KEY POINTS
  • The UAE oil giant ran by the president of COP28 is expected to spend more than $1 billion every month this decade on fossil fuels, according to new analysis conducted by Global Witness.
  • The international NGO said the Abu Dhabi National Oil Company (ADNOC) is planning to spend an average of $1.14 billion a month on oil and gas production alone between now and 2030
  • ADNOC, which recently became the first among its peers to bring forward its net-zero ambition to 2045, disputes the analysis.
Sultan Al Jaber, chief executive of the UAE's Abu Dhabi National Oil Company (ADNOC) and president of this year's COP28 climate summit gestures during an interview as part of the 7th Ministerial on Climate Action (MoCA) in Brussels on July 13, 2023.

UAE oil giant ADNOC — run by the president of the COP28 climate conference — is expected to spend more than $1 billion every month this decade on fossil fuels, according to new analysis by international NGO Global Witness.

This is nearly seven times higher than its commitment to decarbonization projects over the same timeframe, the research says.