meed-logo

line1 line2 line3
SIGN IN / REGISTER

All systems set for Cop28

28 November 2023

Commentary
Jennifer Aguinaldo
Energy & technology editor

Register for MEED's guest programme 

It's all systems go with little more than a day before the UAE rolls out the red carpet for close to 140 heads of state at the opening ceremony of the 28th Conference of the Parties (Cop28) of the UN Framework Convention for Climate Change (UNFCCC).

The Cop28 opening day on 30 November will be followed by the two-day World Climate Action Summit, which will convene heads of state and government, civil society, business leaders, youth, indigenous peoples organisations, frontline communities, science and other sectors.

The initial two days will involve the first global stocktake of the progress countries have made towards their emissions reduction commitments, or nationally determined contributions (NDCs).

It is expected that many countries will report underachieving their goals, but Cop28 has indicated that the process is not a name-and-shame exercise.

The final negotiations will occur on the last two days of the summit, 11 and 12 December.

The key negotiating themes will involve money and how it flows to enable a just energy transition. The rich countries responsible for the highest carbon emissions will be pressured to meet their collective pledge to mobilise $100bn in annual climate finance, which will be used for climate change adaptation and mitigation measures.

There is also a widespread expectation that Cop28 will operationalise the Loss and Damage Fund, which will be made available to countries needing support to deal with the impact of climate change.

Related read: Lukewarm Cop27 ends

In late October, a declaration from the world’s 46 least-developed countries cited a “strong outcome operationalising the new Loss and Damage Fund” among their key expectations and priorities for Cop28.

Home to more than 14 per cent of the world’s population, these countries contribute about 1 per cent of emissions from fossil fuels and industrial processes and most are on the front line of the climate crisis.

The inclusion of loss and damage funding in the final Cop27 statement last year was considered a breakthrough milestone, and operationalising the fund – the final form and mechanisms of which remain unclear – will be a key achievement for Cop28.

Another key sticking point for a potential final agreement between the parties is the adoption and endorsement of phasing down or phasing out of fossil fuels, in particular unabated fossil fuels, which some observers say is going to be unlikely.

Of particular concern will be how a just energy transition will not disenfranchise some Global South countries keen to develop their hydrocarbons reserves to drive their economic development.

Most countries, companies and investors are also expected to sign up for the Tripling Initiative, or the agenda aiming to triple renewable energy capacity generation, to keep the 1.5 degrees Celsius cap on global warming within reach.

Thousands of meetings and engagements will focus on financing carbon abatement projects in key industries such as hydrocarbons, aluminium, steel and cement.

There will be plenty of talks and collaborations looking at climate technology innovations in sectors such as food and agriculture, transportation and mobility, buildings, power generation and petrochemicals.

The UAE’s leadership envisages that this year’s summit will be the most inclusive Cop ever, and plans to use it as a platform to spread its pro-climate and pro-growth agenda.

The UAE and other countries in the Middle East and North Africa region are expected to announce scores of projects and policies within the renewable energy, hydrogen, electric vehicles, carbon capture and technology sectors to boost their green credentials. 

There is palpable excitement and pride everywhere as the Expo 2020 Dubai site transforms into a global epicentre for climate talks starting on Thursday, and prepares to host an estimated 70,000 visitors from around the world.

But there is also some trepidation, as the event is taking place at a time of heightened geopolitical tensions in the Middle East and elsewhere. As things stand, the presidents of the world’s two largest carbon-emitting countries, which are also waging a global policy war to assert influence over much of the Middle East and Southeast Asia, have decided to skip Cop28.

Photo: Pixabay

https://image.digitalinsightresearch.in/uploads/NewsArticle/11331328/main.jpg
Jennifer Aguinaldo

Register for MEED's guest program now to access this article.

Click here to register
Exclusive from Meed
Related Articles
  • Abu Dhabi announces $15bn infrastructure PPP projects

    12 May 2026

    The Abu Dhabi Investment Office and the Abu Dhabi Projects and Infrastructure Centre have launched a AED55bn ($15bn) public-private partnership (PPP) pipeline of 24 projects to be tendered in 2026 and 2027.

    The projects will be tendered across the transport, infrastructure and social sectors.

    According to a statement published by the Abu Dhabi Media Office, the transport sector accounts for 11 road projects, with AED35bn ($9.5bn) of construction capex, covering more than 300 kilometres of new and upgraded roads, tunnels, intersections and related network works.

    The infrastructure pipeline includes five projects budgeted at AED11bn ($3bn), covering dams, water storage, flood control, stormwater upgrades and urban landscaping.

    Social infrastructure includes eight projects budgeted at AED9bn ($2.5bn), covering sports facilities, specialist healthcare assets, schools and university campuses.

    The statement added that the pipeline forms part of Abu Dhabi’s infrastructure delivery plan and will be executed through PPP structures.

    It is also intended to support company establishment in the emirate, local content objectives, and supply-chain and industrial capacity.

    https://image.digitalinsightresearch.in/uploads/NewsArticle/16793904/main.jpg
    Yasir Iqbal
  • Saudi Arabia tenders GCC rail link from Kuwait to UAE border

    12 May 2026

     

    Saudi Arabia has begun the procurement process to deliver its portion of the GCC railway, which will connect all six member states.

    Saudi Arabia Railways (SAR) issued a tender for design consultancy services for the project on 7 May.

    The kingdom’s section of the railway will start at Al-Khafji in the Eastern Province, near the border with Kuwait, and end at Al-Batha, at Saudi Arabia’s border with the UAE. The route length in Saudi Arabia will be about 672 kilometres (km).

    The railway will interface with the Kuwait National Rail Road (KNRR) project on the Kuwaiti side. Last year, MEED exclusively reported that the KNRR design contract was awarded to Türkiye’s Proyapi Muhendislik ve Musavirlik Anonim Sirketi.

    The KNRR forms part of the wider GCC rail network. GCC railway projects have been progressing with renewed impetus since the six member states signed the Al-Ula Declaration in January 2021.

    In October last year, the Qatari cabinet approved a draft agreement paving the way for a railway link between Qatar and Saudi Arabia as part of the GCC railway network.

    GCC railway line

    Under the overall plan, the railway will span 2,186 kilometres, beginning in Kuwait, passing through Dammam in Saudi Arabia, reaching Bahrain via a planned causeway, and continuing from Dammam to Qatar, the UAE and, ultimately, Muscat via Sohar in Oman.

    The network’s route length within each member state is as follows: 684km in the UAE, 672km in Saudi Arabia, 306km in Oman, 283km in Qatar, 145km in Kuwait and 36km in Bahrain.

    The railway is designed for passenger trains travelling at 220 kilometres an hour (km/h) and freight trains operating at 80-120km/h.

    With high levels of project activity, governments in spending mode and renewed cooperation under the Al-Ula Declaration, the latest efforts to restart the GCC railway project may make more progress than previous attempts. If completed, the railway could prove transformational for a region that is globally connected but divided between its constituent parts.

    > Be recognised among the best in the industry at the MEED Projects Awards 2026 …

    https://image.digitalinsightresearch.in/uploads/NewsArticle/16793841/main.jpg
    Yasir Iqbal
  • Kuwait tenders upstream oil project

    12 May 2026

    State-owned upstream operator Kuwait Oil Company (KOC) has tendered a contract to develop power infrastructure to provide electricity to the country’s Bahra oil field.

    The project focuses on constructing an 11kV, 72MW main intake in the Bahra-A area.

    It also includes the development of 11kV, 20MW substations in the Bahra-A2 area, and the conversion of a substation in the Bahra-A1 area in northern Kuwait.

    An initial meeting for the project is scheduled for 7 June, and bids are due by 9 August.

    Kuwait’s oil and gas sector has been severely impacted by the blockade of the Strait of Hormuz, through which all of its crude exports are normally shipped.

    The country recorded zero crude oil exports in April for the first time since the end of the Gulf War in 1991, according to shipping monitor TankerTrackers.com.

    READ THE MAY 2026 MEED BUSINESS REVIEW – click here to view PDF

    Global energy sector forced to recalibrate; Conflict hits debt issuance and listings activity; UAE’s non-oil sector faces unclear recovery period amid disruption.

    Distributed to senior decision-makers in the region and around the world, the May 2026 edition of MEED Business Review includes:
    To see previous issues of MEED Business Review, please click here
    https://image.digitalinsightresearch.in/uploads/NewsArticle/16792080/main.png
    Wil Crisp
  • Chinese company signs deal to develop Syria cement plant

    12 May 2026

    China’s Jiangsu Pengfei Group has signed a deal with Damascus-based Al-Hasan Holding Group (HHG) to develop a cement plant in Syria’s Raqa governorate.

    The “strategic agreement” was signed on 29 April, according to a statement from HHG.

    The clinker production line will have a capacity of 5,000 tonnes a day (t/d).

    Syria is seeking to expand cement production capacity to meet demand from the domestic construction sector.

    HHG is an integrated investment conglomerate headquartered in Damascus with a portfolio of companies across sectors including industry, trade, energy, construction, tourism and services.

    It was founded by the Syrian businessman Hassan Kamel Al-Hasan.

    Jiangsu Pengfei Group is a manufacturer of rotary kiln and grinding equipment.

    The company is involved in the design, manufacture and service of equipment in the fields of building materials, metallurgy and the chemical industry.

    It is also an engineering, procurement and construction service provider that has completed more than 100 cement production line projects.

    READ THE MAY 2026 MEED BUSINESS REVIEW – click here to view PDF

    Global energy sector forced to recalibrate; Conflict hits debt issuance and listings activity; UAE’s non-oil sector faces unclear recovery period amid disruption.

    Distributed to senior decision-makers in the region and around the world, the May 2026 edition of MEED Business Review includes:
    To see previous issues of MEED Business Review, please click here
    https://image.digitalinsightresearch.in/uploads/NewsArticle/16792079/main.jpg
    Wil Crisp
  • Libya’s national oil company takes control of key refinery

    12 May 2026

    Libya’s state-owned National Oil Corporation (NOC) has signed an agreement to take full control of the country’s Ras Lanuf refinery.

    The agreement marks the end of a decade-long dispute with UAE-based Trasta Energy.

    NOC has signed a final agreement with Trasta to end their partnership in the Libyan Emirates Oil Refining Company (Lerco), giving the NOC full ownership of the Ras Lanuf refinery and petrochemical complex, according to a statement.

    In its statement, NOC said the deal was one of the most important developments in Libya’s oil sector since the 2011 uprising and closed one of the industry’s most complex disputes.

    NOC also said that the deal has paved the way for a new phase of rehabilitation, operation and development.

    Some analysts have linked tensions in the partnership to political divisions in Libya and the UAE’s support for eastern military commander Khalifa Haftar.

    Lerco was established as a joint venture to operate and develop the Ras Lanuf complex, but operations were disrupted after Libya’s civil war, which started in 2011 and overthrew Muammar Gaddafi.

    The Ras Lanuf complex is located about 600 kilometres east of Tripoli on Libya’s northeastern coast and has the capacity to refine about 220,000 barrels of oil a day (b/d), which would make it the country’s largest if it comes online.

    It includes a refinery, storage facilities, export terminals and petrochemical units.

    Under the agreement, all of Trasta’s shares will be transferred to the NOC, allowing the complex to operate under full Libyan management.

    Political instability and security problems have led to repeated problems in Libya’s downstream sector over the past decade.

    On 10 May, it was announced that the Zawiya refinery, which is the country’s largest functioning oil refinery, and the nearby oil port were resuming operations after military clashes forced the refinery to shut down for two days.

    Azzawiya Oil Refining Company, which operates the facility, said it had decided to lift the state of emergency, allowing work to resume at the site.

    READ THE MAY 2026 MEED BUSINESS REVIEW – click here to view PDF

    Global energy sector forced to recalibrate; Conflict hits debt issuance and listings activity; UAE’s non-oil sector faces unclear recovery period amid disruption.

    Distributed to senior decision-makers in the region and around the world, the May 2026 edition of MEED Business Review includes:
    To see previous issues of MEED Business Review, please click here
    https://image.digitalinsightresearch.in/uploads/NewsArticle/16792076/main.jpg
    Wil Crisp