Business Lift

Advisory in Energy, Innovation and Business

COP28 ended with a communiqué which included, for the first timein the COP process, the phasing out of unabated hydrocarbons.Many have spoken against its lack of enforceable commitments, but COP is about the art of the politically possible, not the ideal. For the first time, led by a petro-state, all countries signed up to such a commitment. Well done!
Many have questioned the UAE’s suitability to hold such a conference. But they (largely through Mubadalla, but also ADNOC and others) have been pioneers among oil-led economies for decarbonisation. The Energy Transition to Net Zero won’t happen without such countries transitioning too, and oil companies like Orsted (ex-Dong Energy), Equinor and Statoil, and fossil fuel generators like E.ON and RWE, which are all making huge strides forward: it’s time to see them as part of the solution as well as part of the problem.

Delegates at COP28 applaud the final decision text at COP28
COP28 Agreement Signals “Beginning of the End” of the Fossil Fuel Era