Property Abroad
Blog
Oil tycoon and U.S. envoy lead climate talks

Oil tycoon and U.S. envoy lead climate talks

Oil tycoon and U.S. envoy lead climate talks

The partnership will be put to the test this week as 70,000 people from nearly 200 countries are expected to gather in the Gulf city built on the UAE's oil wealth. Most importantly, the countries, companies and leaders who have benefited most from greenhouse gas pollution, those who have the power to impose change on energy markets and the money to launch huge funds to combat catastrophic climate change, have a key role to play in addressing the problem. Winning the trust of oil tycoons to negotiate comes with risks - it's even an "experiment," as Kerry acknowledged in a recent interview. However, leaked documents from South Africa's COP28 team began surfacing this week, which the BBC reports plans to use the summit to strike oil and gas deals with more than a dozen countries.

Critics in the UAE believe these possible deals only confirm their worst fears about Al Jaber's involvement in the talks. Nevertheless, Kerry has not yet voiced his concerns publicly. Instead, the U.S. hoped that Al Jaber's influence on oil and gas producers would help secure real commitments to reduce greenhouse gas pollution. It will be an opportunity for progress in the face of Republican opposition, a retreat from environmental principles in Europe, and a great power struggle with Russia and China. For Kerry, a former senator and Democratic presidential candidate, it's a chance to cement his legacy in the fight against climate change.

The strategy, meanwhile, appears discomfiting to some of Kerry's allies in the climate movement - even those who understand the logic.

Recommended real estate
Buy in UAE for 430000€

Sale flat in Dubai with city view 464 332 $

1 Bedroom

1 Bathroom

56 м²

Buy in UAE for 702000$

Sale villa in Dubai with sea view 702 000 $

5 Bedrooms

6 Bathrooms

313 м²

Buy in UAE for 4573100$

Sale penthouse in Dubai with sea view 4 573 100 $

4 Bedrooms

3 Bathrooms

400 м²

Buy in UAE for 300000$

Sale flat in Dubai with city view 300 000 $

1 Bathroom

45.86 м²

Buy in UAE for 190600$

Sale hotels in Jumeirah Lake Towers with city view 190 600 $

1 Bedroom

2 Bathrooms

80 м²

Buy in UAE for 368000$

Sale office in Jumeirah Lake Towers 368 000 $

1 Bathroom

127 м²

They say the U.S. risks becoming dependent on fossil fuel producers interested in preserving the old order of things. Critics believe that Kerry and Al-Jaber are too close, leading to increased influence of oil companies in the negotiations. However, Kerry himself justifies his strategy by saying there is a need to involve the fossil fuel sector in their divestment.

Sustainability advocates, however, fear that the summit organizers are caving in to the demands of oil and gas producers by giving them a leadership role. Gore also points out that Al Jaber is playing too important a role in the negotiations.

Despite this, Kerry is trying to maximize opportunities to engage the UAE on climate cooperation. It seeks to persuade the UAE and other wealthy Gulf countries to contribute more money to fighting climate change. U.S. pressure may be somewhat successful. It has previously been reported that the UAE is considering setting up a fund worth tens of billions of dollars to spur clean energy investment around the world.

The circumstances point to a difficult period in geopolitics, and the summit is a chance for Kerry to pull the UAE closer to the United States' climate advocates. Efforts could prove crucial to achieving the goals of the climate negotiations.

Comment