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The UAE Consensus. Before the coming G7 Summit, status update of the pledge “to transition away from all fossil fuels”.

Tuesday, 11 June 2024.

Today we will elaborate a little but more about fossil fuels, after yesterday’s post about the International Energy Agency (IEA) newest report but also before the next G7 Summit, In Italy, coming June 13-15.

The report indicated that global investment in clean energy will almost double the amount going to fossil fuels in 2024, hitting $2 trillion notably in emerging and developing economies. This means that fuel supply investment, over $1 trillion, remains overwhelmingly focused on fossil fuels.

IEA notes a “major new wave of LNG <natural gas> approved for development, with 75% of the growth coming from the United States and Qatar”. It also indicates that, in terms of conventional oil and gas exploration, more than half of the investments took place in North America, Norway, China and Russia, while the largest discoveries were seen in Guyana and Namibia.

There was another recent report titled “Big Oil Reality Check” released by Oil Change International, based in Washington, DC, assessing the climate plans from 8 of the top global oil and gas companies.

According to this research and advocacy organization, “these 8 companies alone are on track to use 30% of our remaining carbon budget to limit global temperature rise to 1.5°C.”. In other words, the Paris Agreement target.

As these companies are headquartered in G7 countries - United States, UK, France and Italy - plus one from Norway, worth a reference to the imminent G7 Summit mentioned above. Until now, the only oil related topic noted on its agenda relates to curbing methane emissions.

Click at the image below for Oil Change International press release and 63 pages report, including an amazing number of >450 endnotes links.

About IEA, it will release its July 2024 Oil Market Report soon. Register here to be keep informed.

Important to monitor “The UAE Consensus”, the pledges from COP28 in Dubai. Among them to triple renewables capacity by 2030 and “to transition away from all fossil fuels”.


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“Nothing in life is to be feared, it is only to be understood. Now is the time to understand more, so that we may fear less.”

“I am among those who think that science has great beauty”

Madame Marie Curie (1867 - 1934) Chemist & physicist. French, born Polish.

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