FOR IMMEDIATE RELEASE
Contact:
Nicole Rodel, Oil Change International – nicole@priceofoil.org
COP28 President points again to 1.5ºC “North Star”, but UAE expansion plans still on the table
This week at the IEA roundtable in Paris, COP28 President Dr Sultan Al Jaber claimed that only addressing the supply side of fossil fuels would create “energy turmoil”, and emphasized the need for demand to be equally addressed in the energy transition.
In response, Romain Ioualalen, Global Policy lead at Oil Change International, said:
“Since COP28 in Dubai, both producers and importers of fossil fuels have a responsibility to accelerate the transition away from them. While COP28 President Al Jaber is right to point out that fossil fuel demand needs to decline rapidly, this cannot be an excuse for the massive expansion of fossil fuels planned by his own company, ADNOC, and the five rich global north countries responsible for the majority of planned oil and gas expansion to 2050, led by the United States.
“These five countries have the greatest financial means and responsibility to lead a fast and fair global phaseout of production. Instead, they are leading the way in jeopardizing the global 1.5ºC goal, which is supposed to be the North Star of the global climate talks.
“If these countries want to live up to the commitment they made in Dubai, they need to immediately end fossil fuel expansion, design Nationally Determined Contributions that reflect their responsibility in being first and fastest to phase out fossil fuel production and use, and show up to COP29 next year with concrete plans to fund climate action, contributing the needed funds to make ambitious promises real. There is enough public money to ensure a full, fast, fair, and funded fossil fuel phaseout and build a fair and renewable economy in its place, and the road to COP29 must mark a turning point in countries’ approach to public finance.”