US climate envoy demands ‘fossil fuel companies to take public responsibility’

U.S. Special Presidential Envoy for Climate, John Kerry, emphasized the responsibility of fossil fuel companies to reduce CO2 emissions that contribute to climate change. His remarks come ahead of the upcoming U.N. COP28 climate summit, where discussions on the future of fossil fuels will be at the forefront. The summit, taking place from November 30 to December 12 in the United Arab Emirates, aims to secure a global consensus on phasing out CO2-emitting coal, oil, and gas.

Kerry stressed that the onus is on fossil fuel companies to demonstrate their commitment to global CO2 reduction efforts. He stated, “There’s only one reason that we’re facing this crisis, and it’s primarily due to our energy sources.” He called for public accountability and urged companies to play a significant role in addressing the climate crisis.

Sultan Al Jaber, the incoming COP28 President from the United Arab Emirates, defended the participation of the oil and gas industry in the summit. He encouraged oil and gas firms to make CO2 reduction commitments. Some major companies have already invested in carbon removal, carbon capture and storage, and renewable energy technologies as part of their net-zero emissions strategies. However, others, including Shell and BP, have recently scaled back their commitments despite record profits.

While climate negotiations at the U.N. are primarily between governments, Daniel Westlén, Sweden’s state secretary for climate, emphasized the importance of involving fossil fuel companies in the conversation. He acknowledged the challenges of replacing the majority of the world’s primary energy sources but stressed that the end goal is the gradual phasing out of fossil fuels.

Kerry acknowledged the potential impact of oil and gas companies’ investments in technologies like direct air capture and carbon capture and storage. However, he noted that it is too early to determine their effectiveness in reducing global greenhouse gas emissions. Jennifer Morgan, Germany’s special envoy for climate action, echoed Kerry’s sentiments and stated that credible oil company plans should address emissions from operations, consumer usage, and prioritize the elimination of methane emissions. She also emphasized the need for a significant increase in investments in renewable energy, with a target of around 50% of total investments.

Overall, the involvement of fossil fuel companies in the climate summit is deemed crucial by experts, who highlight the importance of planning ahead and engaging with these companies to achieve climate goals. However, the impact of their investments and commitments on global emissions is yet to be fully evaluated.

Reporting by Alexander Cornwell, writing by Kate Abnett and Valerie Volcovici; Editing by David Gregorio

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