OPEC’s top Arab energy ministers convened at the 12th Arab Energy Conference in Doha amid escalating tensions at the UN’s COP28 climate summit over proposals to phase out fossil fuels, as reported by Reuters on December 11. OPEC Secretary General Haitham Al Ghais urged member nations, which collectively control 80% of the world’s proven oil reserves, to resist any COP28 deal that targets fossil fuels rather than emissions. The economic importance of oil revenue, particularly for Middle Eastern members, makes the proposed reduction in oil and gas demand a critical issue for their survival. While the UAE, hosting COP28, advocates for a more balanced energy transition that acknowledges the role of fossil fuels, Saudi Arabia and Russia, leading OPEC nations, insist on focusing the COP28 agreement on emissions rather than the sources causing them.

At the heart of the disagreement are differing perspectives on the role of fossil fuels in the energy transition. Some countries, like Kuwait, emphasize the necessity of preserving petroleum wealth and reject calls to phase out fossil fuel consumption and production. Meanwhile, over 80 nations, including the US and the European Union, are pushing for a COP28 deal that explicitly calls for an eventual end to fossil fuel use. The summit, which aims to establish a global consensus on addressing climate change, concludes on December 12, alongside the two-day 12th Arab Energy Conference.

Sources:

https://www.reuters.com/business/environment/arab-opec-ministers-gather-doha-cop28-fossil-fuel-talks-continue-2023-12-11/