NEW DELHI: The world needs hydrocarbons and the current energy system cannot be unplugged before a new energy system is built, President-designate of the UN COP-28 climate change summit, Dr Sultan Al Jaber has said. Speaking at the India Energy Week 2023 at Bangalore on Tuesday, Dr Jaber also noted that the energy transition would require every segment of society working together in an inclusive effort.
“The world still needs hydrocarbons and will need them to bridge from the current energy system to the new one. We cannot unplug the current energy system before we have built the new one. As such, we must minimize their carbon footprint, only invest in the least carbon intensive barrels and continue to reduce their intensity,” said Dr Sultan Al Jaber.
On India’s aiming for 500GW of clean energy by 2030, Jaber called it very ambitious, but also very achievable. The UAE, he added, was ready, willing and able to partner with India.
“We have spent the last two decades diversifying our energy portfolio. We’ve invested in nuclear, we are investing in hydrogen and we are expanding our global renewable energy footprint to at least 100 GW by 2030. And we need everyone on this journey with us, so that together we can triple global renewable energy capacity over the next 7 years,” said Dr Sultan Al Jaber.
Talking about the energy transition, Jaber said it has the potential to generate the greatest leap in economic prosperity since the first industrial revolution. But it must be fair. “When it comes to the Global South, they have seen little justice so far. We must address this head on. Previous climate finance pledges made by the world have come with a price tag, or not at all…We need to get more concessional finance to vulnerable communities around the world to lower risk, attract more private finance and turn billions into trillions.,” he added.
This is the decade, Jaber pointed out, where one must stop deliberating and start delivering across mitigation, adaptation, climate finance and loss and damage. "We must empower the Global South, where almost 800 million people have no electricity, in an inclusive energy transition. We must eliminate energy poverty, while keeping 1.5 alive. And we need to move from talking about goals, to getting the job done," he maintained.