COP28 president says the world needs hydrocarbons

 COP28 president says the world needs hydrocarbons

Last year, despite ongoing war, fears of a recession, and the world still recovering from COVID, annual global investments in clean energy exceeded $1 trillion for the first time. And the trajectory is only going up. Much of this new growth will be driven by dynamic economies in Asia

New Delhi: The world needs hydrocarbons and existing energy systems cannot be unplugged before new energy systems are built, said Sultan Ahmed Al Jaber, president-designate of the UN COP-28 climate change summit, on Tuesday.

Speaking at the Asian Ministerial Energy Roundtable at the India Energy Week in Bengaluru, Jaber said the energy transition will require every section of society to work together in an inclusive effort.

“The world still needs hydrocarbons and will need to bridge them from the existing energy system to the new one. We cannot unplug the current energy system before building a new one. As such, we must reduce their carbon footprint, not just should at least invest in carbon intensive barrels and continue to reduce their intensity," Al Jaber said.

He said the challenge was matched in size by the economic opportunity. He noted the significant increase in investment in renewable energy in recent years and India's drive to add 500 GW of clean energy by 2030, adding that the UAE is committed to partnering India and the world to advance clean energy. is willing.

“Last year, despite an ongoing war, fears of a recession, and a world still recovering from Covid, annual global investments in clean energy exceeded $1 trillion for the first time. And the trajectory is only going up. Much of this new growth will be driven by the dynamic economies of Asia. Here in India, you are aiming for 500GW of clean energy by 2030. It's very ambitious, but also very doable."

“And the UAE is ready, willing and able to partner with you. We have spent the last two decades diversifying our energy portfolio. We've invested in nuclear, we're investing in hydrogen and we're expanding our global renewable energy footprint to at least 100 GW by 2030. next 7 years," he said

Al Jaber noted India's strong recovery from the COVID-19 pandemic and said the world's fastest-growing major economy is tackling the central question of how to incorporate sustainable, environment-friendly growth into its growth model.

He reiterated that policies must take into account the fact that many people, especially those in the Global South, still have little or very limited access to energy. Their needs must be met during the transition to a new energy system and progress on all aspects of the climate agenda must be accelerated.