The global transition to green energy might well be “unstoppable,” in the words of the International Energy Agency (IEA)—but like it or not, it cannot be achieved without the participation of major hydrocarbon producers.
In the run-up to COP28, the upcoming United Nations climate summit controversially hosted this year by the United Arab Emirates (UAE), the world has become ferociously polarized between those demanding and resisting a rapid “phaseout” of fossil fuels.
It’s a debate whose toxicity threatens to derail a global climate agreement. That’s why decisionmakers must move beyond the simplistic belief that fossil fuel production and renewable energy are mutually exclusive.
While green activists have lambasted the UAE’s COP28 presidency (the country is the seventh-largest oil producer), they have overlooked fundamental challenges that ultimately require leadership from oil-producing countries and companies.