State oil company’s huge expansion plans make its CEO’s role as president of UN climate summit ‘ridiculous’, say researchers
The state oil company of the United Arab Emirates, whose CEO will preside over imminent UN climate negotiations, has the largest net-zero-busting expansion plans of any company in the world, according to new data.
Sultan Al Jaber is the chief executive of the Abu Dhabi National Oil Company (Adnoc) and president of the Cop28 summit, which begins on 30 November. The researchers behind the new data said Adnoc’s huge planned expansion of oil and gas production was a clear conflict of interest and they said his position was “ridiculous”.
$170bn has been spent by the industry on exploration for new oil and gas reserves since 2021.
96% of the 700 companies that explore or develop new oil and gas fields are continuing to do so.
More than 1,000 companies are planning new gas pipelines, gas-fired power plants or liquified natural gas (LNG) export terminals.
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