SUMMARY
- Global Witness reveals ADNOC's $1 billion monthly fossil fuel expenditure plan.
- Dual role of COP28 chief and ADNOC CEO, Sultan al-Jaber, under scrutiny.
- By 2050, ADNOC projected to invest $387 billion in oil, challenging global net-zero aims.
While the globe ramps up its efforts to combat climate change, UAE's oil behemoth, ADNOC, has taken a route that's raising eyebrows. International NGO Global Witness, in their recent analysis, reported that ADNOC is on track to pour more than $1 billion per month into fossil fuels throughout this decade.
This expenditure outpaces their financial commitment towards decarbonization by nearly seven-fold.
Though ADNOC pushed forward its goal to be net-zero by 2045, this recent revelation has clouded their ambitions. As the U.N. gears up for the COP28 climate summit, set to be hosted in Dubai later this year, this news comes at a rather inconvenient time. The summit, which is hailed as one of the pivotal climate conferences post the Paris Agreement, aims to unite global leaders in the fight against our escalating climate crisis.
Interestingly, the man at the helm of COP28, Sultan al-Jaber, simultaneously wears the hat of ADNOC’s CEO. His dual role has ruffled feathers across civil society groups and western lawmakers. However, some government figures have jumped to his defense.
Global Witness’s analysis, obtained by CNBC, predicts ADNOC's monthly expenditure on oil and gas to average around $1.14 billion until 2030. In stark contrast, by 2030, the U.N. calls for a 45% reduction in global emissions to deter impending climate disasters. To further drive home the discrepancy, while the U.N. targets net-zero emissions globally by 2050, ADNOC is slated to have funneled a whopping $387 billion into oil and gas.
In response to the analysis, an ADNOC representative called out the findings as speculative. Earlier this year, ADNOC proclaimed its intention to direct $15 billion towards low-carbon initiatives by 2030, including ventures in clean energy, carbon sequestration, and electrification projects.
WOM Money Picks
Be a part of the winning team | 81% Success Rate.