US, UAE Focus on Using Climate Change to Drive Global Growth

US Special Presidential Envoy for Climate John Kerry with Dr. Sultan Al Jaber, the Special Envoy for Climate Change and Minister of Industry and Advanced Technology in Abu Dhabi. (WAM)
US Special Presidential Envoy for Climate John Kerry with Dr. Sultan Al Jaber, the Special Envoy for Climate Change and Minister of Industry and Advanced Technology in Abu Dhabi. (WAM)
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US, UAE Focus on Using Climate Change to Drive Global Growth

US Special Presidential Envoy for Climate John Kerry with Dr. Sultan Al Jaber, the Special Envoy for Climate Change and Minister of Industry and Advanced Technology in Abu Dhabi. (WAM)
US Special Presidential Envoy for Climate John Kerry with Dr. Sultan Al Jaber, the Special Envoy for Climate Change and Minister of Industry and Advanced Technology in Abu Dhabi. (WAM)

The UAE and the US held talks that focused on using climate change action to drive regional and global growth.

The Special Envoy for Climate Change and Minister of Industry and Advanced Technology, Dr. Sultan Al Jaber, and US Special Presidential Envoy for Climate John Kerry met in Abu Dhabi.

The two envoys discussed progress on the Agriculture Innovation Mission for Climate Initiative (Aim for Climate) that the UAE announced alongside the US at the Leaders Summit on Climate in Washington.

The envoys reaffirmed their countries’ commitment to achieving the goals of the Paris Agreement, which aims to limit global warming.

They agreed that a comprehensive approach - including investments in renewable energy, carbon-capture technologies, nature-based solutions, climate-smart agriculture, and other low-carbon solutions - is not only essential in this critical decade for climate but can also act as powerful drivers for sustainable economic growth and job creation.

“His return to the Emirates reaffirms the unique partnership between our two countries and our shared commitment to transform climate action into an opportunity for economic development and diversification,” Jaber said.

“Doubling down on investments in innovative new technologies and R&D will pay dividends both in terms of climate progress and economic growth, and as global economies fully recover from Covid-19, smart initiatives can put the world on a low-carbon/high-growth trajectory that meets the Paris goals.”

Kerry welcomed the UAE’s offer to host the 28th UN Climate Change Conference of the Parties (or Cop28) to the United Nations Framework Convention on Climate Change in 2023.

“I think it is very important that an oil and gas producing nation is smart enough to see that investing in alternative and renewable energy does not detract from economic prosperity or from income,” Kerry added.

“It actually builds additional and alternative sources. I think the leadership of the UAE is well aware that the planet has very serious problems, and the UAE is very busy looking at ways to abate and reduce and capture emissions.”

“I think that’s one of the reasons the UAE won a seat on the UN Security Council, because people see the leadership of the UAE as thoughtful and wanting to contribute to global solutions to global problems,” he concluded.



Oil Prices Jump More than 5% after Israel Strikes Iran

An oil pump is seen in Lagunillas, Ciudad Ojeda, in the state of Zulia, Venezuela, March 18, 2015. REUTERS/Isaac Urrutia/File Photo
An oil pump is seen in Lagunillas, Ciudad Ojeda, in the state of Zulia, Venezuela, March 18, 2015. REUTERS/Isaac Urrutia/File Photo
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Oil Prices Jump More than 5% after Israel Strikes Iran

An oil pump is seen in Lagunillas, Ciudad Ojeda, in the state of Zulia, Venezuela, March 18, 2015. REUTERS/Isaac Urrutia/File Photo
An oil pump is seen in Lagunillas, Ciudad Ojeda, in the state of Zulia, Venezuela, March 18, 2015. REUTERS/Isaac Urrutia/File Photo

Oil prices jumped more than 5% on Friday to hit the highest in more than two months after Israel said it struck Iran, raising concerns of escalating tensions in the Middle East that could disrupt oil supplies.

Brent crude futures rose $3.91, or 5.64%, to $73.27 a barrel by 0146 GMT, the highest since April 3. US West Texas Intermediate crude was up $4.09, or 6.01%, at $72.13 a barrel, Reuters reported.

Israel said early on Friday that it struck Iran, and Iranian media said explosions were heard in Tehran as tensions mounted over US efforts to win Iran's agreement to halt production of material for an atomic bomb.

"The Israeli attack on Iran has heightened the risk premium further," MST Marquee senior energy analyst Saul Kavonic said.

"The conflict would need to escalate to the point of Iranian retaliation on oil infrastructure in the region before oil supply is actually materially impacted," he said, adding that Iran could hinder up to 20 million barrels per day of oil supply via attacks on infrastructure or limiting passage through the Strait of Hormuz in an extreme scenario.