COP 28 in Abu Dhabi will give oil industry a say on climate change: Occidental CEO

The COP 28 climate conference coming to Abu Dhabi will give the oil and gas industry a vital say in cutting carbon emissions, the CEO of Occidental Petroleum said.

One negative from COP 26 is that the industry did not have much of a say in discussions over the climate, Vicki Hollub said.

The chief executive believes that the oil and gas industry must reshape itself if efforts to curb climate change are to succeed.

“I would say that our oil and gas industry cannot continue as usual,” Hollub said.

“We have to change who we are, what we are, and what we do. That’s essential.

“But it will be through technology. I disagree without anyone who says we can’t develop technology that works.”

Hollub described how Occidental aims to transition to a carbon management company over the next 40 years.

She dismissed doubts about whether or not it was possible to develop technology that would significantly reduce carbon emissions.

“The technology is there, it just needs to be further developed and we need to be able to lower the cost, and I believe that we’ll lower the cost as well, as wind and solar did…

“We can do the same with the technologies we need for carbon capture use and consecration.”

Hollub noted that holding COP 28 in Abu Dhabi would give the industry more of a say.

“I am so excited that COP 28 will be here in Abu Dhabi. I think that will help to give us a voice because we are going to need to be part of the solution.

“We cannot cap global warming to 1.5 degrees without the oil and gas industry being very involved, because we have the know-how to make it happen.”

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