XOM - What COP28 Says About Geopolitics U.S.-UAE Relations And The Fate Of The Oil Sector | Benzinga
The launch of COP28 on Thursday is the latest glimpse at the ongoing effort to decarbonize the global economy.
Whether its goal is to be a force for good or, as the BBC recently revealed, serve "as an opportunity to strike oil and gas deals" remains unclear.
Either way, the so-called “Conference of the Parties” says a lot more than what's coming from its climate talks: it's lending a view into geopolitics, political alliances, power friendships, and the fate of the oil sector.
Earlier this month, a report by the UN’s Environment Program warned that the emissions goals set during the landmark Paris Agreement of 2015 are not enough to keep global temperatures under the established limit of 1.5°C (2.7°F) below pre-industrial levels.
Current projections put the course of average temperatures at a catastrophic 2.9°C (5.2°F) rise above pre-industrial levels before 2100.
The UAE Paradox: The designation of Sultan Al Jaber as president of the climate conference has been a major source of controversy. After all, he is the CEO of the Abu Dhabi National Oil Company, a UAE state-owned oil company that ranks as the 12th largest producer in the world and 14th largest greenhouse gas polluter.
The BBC, citing leaked documents, reported this week that the UAE intends to use its role as host as a way to close fuel deals with 15 other nations.
The paradox of having an oil baron at the helm of the world's most important summit on climate change, which itself is being held in Dubai, a city built by wealth ...