{"id":4421,"date":"2023-12-09T06:20:40","date_gmt":"2023-12-09T03:20:40","guid":{"rendered":"https:\/\/www.cfwt.sua.ac.tz\/foresteconomics\/?p=4421"},"modified":"2023-12-09T06:20:40","modified_gmt":"2023-12-09T03:20:40","slug":"over-50-oil-and-gas-companies-pledges-to-achieve-net-zero-emission-by-2050-cop-28-united-arabs-emirates-2023","status":"publish","type":"post","link":"https:\/\/www.cfwt.sua.ac.tz\/foresteconomics\/over-50-oil-and-gas-companies-pledges-to-achieve-net-zero-emission-by-2050-cop-28-united-arabs-emirates-2023\/","title":{"rendered":"Over 50 oil and gas companies pledges to achieve \u201cnet-zero\u201d emission by 2050: COP 28 United Arabs Emirates 2023"},"content":{"rendered":"<p>Day 6 of the UN <a href=\"https:\/\/www.cfwt.sua.ac.tz\/foresteconomics\/health-and-humanitarian-goals-beyond-climate-focused-funds-goals-at-cop-28-2023-dubai\/\">COP28<\/a> climate summit in Dubai was marked by a concentrated focus on the critical theme of Energy. At the forefront of discussions was the pivotal question concerning the future trajectory of fossil fuels: Should there be a phased-out approach, a phased-down strategy, or perhaps no change at all? This pivotal inquiry, encapsulated in the 24-page draft Global Stock-take agreement unveiled on Day 6, outlined all three possibilities, underscoring the complexity of the <a href=\"https:\/\/www.cfwt.sua.ac.tz\/foresteconomics\/climate-change-impact-on-farming-economists-warn-more-needs-to-be-done-to-adapt-in-sub-saharan-africa\/\">decision-making process<\/a>. The resolution to this question, central to <a href=\"https:\/\/www.cfwt.sua.ac.tz\/foresteconomics\/women-leaders-and-activists-have-taken-center-stage-in-advocating-climate-change-cop-28-united-arabs-emirates-2023\/\">COP28<\/a>, is anticipated to unfold only on the summit\u2019s concluding day.<\/p>\n<p>The draft agreement notably emphasizes the imperative of enhancing\u00a0<a title=\"Carbon Capture: Fighting Climate Change\" href=\"https:\/\/www.ncmc.sua.ac.tz\/news\/carbon-capture-fighting-climate-change\">carbon capture<\/a>\u00a0and storage (CCS) and advancing \u201c<a href=\"https:\/\/www.cfwt.sua.ac.tz\/foresteconomics\/carbon-tanzania-partners-with-tanapa-for-largest-land-based-carbon-initiative-in-east-africa\/\">low-carbon<\/a>\u201d hydrogen production throughout the current decade. Widely perceived as a comprehensive document laying a solid foundation for future actions, its adoption ultimately hinges on achieving consensus among the participating nations.<\/p>\n<p>A noteworthy aspect of Day 6 was the substantial presence of the oil and gas industry, with approximately 2400 delegates contributing to the summit. While this represents just over 2% of the total participants, it sparked controversy, leading to headlines such as \u201cCOP28 Talks Flooded by Fossil Lobbyists.\u201d Amidst these debates, the day featured high-profile events, including commitments from over 50 oil and\u00a0<a title=\"Methane Leads \u2018Alarming\u2019 Rise in Global Greenhouse Gas Emissions\" href=\"https:\/\/www.ncmc.sua.ac.tz\/news\/methane-leads-alarming-rise-in-global-greenhouse-gas-emissions\">gas companies to achieve \u201cnear-zero\u201d upstream methane emissions<\/a>\u00a0and zero routine flaring by 2030. Additionally, they pledged to attain net-zero emissions from their operations by 2050.<\/p>\n<p>Amid the urgency to curb emissions, the Global Carbon Project released a report projecting a 1.1% increase in <a href=\"https:\/\/www.cfwt.sua.ac.tz\/foresteconomics\/african-countries-have-taken-a-big-step-to-address-climate-hazards-as-arent-restricted-by-borders\/\">global CO2 emissions<\/a> from\u00a0<a title=\"Fossil fuel reform can finance our future\" href=\"https:\/\/www.ncmc.sua.ac.tz\/news\/fossil-fuel-reform-can-finance-our-future\">fossil fuel<\/a>\u00a0combustion compared to 2022. This underscored the critical need for decisive action.<\/p>\n<p>Several initiatives and pledges marked the day, with a significant focus on decarbonization efforts. The Industrial Transition Accelerator (ITA) roundtable brought together senior representatives from high-emission industries, emphasizing a cross-sectoral approach to drive\u00a0<a title=\"Climate change puts energy security at risk\" href=\"https:\/\/www.ncmc.sua.ac.tz\/news\/climate-change-puts-energy-security-at-risk\">energy<\/a>\u00a0system decarbonization.<\/p>\n<p>In a historic move, 60 countries signed the Global Cooling Pledge, committing to <a href=\"https:\/\/www.cfwt.sua.ac.tz\/foresteconomics\/we-can-we-will-that-is-the-attitude-we-need-to-bring-to-cop28-simon-stiell\/\">improve energy efficiency, reduce emissions<\/a>, and enhance access to <a href=\"https:\/\/www.cfwt.sua.ac.tz\/foresteconomics\/sua-and-other-three-tanzanian-universities-join-forces-with-canadian-university-to-combat-climate-change\/\">sustainable cooling<\/a>. Recognizing the escalating energy demand for cooling, this commitment aims to address the potential tripling of demand by 2050.<\/p>\n<p><a href=\"https:\/\/www.ncmc.sua.ac.tz\/news\/day-6-of-cop28-energy-transition\">READ MORE<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Day 6 of the UN COP28 climate summit in Dubai was marked by a concentrated focus on the critical theme of Energy. At the forefront of discussions was the pivotal question concerning the future trajectory of fossil fuels: Should there be a phased-out approach, a phased-down strategy, or perhaps no change at all? This pivotal [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":4424,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-4421","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Over 50 oil and gas companies pledges to achieve \u201cnet-zero\u201d emission by 2050: COP 28 United Arabs Emirates 2023 - Department of Forest and Environment Economics| Sokoine University of Agriculture<\/title>\n<meta name=\"description\" content=\"In a historic move, 60 countries signed the Global Cooling Pledge, committing to improve energy efficiency and reduce emissions.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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