaber, whose country is set to host COP28. "We have to move forward with pragmatism. If we are to successfully move to tomorrow's energy system, we cannot simply disconnect from today's energy system," he added.