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UAE’s non-oil activities steady as PMI hits 57 in November: S&P Global

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UAE’s non-oil activities steady as PMI hits 57 in November: S&P Global

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RIYADH: COP28 President Sultan Al-Jaber has applauded world leaders for their practical initiatives during the final dialogue, expressing optimism for the continued “open mindset” throughout the remainder of COP.  

This comes as high-level dialogues between the COP28 Presidency and the International Energy Agency received a strong endorsement of practical actions. 

The conclusion of the dialogues, co-chaired by Al-Jaber and the executive director of the IEA, Fatih Birol, marked a significant achievement, bringing together over 40 high-level leaders, including four heads of state and 18 heads of delegation and ministers from diverse regions.  

Al-Jaber said: “I am encouraged by the practical actions brought forward by world leaders today at the final dialogue, and I hope that you take this open mindset and optimism throughout this COP.” 

Addressing the significance of the dialogues, Al-Jaber emphasized the need for collaboration, stating: “This series of dialogues has allowed us to converge on the critical elements of the just energy transition. The transition will not be straightforward, but it will be harder if we cannot agree on its central components.”  

Birol echoed this sentiment, expressing satisfaction at the alignment and support for the IEA’s five goals for COP28.  

These goals include tripling renewable capacity and doubling energy efficiency by 2030, a structured decline in fossil fuel use, commitment from the oil and gas industry to align with 1.5 degrees, and financing mechanisms for clean energy in developing countries. 

The leaders showed strong support for the COP28 presidency’s Global Renewables and Energy Efficiency Pledge, with over 110 countries signing up to the initiative.   

Urgency on the coal front emerged as a key consensus, with a focus not only on preventing new unabated coal plants but also on accelerating the retirement of existing facilities. 

As the final dialogue unfolded during the World Climate Action Summit as part of COP28 in Dubai, heads of state, government leaders, and international organizations convened to solidify their commitment to an orderly energy transition.  

Al-Jaber urged participants to carry the open mind and optimism demonstrated during the final dialogue throughout COP28, reinforcing the importance of collective action in addressing the pressing challenges of our time.  

This positive momentum sets the stage for further deliberations and collaborative efforts at COP28 UAE, hosted at Expo City Dubai till Dec. 12. 

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