The world still needs to invest billions of dollars in oil and gas: UAE

United News 24 Desk ::

The United Arab Emirates (UAE) has said that despite the success of the UN Climate Summit in Glasgow, the world must continue to invest billions of dollars in oil and gas.

After two weeks of talks, at the COP 28 summit, nearly 200 countries pledged to step up efforts to tackle global warming on Saturday. However, they have failed to reach a consensus on reducing coal use.

“Climate change is still knocking on the door,” warned UN Secretary-General Antonio Guterres. News from AFP.
UAE Minister of Industry and Advanced Technology Sultan Al-Jaber called the summit “really successful.” He says the oil and gas industry “needs to invest more than বিল 800 billion a year by 2030 to meet expected demand.”

Speaking at the inaugural session of the Abu Dhabi International Petroleum Exhibition and Conference, he said: “Although the world is heavily dependent on oil and gas, it has agreed to accelerate energy transformation. Economies have outpaced demand due to the rapid decline in growth over the past 50 years due to the Kovid-19 epidemic.

The United Arab Emirates, the world’s number one oil exporter, and neighboring Saudi Arabia have announced plans to reduce their carbon emissions despite plans to increase oil production.

The United Arab Emirates, Saudi Arabia and other major oil-producing countries have argued for their plans to continue investing in fossil fuels.

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