COP28 president says his firm will keep investing in oil

The president of the COP28 climate summit will continue with his oil company’s record investment in oil and gas production, despite coordinating a global deal to “transition away” from fossil fuels.

Sultan Al Jaber, who is also the chief executive of the United Arab Emirates’ national oil and gas company, Adnoc, told the Guardian the company had to satisfy demand for fossil fuels.

“My approach is very simple: it is that we will continue to act as a responsible, reliable supplier of low-carbon energy, and the world will need the lowest-carbon barrels at the lowest cost,” he said, arguing that Adnoc’s hydrocarbons are lower carbon because they are extracted efficiently and with less leakage than other sources.

Al Jaber said his investment plans were viable within the 1.5C limit. “The world continues to need low-carbon oil and gas and low-cost oil and gas,” he said. “When the demand stops, that’s a completely different story. What we need to do right now is to decarbonise the current energy system, while we build the new energy system.”

Adnoc is planning a $150bn investment (£120m) over seven years in oil and gas.