Bill Gates emphasizes oil and gas’s role in Cop28 discussions

During a video address to the Climate Tech conference in Abu Dhabi, billionaire philanthropist Bill Gates expressed the necessity of including the oil and gas industry in the forthcoming Cop28 summit hosted by the UAE. With global temperatures already surpassing 1.1º Celsius since the advent of industrialization, Gates emphasized that there is no time to exclude countries or sectors. He stressed that it is imperative for those responsible for producing and utilizing fossil fuels to step up and make serious commitments towards a clean energy future.

Gates commended Dr Sultan Al Jaber, the Cop28 President-designate and also the Minister of Industry and Advanced Technology, Adnoc managing director, and chairman of Masdar, for his ability to convene decision-makers from various sectors and transform Cop28 into the “Cop of solutions.” Gates praised the UAE’s crucial role and leadership in achieving climate goals and emphasized the need for collective global action.

In 2015, Gates founded the Breakthrough Energy Group, which identifies and raises funds for promising climate technology solutions, including nuclear fission, concentrated solar power, and direct air capture. Gates personally invested over $2 billion in the initiative and, by the end of 2022, raised more than $1.5 billion from businesses and charitable organizations, according to Reuters.

While global investment in low-carbon energy technology reached a record high of $1.1 trillion in 2022, as reported by BloombergNEF, annual investments need to triple to align with the goal of achieving net-zero carbon dioxide emissions by 2050.

Gates encouraged attendees to drive investment towards climate change mitigation and adaptation. He emphasized that decarbonizing the economy is the most significant challenge we face collectively and urged each participant to contribute to meaningful emissions reduction actions and adaptation efforts. Gates envisioned a green Industrial Revolution that tackles climate change, protects communities, and propels the world towards progress.