The oil and gas industry needs to invest more in decarbonization amid an inevitable phase-down of fossil fuels underway, according to the head of one of the biggest national oil companies and president-designate of the COP28 climate summit in Dubai.
Ahead of the climate summit, ADNOC announced this summer it is bringing forward its target for net-zero emissions to 2045 from a previous target of 2050, becoming the first oil company in its peer group to commit to net zero in 2045. ADNOC's Al Jaber said in July that the oil and gas industry needs to 'step up its game' to cut emissions and accelerate the shift toward cleaner energy solutions.
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