UAE Oil Giant Acknowledges Inevitability of Fossil Fuel Phasedown at COP28

The head of UAE's state-run oil giant, ADNOC, and incoming COP28 President, Sultan bin Ahmed Al Jaber, said that a phasedown of fossil fuels is inevitable, but the speed at which it happens depends on how quickly zero-carbon alternatives can be phased up while ensuring energy security, accessibility, and affordability. Despite this, ADNOC still aims to meet the UAE Net Zero by 2050 Strategic Initiative and increase crude oil output to 5 million bpd by 2030. There were concerns about a conflict of interest when Al Jaber was appointed as COP28 President, but a spokesperson defended his appointment, citing his experience in climate action.