ABU DHABI, UAE — The global oil and gas industry has an “historic opportunity” to lay the foundations for a more sustainable future, the Abu Dhabi International Petroleum and Conference (ADIPEC) 2020 Virtual — the world’s largest online gathering of oil and gas industry players — has heard.

In his address at ADIPEC’s Strategic Virtual Conference, the UK Minister for Exports, Graham Stuart, made the comment as he warned “the price of inaction could not be greater as we face an existential battle to keep global mean temperature below 2℃.”

Stressing the world’s transition to clean power needs to speed up by four times its current rate, Stuart said: “We owe it to future generations to confront the cause and the impact of climate change — and the adoption of clean energy is central to achieving this goal,”

“The scale of the challenge is clear; to meet the goals set out in the Paris Agreement on Climate Change, the global transition to clean power needs to progress four times faster than at present.

“The UK will encourage our global partners to embrace and adopt new technologies in five critical areas that will be pivotal in the quest for clean growth — clean energy, green transport, nature-based technological solutions, climate adaptation and resilience, and green finance.”

Stuart added that “with more than $15 trillion-worth of investment expected to be made in new power capacity globally by 2050, around $11 trillion of which will go into renewables, we are working to position the UK as the partner of choice for low carbon and renewable energy businesses worldwide.”

“As the world seeks to build back better in the wake of the COVID-19 pandemic, we have before us an historic opportunity for global change in the quest for sustainability,” he said.

“Clean growth presents the biggest economic opportunity of the 21st century for nations worldwide. We are committed to working with governments across the globe, including with our friends in the GCC, to share the opportunities of green, secure, affordable energy to meet the dynamic demands of a fast-changing world.”

Citing the investment of Masdar, the United Arab Emirates sustainability company, of more than £3 billion pounds in UK offshore wind, Stuart said Innovative British green technology businesses are perfectly placed to work with ADNOC and other partners in the GCC and across the Middle East to fulfill their clean energy ambitions.

“Innovative British green technology businesses are perfectly placed to work with ADNOC, other partners in the GCC and across the Middle East to fulfill their clean energy ambitions — from renewables expertise to world-leading capabilities in areas such as smart energy systems, sustainable construction, precision agriculture, green finance, and electric vehicle manufacturing.”

Stuart said the UK is “spending unprecedented sums in greening the British economy,” pointing to a £2.5 billion investment in clean growth innovation by 2021 and a record increase in public R&D investment with a commitment to reaching £22 billion per year by 2025.

“We know it is businesses, even more than governments, that will be the main drivers behind this great global transition,” Stuart said.

“This is the moment for us all to redouble our efforts to achieve the goals set out in the Paris Agreement and act with renewed urgency to tackle the causes and the impacts of climate change upon our planet. Now is the time for us to work ever more closely together, nations and businesses alike, to help shape a greener, cleaner more prosperous future.” — SG