The president of Cop28 summit stated that the issue of increasing power demand must be tackled in order to prevent the world from facing “energy turmoil” during its shift towards sustainable energy.

During a conversation organized by the International Energy Agency, Sultan Al Jaber cautioned governments about the necessity of being forthright and open regarding the potential expenses of transitioning and the compromises associated with changing energy sources.

According to Al Jaber, focusing solely on the supply of energy without considering the transition to alternative sources will result in significant energy disruptions.

It is important to maintain a balance and address both the supply and demand aspects. We should not solely focus on one component in order to successfully transition to clean energy.

According to Al Jaber, significant financial resources are needed to promote zero-carbon options for heavy industries and to establish new grid systems for supplying renewable energy to consumers. Al Jaber, who leads the Abu Dhabi National Oil Company (Adnoc), announced a planned investment of $150 billion in the oil and gas industry over a span of seven years. This investment is aimed at satisfying the ongoing need for oil and gas, as stated by Al Jaber in the past.

He stated that governments and all involved parties must be truthful and open regarding the expenses and compromises that will be necessary. It is no longer acceptable to avoid being transparent and upfront about the costs and potential trade-offs involved.

The global need for energy is projected to increase significantly in the coming years, according to ExxonMobil’s forecast. It is estimated that demand will rise by 15% by 2050 compared to 2021 levels. However, meeting carbon reduction goals may prove challenging unless measures are taken to reduce this demand. Unfortunately, many governments are hesitant to address the complex factors involved in this matter.

In a speech, Al Jaber urged governments to take action on the “UAE consensus”, which was established at last year’s summit in Dubai and for the first time included a commitment to transitioning away from fossil fuels.

Now nations must lay out plans for how they will reach those targets. “We must now turn an unprecedented agreement into unprecedented action and results,” Al Jaber said, adding that countries must update their climate plans, known as nationally determined contributions (NDCs).

In the 2015 Paris agreement, nations agreed to work towards keeping the global temperature increase below 1.5C (2.7F) from preindustrial levels. This agreement also mandates that countries revise their NDCs every five years.

At the event, John Kerry, the United States’ climate envoy, cautioned that the current strategies in place are inadequate to achieve the ambitious targets set for Cop28.

According to Kerry, our goal of achieving net zero emissions by 2050 and transitioning away from fossil fuels in a fair and organized way will require everyone to have a plan. However, we are currently not at that stage.

Kerry indirectly criticized China by mentioning an Asian nation planning to introduce 360gW of coal-based energy into their power grid. He warned that this action could negate the progress made by Europe, the US, and other regions in reducing carbon emissions.

Kerry stated that it will be impossible to deceive during the upcoming time period.

In January, Kerry, who has been the US climate envoy for three years, stated his intentions to leave the position this spring.

Source: theguardian.com