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The United Arab Emirates, the largest oil producer, is setting itself more ambitious emissions reduction targets as the UAE prepares to host the COP28 climate summit later this year.
Abu Dhabi National Oil Co. has accelerated its goal of achieving net-zero emissions to 2045 from its original 2050 plan, a statement said. The state-run company has also pledged to eliminate methane emissions by the end of the century.
The UAE is OPEC’s third-largest producer, with capital Abu Dhabi producing most of its oil and is investing billions of dollars to boost production capacity. The country has faced criticism as host of COP28, the world’s premier climate event, due to its status as a major hydrocarbon producer. Abu Dhabi National Oil Co.’s expansion strategy could make it harder for the company to meet climate goals.
Adnoc’s plans cover so-called Scope 1 and 2 emissions, which measure the amount of carbon dioxide directly from the company’s own operations and the energy used to run its business.
The targets do not include Scope 3 emissions, which account for the carbon produced by customers who use oil companies’ products and make up the vast majority of greenhouse gases associated with oil and gas production. This makes it crucial for hydrocarbon producers to measure and develop plans to reduce emissions from their products, according to the Carbon Tracking Initiative.
Many believe the UAE’s nomination of Sultan Al Jaber as COP28 president conflicts with his other role as chief executive of Adnoc. Al Jaber also serves as chairman of government-owned renewable energy company Masdar and as the country’s climate envoy, among other roles.
Al Jaber introduced the UAE’s COP28 plans at the Brussels summit this month, setting targets for the nearly 200 countries participating in the Dubai summit in November and December. Its goals include creating a fully functional fund to compensate poor countries hit by climate change, while tripling global renewable energy production and doubling hydrogen production by 2030.
In addition, the UAE has issued an upgraded version of its climate commitment to the United Nations, and its emissions reduction target will be slightly larger than its 2021 commitment. The effort was labeled “insufficient” by the nonprofit Climate Action Tracker to meet the global climate goal of keeping temperature rise below 1.5 degrees Celsius.
The new plan sets a target of reducing emissions by 40% from business-as-usual levels by 2030, compared with a 31% reduction under the previous plan. The country also said it would invest $54 billion in renewable energy projects and other clean energy measures over the next seven years.
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