On December 19, 2023, Arkoil Technologies joined SPE Live Gaia Talk: “COP 28 - Oil and Gas Insights from the Blue Zone” arranged by the Society of Petroleum Engineers (SPE).
COP 28 referring to the United Nations Climate Change Conference convened in the UAE in November 30, 2023 – December 12, 2023.
The guest speakers were David Hone, Chief Climate Change Adviser of Shell, Brian Sullivan, Executive Director of Ipieca and Arthur Lee, Fellow and Senior Strategy Advisor of Chevron.
As the need for global climate action gains scale and urgency, COP 28 provided a vital opportunity for countries to take stock of their progress, strengthen ambition and agree actions that increase the chances of meeting the aims of the Paris Agreement. This COP also marked a significant change of direction through its more inclusive approach to the oil and gas industry.
Arkoil specialists learnt how these three key issues landed and what the outcomes might mean for the oil and gas industry.
- Setting a target to triple renewable energy supply globally by 2030.
- Agreeing language in the COP decisions on the ‘phase out of fossil fuels’.
- Operationalizing the Loss and Damage fund, agreed in principle at COP27, but so far without any details on implementation.