A top oil company CEO who will lead international climate talks later this year told energy industry power players on Monday that the world must cut emissions 7% each year and eliminate all releases of the greenhouse gas methane — strong comments from an oil executive.
“Let me call on you to decarbonize quicker,” Sultan al-Jaber, CEO of the Abu Dhabi National Oil Co., said at the Ceraweek conference, held in Houston.
But al-Jabar did not directly address emissions from transportation, where most crude oil ends up. Emissions from transport are the largest contributor to climate change in many countries, including the United States.
Al-Jaber singled out electricity, cement, steel and aluminum as targets for cleanup, but not trucks, cars, trains and aircraft. He called for far greater investment to speed the transition to cleaner industries.
“According to the IEA, in 2022, the world invested $1.4 trillion in the energy transition,” he said. “We need over three times that amount.”