UAE Makes Net Zero Pledge, Decides It Can Keep Producing Oil

The United Arab Emirates, a rustic that’s economic system is dominated by oil and fuel manufacturing, announced on Thursday that it was committing to web zero emissions by 2050. It’s the primary nation to make a net-zero dedication within the Persian Gulf, and provides to a growing list of countries across the world which have introduced a web zero goal or pledge.

The pledge additionally got here with none corresponding announcement on winding down oil and fuel manufacturing, making me really feel like I’m in some type of Matrix-style local weather world the place the phrase “net zero” means completely nothing.

“We are committed to seize the opportunity to cement our leadership on climate change within our region and take this key economic opportunity to drive development, growth and new jobs as we pivot our economy and nation to net zero,” Sheikh Mohammed bin Rashid Al Maktoum, vp and prime minister of the UAE and Ruler of Dubai, said in a statement at a world expo occasion in Dubai, the place the nation rolled out the announcement.

There have been, maybe predictably, only a few particulars that got here together with this announcement. What’s on the market appears, at first look, fairly cool climate-wise throughout the nation’s borders. The UAE will make investments $163 billion in new renewables initiatives to assist the nation get to web zero emissions. Great! The authorities mentioned it has invested over $40 billion in clear power over the previous 15 years, and is aiming to supply 14 gigawatts of unpolluted power by 2030, a giant step up from the 100 megawatts it produced in 2015. Awesome!

Reuters reported that the announcement comes because the nation competes with neighbor Saudi Arabia to draw enterprise and financial growth. Good to listen to that net-zero pledges are actually a part of that picture. Shiny! Some individuals suppose that this announcement might even put pressure on the Saudis to roll out their very own net-zero guarantees. Cool!

But this announcement mentions nothing concerning the UAE’s high trade: oil, which accounted for a staggering 77% of the state budget in 2011. The UAE produces 3.7 million barrels per day. Much of that manufacturing comes from the state-owned Abu Dhabi National Oil Company (ADNOC), the twelfth largest oil firm on the planet liable for 12% of all oil and fuel manufacturing on the planet. The emissions tied to burning all that oil and fuel are merely not a part of the UAE’s calculation, which is a big drawback.

And if the federal government is desiring to decelerate its major supply of money as a part of this new web zero plan, ADNOC hasn’t gotten the memo. The UAE has even gotten itself in hassle this 12 months with OPEC, the Big Oil & Gas Guys Club, by going towards proposed cutbacks applied by the cartel and producing even more of that sweet, sweet oil. (The Wall Street Journal reported that the UAE speeding to money in on oil now is an indication that they see demand drying up sooner or later. Great climate-friendly technique, guys!)

It’s maybe virtually too straightforward to select on the UAE right here. It’s not the primary fossil fuel-producing nation to make a web zero announcement. The world’s top oil producer, in spite of everything, is the U.S., and it additionally made a web zero promise. Canada, China and Brazil, all of which rank above the UAE when it comes to oil manufacturing, have additionally made web zero guarantees. China’s two state-owned oil and fuel corporations are additionally technically the largest in the world based on output.

But there’s something a couple of nation that’s economic system relies virtually fully on oil and fuel manufacturing deciding that, in some way, they’ll proudly announce that they’re engaged on a net-zero goal with out altering a factor on the manufacturing aspect that makes me really feel like I’m in an Alice in Wonderland simulation.

I’m not the one one who sees the irony in all of this. At this 12 months’s COP26, Denmark and Costa Rica will announce a coalition of nations which have dedicated to phasing out fossil gasoline manufacturing, not simply making guarantees about attending to net-zero on the consumption aspect. We’ll see what the response shall be like in Glasgow, however preliminary reporting signifies international locations are considerably lukewarm on the concept.

It wouldn’t shock me if massive gamers just like the U.S. and the UK are completely tremendous with persevering with to let fossil gasoline manufacturing proceed apace whereas touting their web zero targets. But if international locations sustain this doublethink of manufacturing fossil fuels being tremendous so long as they’re burned elsewhere, it’ll spell massive hassle.