ABU DHABI (Reuters – Abu Dhabi National Oil Co.’s Chief Executive Sultan al-Jaber indicated Monday that it was impossible to “implement unplug hydrocarbons” and said that oil and gas companies must spend more than $600 Billion annually until 2030 to keep up with demand.

After U.N climate talks in Glasgow, which ended in a deal that first targeted fossil fuels for global warming, he was speaking at the ADIPEC oil-and gas conference.

Al-Jaber stated, “The world community just concluded COP26” and reiterated the call for a practical approach to fighting climate change, while securing global energy security.

We cannot unplug the current energy system if we want to transition successfully to the future energy system. He said that we cannot simply flip a switch.

At the Glasgow summit, OPEC oil producers defended a role for fossil fuels and argued that there was a way to reduce greenhouse gas emissions.

Al-Jaber who also serves as the industry and advanced technology minister in the United Arab Emirates (COP28) said that ADNOC would increase its production capacity by 5 million barrels per year by 2030. It will also work to lower its carbon intensity.

ADNOC is increasing its carbon capture capacity from 800,000.00 tonnes per annum to 5,000,000, and will use both nuclear and solar power for its grid power as of January.

ADNOC’s operational emission will be significantly reduced by this. This will help us reach our 2030 carbon intensity goal by more than a third,” he stated, adding that this would contribute to UAE’s 2050 target for net-zero emission.

He stated that the Gulf Arab states would be a catalyst for sustainable, practical and commercial energy solutions through COP28.