UAE's COP28 Strategy: Advancing Oil & Gas Deals
In a recent development, leaked documents obtained by the Centre for Climate Reporting (CCR) and the BBC reveal the United Arab Emirates (UAE) alleged plan to exploit the COP28 summit for advancing fossil fuel deals. The documents said to be leaked by an anonymous whistleblower, fearing retaliation, detail talking points prepared for meetings with 20 countries, including the United States, the UK, and Germany, raising concerns about the impartiality of the hosting nation.
The leaked briefing notes, prepared by the UAE's COP28 team for summit president Sultan Ahmed Al Jaber, suggest a strategic move to use the summit's foreign government meetings between July and October to strike deals in the oil and gas sector. The documents, totaling 150 pages, were verified by the CCR and the BBC.
One noteworthy revelation is the alleged willingness of the UAE's state oil company, ADNOC, to evaluate international liquefied natural gas (LNG) opportunities in Mozambique, Canada, and Australia. The briefing notes also hint at ADNOC's readiness to support various countries such as Colombia, Germany, and Egypt in their fossil fuel projects.
Moreover, the leaked documents shed light on ADNOC's pursuit of Brazil's support for a non-binding offer made in collaboration with private equity firm Apollo. This offer targets a controlling stake in the petrochemical producer Braksem. The UAE seems keen on securing alignment and endorsement at the highest level, emphasizing the perceived synergies between the two nations in responsibly exploiting hydrocarbon resources.
COP28 president Sultan Ahmed Al Jaber, who also serves as the CEO of ADNOC and Masdar (the UAE's state renewable energy company), faces scrutiny as climate campaigners express concerns about the influence of fossil fuel interests during the summit. Responding to these concerns, Al Jaber defended the presence of heavy-emitting industries, including oil and gas, stressing the importance of collective responsibility and accountability in the global climate action process.
In response to the leaked documents, a COP28 spokesperson denounced their accuracy, stating that they were not used in meetings and expressing disappointment in the BBC for utilizing unverified information in their reporting. The United Nations Framework Convention on Climate Change, responsible for COP28, emphasized the cardinal principle of impartiality for summit hosts.
As the COP28 summit unfolds in Dubai, the global community watches closely, with 167 world leaders, including King Charles III and Pope Francis, attending. This summit marks the first comprehensive assessment of progress since the Paris Agreement in 2015, with its overarching goal of limiting global warming to well below 2°C. However, the leaked documents raise questions about the role of fossil fuel interests in shaping the outcomes of this critical climate conference, as climate scientists stress the imperative of phasing out fossil fuels to achieve the stipulated climate goals.
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