John Kerry, the special presidential envoy for climate change, expressed his concern that fossil fuel companies were increasing their reliance on oil and gas while decreasing their investments in renewable energy sources on Thursday.
Kerry declared that he intended to get in touch with the businesses that had announced plans to reduce investment in green technologies in an effort to learn more. However, the top Biden administration official expressed worry that the move to green energy might be slowed down without the support of fossil fuel industries.
Fossil Fuel To Green Energy Transition
In an effort to promote the switch from fossil fuels to renewable energy sources on a global scale, Kerry has traversed the world since taking up his job, a senior position in the State Department that earns him a spot in President Biden’s Cabinet. Kerry has also advocated for huge banks to divert cash away from oil and gas by criticizing fossil fuel businesses for their role in climate change.
Shell and BP, two multibillion-dollar oil firms, indicated earlier this week that they will reduce their ambitions for net-zero investments in order to put more emphasis on conventional fossil fuel projects. Both businesses have made significant investments in biofuels, hydropower, wind, and solar energy.
The former US secretary of state admitted that finding “some balance” will be difficult for the Emirates and other nations that depend on fossil resources to pay their governments in an interview with The Associated Press on Sunday.
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Abu Dhabi To Raise Crude Oil
However, he rejected the notion that Sultan al-nomination Jaber’s should be automatically invalidated due to his position as CEO of the Abu Dhabi National Oil Company. When the authorities announced his selection on Thursday, activists compared it to asking “arms traffickers to conduct peace talks.”
Nevertheless, Abu Dhabi intends to raise its crude oil production from 4 million to 5 million barrels per day, despite the UAE’s pledge to achieve carbon neutrality by 2050, a goal that is still unclear to assess and one that the Emirates hasn’t completely outlined how it will accomplish.
Kerry cited an address that al-Jaber gave on Saturday in Abu Dhabi, in which he urged the forthcoming COP, or Conference of Parties, to shift its focus from setting goals to actually implementing them in the areas of mitigation, adaptation, finance, and loss and damage.
Al-Jaber additionally cautioned that we must be honest with ourselves concerning the degree of advancement we have actually made and the amount and rate of advancement we actually need to make.
Each year, the nation hosting the UN negotiations proposes a candidate to serve as the meeting’s chair. Given how challenging it can be to lead the discussions between rival nations and their interests, hosts frequently choose a seasoned diplomat. Delegates often do not object when the nominee is officially sworn in as the “COP president” at the outset of the negotiations.
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