Cop28 president says his firm will keep investing in oil

(The Guardian, 15 Dec 2023) Exclusive: Sultan Al Jaber says Adnoc has to meet demand for fossil fuels, and hails ‘unprecedented’ Cop deal.

The president of the Cop28 climate summit will continue with his oil company’s record investment in oil and gas production, despite coordinating a global deal to “transition away” from fossil fuels.

Sultan Al Jaber, who is also the chief executive of the United Arab Emirates’ national oil and gas company, Adnoc, told the Guardian the company had to satisfy demand for fossil fuels.

“My approach is very simple: it is that we will continue to act as a responsible, reliable supplier of low-carbon energy, and the world will need the lowest-carbon barrels at the lowest cost,” he said, arguing that Adnoc’s hydrocarbons are lower carbon because they are extracted efficiently and with less leakage than other sources.

“At the end of the day, remember, it is the demand that will decide and dictate what sort of energy source will help meet the growing global energy requirements,” he added.

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The Guardian, 15 Dec 2023: Cop28 president says his firm will keep investing in oil