Petrostates are hosting climate summits. Maybe that’s not a bad thing? - The Hill
Petrostates are hosting climate summits. Maybe that’s not a bad thing? | The Hill
Putting COP28 in Dubai prompted widespread skepticism. The UAE is an OPEC member, and its oil and gas production makes up more than a quarter of its gross domestic product.
How much progress on climate change was possible at a summit hosted by a country so dependent on oil production? Such questions were underlined when COP28 President Sultan al-Jaber claimed there was “no science” behind calls for phasing out fossil fuels, sparking outrage among attendees.
Yet the international talks came to a strong conclusion, with a final agreement that called for a “transition away” from fossil fuels for the first time in the COP’s history. This followed OPEC pressing nations late in the talks to block such language.
Both the breakthrough and the initial skepticism loom large after Baku, Azerbaijan, was chosen as the site for the 2024 conference.
Azerbaijan is one of the biggest oil and gas producers in the Caucasus region. Its oil industry goes back to the mid-19th century, most of it produced offshore in the Caspian Sea for export, according to the U.S. Energy Information Administration.
Read more in a full report at TheHill.com.
Related Knowledge Center: Climate economics
Climate change is now a driver of the world’s economy. The impact is profound:
- Catastrophic weather events — hurricanes, floods, droughts, high temperatures — are more frequent and more extreme. The cost can be measured in both the initial damage caused and the longer-term impact on the economy.
- Vulnerable communities are increasing climate-related investments, hardening infrastructure and taking other protective measures.
- Investment in carbon capture and storage technologies is increasingly rapidly.
- Governments are making investments and crafting regulations to reduce emissions of carbon dioxide and other greenhouse gases.
On top of all of this is the cost of uncertainty. As the Fourth National Climate Assessment, released in 2018 by the U.S. Global Change Research Program, says, “The assumption that current and future climate conditions will resemble the recent past is no longer valid.”