COP28 Outcome Dubbed a Win for Oil, Gas Producers

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The outcome of the COP28 conference is being hailed as a landmark for its roadmap for transitioning away from fossil fuels, but the outcome is actually a win for oil and gas producers. That’s what Ellen R. Wald, the President of Transversal Consulting, told Rigzone, adding that “language affirming the long-called for ‘phaseout’ of oil, coal, and gas was rejected, in large part due to objections by oil producing countries like Saudi Arabia”. “The truth is that the world still needs hydrocarbons to maintain the modern way of life and for developing countries to improve their quality of life,” Wald noted. “Even those who pushed for the ‘phaseout’ language would not have been able to be present at the conference in the UAE without hydrocarbons,” Wald went on to state. “The fact that the next two COP conferences are scheduled to be held in countries that are major oil and gas producers and important exporters (Azerbaijan and Brazil) indicates that the climate conference is fast becoming the purview of hydrocarbon producers,” the Transversal Consulting President told Rigzone.

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