According to a new analysis conducted by international NGO Global Witness, the UAE oil giant the Abu Dhabi National Oil Company (ADNOC), run by the president of COP28, is expected to spend more than $1 billion every month this decade on fossil fuels. Sultan Al Jaber is the chief executive of ADNOC and also happens to be the president of this year’s COP28 climate summit. ADNOC disputes Global Witness’s analysis and says the assumptions are based on inaccurate facts.
The future business plans outlined by ADNOC include:
- Spending an average of $1.14 billion a month on oil and gas production alone between now and 2030
- Bringing forward their net-zero ambition to 2045
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