COP28: Oil Companies Leading Climate Action?

By Editorial Board

Why do nations so ardently present a display of progress when so many of them have no real intention for change?

Despondency is high among climate scientists in the wake of COP28. The 2023 United Nations Climate Conference substantiated little to the hope that concrete, definitive solutions would be employed to limit the global temperature rise from surpassing 1.5 degrees. It was the first COP to identify fossil fuels as the primary cause for global warming, however, other than certain vague inclinations towards the reduction of fossil fuels, few decarbonization timelines were established. 

Dubai itself is a nation on which the majority of its wealth is dependent upon oil, bringing into question the true nature of the conference’s purpose. In his interview with former UN special envoy, Mary Robinson, Sultan Al Jabar, president of COP28, has claimed there is “no science” suggesting that a phase-out of fossil fuels will restrict global heating to 1.5C. The reality of Al Jaber being COP28’s president whilst being the chief executive of the UAE’s state oil company poses a serious conflict of interest. As though it weren’t ironic enough, shortly before the summit, leaked documents revealed that the UAE had planned to use climate meetings with governments to promote oil and gas deals.

So when would mark the end of fossil fuels? During COP28, several countries agreed to “transition away from fossil fuels in energy systems”. However, the agreement did not compel countries to take action, nor was any timeline specified.

Despite COP28’s drawbacks, there have been some achievements. A pledge signed by 118 countries to triple renewable energy capacity and double the global rate of energy efficiency by 2030 is a step in the right direction. With the growing prominence of “green hydrogen” – where fuel is generated through a process of splitting water molecules – the transition towards zero emission fuel emissions could have potential. Furthermore, over 50 national and international oil companies, representing about 40% of global production, signed a decarbonisation charter. This is particularly important as companies have pledged to achieve near-zero methane leakage from the production of oil and gas by 2030. Methane is a potent greenhouse gas, with a quarter of all methane production stemming directly from oil and gas production. However, it is important to acknowledge that 60% of the world’s oil and gas production is not addressed in this charter.

Needless to say, it’s clear that the advent of our planet’s downfall will inevitably come so long as trepidation to hold accountability and the comfort found in deniability take precedence over the sobering commitments required of nations to make meaningful change; it is only so long that this tension between the fugacious optimism of performative progress and the tangible, permanent effects of climate change can persist until the breaking point that is our demise.