The Cop28 summit being hosted in the UAE at the end of the year needs “oil and gas at the table”, billionaire philanthropist Bill Gates said on Wednesday.
With global temperatures already up 1.1º Celsius since the beginning of industrialisation, “we don't have time to exclude countries or sectors”, Mr Gates said.
“We need those that are most responsible for producing and using fossil fuels to step up and make serious commitments for a clean energy future.”
The Microsoft co-founder was speaking via video to an audience of more than 1,000 policymakers, executives, entrepreneurs, investors and financiers who are in Abu Dhabi for the Climate Tech conference.
The event, hosted by the UAE Ministry of Industry and Advanced Technology, Adnoc and renewable energy company Masdar, comes less than seven months before Cop28 begins at Expo City Dubai on November 30.
The Cop28 President-designate is Dr Sultan Al Jaber, who is also Minister of Industry and Advanced Technology, Adnoc managing director and group chief executive and chairman of Masdar.
Mr Gates emphasised Dr Al Jaber's convening power in his remarks.
“Cop28 President[-designate] Dr Sultan Al Jaber promises to make Cop28 the 'Cop of solutions', one where decision makers from all sectors mobilise resources and political resolve to ensure that the net-zero commitments become a reality,” Mr Gates said.
Mr Gates founded the Breakthrough Energy Group in 2015 to identify and raise funds for promising climate technology solutions such as nuclear fission, concentrated solar power and direct air capture.
Since then, he has personally invested more than $2 billion in the initiative and raised more than $1.5 billion from businesses and charitable organisations to the end of 2022, Reuters reported.
Globally, investment in low-carbon energy technology surged to a record level of $1.1 trillion in 2022, according to BloombergNEF. However, annual investment needs to be three times higher to put the world on track to reach net-zero carbon dioxide emissions by 2050.
“The need for collective global action to address climate change has never been greater and the UAE's role and leadership is crucial in ensuring we meet our climate goals,” Mr Gates said.
“Together, we can and must build a green Industrial Revolution, one that mitigates climate change, protects local communities and puts the world on a path towards more progress.”
Mr Gates also implored attendees to drive investment towards addressing and adapting to climate change.
“The fact that you're here demonstrates that you understand that decarbonising our economy will be the biggest challenge we collectively face,” he said.
“I encourage each of you to help drive investment in action that meaningfully reduces emissions and adapt to the changes that are ongoing.”
Name: Brendalle Belaza
From: Crossing Rubber, Philippines
Arrived in the UAE: 2007
Favourite place in Abu Dhabi: NYUAD campus
Favourite photography style: Street photography
Favourite book: Harry Potter
MATCH INFO
Real Madrid 2
Vinicius Junior (71') Mariano (90 2')
Barcelona 0
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
Drivers’ championship standings after Singapore:
1. Lewis Hamilton, Mercedes - 263
2. Sebastian Vettel, Ferrari - 235
3. Valtteri Bottas, Mercedes - 212
4. Daniel Ricciardo, Red Bull - 162
5. Kimi Raikkonen, Ferrari - 138
6. Sergio Perez, Force India - 68
UAE currency: the story behind the money in your pockets
ENGLAND SQUAD
Goalkeepers: Jack Butland, Jordan Pickford, Nick Pope
Defenders: John Stones, Harry Maguire, Phil Jones, Kyle Walker, Kieran Trippier, Gary Cahill, Ashley Young, Danny Rose, Trent Alexander-Arnold
Midfielders: Eric Dier, Jordan Henderson, Dele Alli, Jesse Lingard, Raheem Sterling, Ruben Loftus-Cheek, Fabian Delph
Forwards: Harry Kane, Jamie Vardy, Marcus Rashford, Danny Welbeck
RESULT
Al Hilal 4 Persepolis 0
Khribin (31', 54', 89'), Al Shahrani 40'
Red card: Otayf (Al Hilal, 49')
Libya's Gold
UN Panel of Experts found regime secretly sold a fifth of the country's gold reserves.
The panel’s 2017 report followed a trail to West Africa where large sums of cash and gold were hidden by Abdullah Al Senussi, Qaddafi’s former intelligence chief, in 2011.
Cases filled with cash that was said to amount to $560m in 100 dollar notes, that was kept by a group of Libyans in Ouagadougou, Burkina Faso.
A second stash was said to have been held in Accra, Ghana, inside boxes at the local offices of an international human rights organisation based in France.
Timeline
2012-2015
The company offers payments/bribes to win key contracts in the Middle East
May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence
December 2024
Petrofac enters into comprehensive restructuring to strengthen the financial position of the group
May 2025
The High Court of England and Wales approves the company’s restructuring plan
July 2025
The Court of Appeal issues a judgment challenging parts of the restructuring plan
August 2025
Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange
November 2025
180 Petrofac employees laid off in the UAE
The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
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Our family matters legal consultant
Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
