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Cop28

Cop28 is the climate change conference that was held in Dubai in the United Arab Emirates in 2023

Exxon Mobil hits back at IEA carbon capture criticism

Exxon Mobil CEO Darren Woods on Saturday rejected the International Energy Agency’s (IEA) recent claim that using wide-scale carbon capture to fight climate change was an implausible “illusion,” saying the same could be said about electric vehicles and solar energy. “There is no solution set out there today that is at the scale to solve […]

Masdar strikes project deals in Angola and Kazakhstan

Abu Dhabi state clean energy company Masdar has continued to announce new projects on the sidelines of Cop28 summit in Dubai, focusing on Angola and Kazakhstan. The UAE’s clean energy company signed a concession agreement with Angola’s ministry of energy and water to build and operate a ground-mounted solar power project in the Quipungo region, […]

50 oil companies pledge to speed up climate action

Cop28 president Sultan Al Jaber has launched the oil and gas decarbonisation charter (OGDC), a global industry initiative designed to speed up climate action across the oil and gas sectors. To date, 50 companies, representing more than 40 percent of global oil production, have signed the OGDC, with national oil companies (NOCs) representing over 60 […]

Business and philanthropy forum mobilises $5bn

The Cop28 business and philanthropy climate forum mobilised $5 billion in funding to advance transformative climate and nature initiatives. The forum saw the participation of over 1,300 key stakeholders assembled to help showcase and accelerate progress on climate targets and industry transitions. “To fix climate finance, we must leverage the knowledge, resources and power of […]

Critics are concerned the loss and damage fund won't go far enough to help poorer countries disproportionately affected by climate change

Climate negotiator highlights gaps in loss and damage fund

A climate negotiator has raised concerns about substantial structural and operational gaps in the United Nations-administered “loss and damage fund” announced on Thursday at the Cop28 climate conference in Dubai. The first big deal of the event, negotiators officially agreed to set up a $100 billion fund that aims to provide financial support to developing […]

US vice president Kamala Harris announced a further pledge to help combat climate change

US launches plans to curb methane emissions

The United States has announced a comprehensive plan to target methane emissions from the country’s oil and gas sector – a critical step in the global effort to curb emissions contributing to climate change. The US Environmental Protection Agency (EPA) introduced policies banning routine flaring of natural gas from new oil wells, mandating leak monitoring […]

Crowd, Person, Accessories

Masdar strikes $14bn UK offshore wind farm deal

UAE renewables company Masdar has agreed to acquire a 49 percent stake in Germany-based RWE’s twin Dogger Bank South offshore wind projects in the UK, representing an £11 billion ($14 billion) investment, the parties said. The deal was announced at Cop28 in Dubai, as UK prime minister Rishi Sunak pledged £1.6 billion in funding towards […]

'National emissions trading systems are essential to create a global carbon price,' said the European Energy Exchange

Carbon capture and storage not a ‘miracle’ climate cure

A new study has strongly criticised fossil fuel-producing states for incorporating carbon capture and storage (CCS) in their climate strategies, claiming the technology is being used to extend the shelf life of oil companies rather than as a climate action tool. As Cop28 kicked off in Dubai, analysis by US-based non-profit environmentalist organisation Oil Change […]

Sultan Al Jaber speaking at Cop28

UAE pledges to kickstart ‘new climate economy’

The UAE has announced a package of funding initiatives aimed at mobilising finance reform to create a “climate economy” – one of the main aims of Cop28.  In a speech to delegates of the UN climate summit, Cop28 president Sultan Al Jaber launched the official UAE Declaration on a Global Climate Finance Framework – an […]

Jordan's King Abdullah II, left, India's prime minister Narendra Modi, centre, and Cop28 president Sultan Al Jaber

World leaders unite after UN secretary general’s warning

United Nations general secretary António Guterres has issued a call to arms for hydrocarbon producers across the world and appealed for them to “lead the transition to renewables”. In his address at the opening ceremony of the UN Cop28 in Dubai on Friday morning, Guterres likened the climate challenge to a sickness that only global […]

Jordan's Al Karamah Dam, shrunk by drought. US fund manager BlackRock sees investment opportunities in tech to improve water systems and other infrastructure

BlackRock targets ‘repair and prepare’ climate investments

BlackRock, one of the largest fund managers in the world, has identified investment opportunities in companies that are preparing for or repairing climate-related damage. UAE President Sheikh Mohammed Bin Zayed has also announced that the government is to launch a $30 billion climate-related investment fund with asset management companies BlackRock, TPG and Brookfield announced as inaugural […]

Bahrain's Investcorp says the $750m Climate Solutions Partners platform will help companies trying to accelerate decarbonisation

Bahrain anchors Investcorp’s $750m climate fund

Bahrain’s sovereign wealth fund, Mumtalakat Holding Company (Mumtalakat), will anchor Manama-based alternative asset manager Investcorp’s $750 million climate fund. The launch comes as Cop28 kicks off in the UAE, with negotiators striking the first deal of the summit – agreeing to set up a fund to help vulnerable countries recover from damage caused by climate […]

Recycling is among the top conservation priorities for British businesses in Dubai

Businesses view recycling and water as climate priorities

Recycling, water conservation and protecting nature are the top priorities for tackling climate change, according to a survey of Dubai companies conducted by AGBI and the British Business Group to coincide with the Cop28 climate summit. Of the 72 BBG member businesses asked, more than three quarters (79 percent) plan to prioritise recycling over the […]

Person, Architecture, Building Flags were barely raised before countries reached their first deal on the climate damage fund

UAE’s $100m leads climate disaster fund Cop28 pledges

Negotiators at Cop28 in Dubai struck the first deal of the summit on Thursday evening, officially agreeing to set up a fund to help vulnerable countries recover from damage caused by climate change.  The plan to create a United Nations-led “loss and damage” fund was hailed as a breakthrough for negotiations at Cop27 in Egypt […]

Sultan Al Jaber encouraged environmental lobbyists and the hydrocarbon industry to work together 'to do something unprecedented'

Al Jaber flags ‘strong views’ and calls for collaboration

Cop28 president Sultan Al Jaber told delegates at the opening of the global climate change conference in Dubai that he was aware that there were “strong views” about the inclusion of fossil fuel companies in the discussions. In his opening remarks, the Emirati head, who is also chief executive of the state oil company Adnoc, […]

A programme to install solar-powered lights in Malawi enables people to work and study after sunset.

Emissions-only focus will ‘fail’, clean energy expert says

Efforts to tackle the climate challenge will be a “failure” if they continue with an emissions-only focus, delegates were told at the opening panel discussion at this year’s Cop28 in the UAE. Dennis Pamlin, a Swedish senior adviser at clean energy think tank Mission Innovation, said focusing solely on carbon emissions was a decades-old view […]

Cop28 president Sultan Al Jaber talks to the press at the Cop28 opening day Media Majlis

‘Those who pledged, must act,’ says Al Jaber as Cop28 begins

The United Nations’ Cop28 – the world’s biggest climate change conference – started today, with host country the UAE reiterating calls to accelerate climate action. Cop28 president Sultan Al Jaber rejected claims the UAE intended to use the event to strike commercial oil and gas deals.  The BBC and UK-based Centre for Climate Reporting reported […]

Cop28 president Sultan Al Jaber says allegations against the UAE are 'an attempt to undermine the work of the Cop28 presidency'

Al Jaber dismisses Cop28 oil deal allegations as ‘false’

Cop28 president Sultan Al Jaber has firmly rejected allegations that the UAE, the host of Cop28, intended to use climate talks to strike commercial oil and gas deals. The BBC and the UK-based Centre for Climate Reporting this week reported that leaked briefing documents revealed Al Jaber’s plans to discuss fossil fuel deals with 15 […]

US and China to collaborate for the success of Cop28

The United States will work with China to make the United Nations climate negotiations that begin in the UAE this week a success, Washington’s climate envoy said on Wednesday. Cooperation between the US and China, the world’s two biggest emitters of greenhouse gases, is seen as crucial to securing consensus at the November 30-December 12 […]

Harvesting wheat in Sharkia, Egypt. The Opec Fund is backing food security projects in Egypt and Jordan – both big importers of grain

Opec Fund piles up financing for wheat, wind and water

The Opec Fund for International Development is on track to meet its pledges to increase grants and loans to climate-related projects, its Middle East and North Africa head has told AGBI.  Musab Alomar, the fund’s director of public sector operations for Mena, said climate financing made up 33 percent of all Opec Fund approvals in […]