Thursday, August 5, 2021

UAE Could Become First OPEC Producer To Pledge Net-Zero…

One of OPEC’s largest producers, the United Arab Emirates (UAE), is considering the potential adoption of a net-zero by 2050 goal, Bloomberg reported on Thursday, citing sources with knowledge of the talks.

If the Gulf oil producer joins major industrialized nations in the net-zero emissions commitments, it will become the first major petrostate to balance major emission-reduction goals with its important oil and gas industry. Around 30 percent of the country’s gross domestic product (GDP) is directly based on oil and gas output, according to OPEC. Oil discoveries in the UAE, the first in the late 1950s, have made the emirates a wealthy country with a high standard of living.  

According to Bloomberg’s sources, the UAE could be looking to make a net-zero announcement ahead of the 26th UN Climate Change Conference of the Parties (COP26) in Glasgow in November.

The UAE is “certainly working on a whole-of-government approach to see at what point it would be feasible to achieve net zero,” Hana AlHashimi, who heads the office of Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology and Group CEO of Abu Dhabi National Oil Company (ADNOC), said on…

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