I hope the younger generations can forgive us: State oil company pushed $100 billion of deals in UAE's year as COP28 host

The report alleges that ADNOC, led by COP28 President Sultan Al-Jaber, pursued nearly $100 billion in fossil fuel deals during the UAE's year as host, contradicting public claims that the summit was not used for commercial gain. It details specific targets in countries like Brazil, Azerbaijan, and China, and argues that the COP28 final text's ambiguous language on 'transitioning away' from fossil fuels allows ADNOC to expand production while appearing compliant with climate goals.

• In 2023, the year the UAE hosted COP28, ADNOC pursued or closed at least 20 international oil, gas, and petrochemical deals with a potential market value of approximately $98.6 billion. This represents a five-fold increase over the potential value of deals pursued in 2022.
• Evidence suggests ADNOC used leaked COP28 country briefing documents as talking points to secure business deals, contradicting Sultan Al-Jaber's public denials. An anonymous official stated that these talking points were included in briefs throughout the lead-up to and during the summit.
• ADNOC is planning to increase its oil and gas output by 42% by 2030, despite the UN stating that emissions must fall over 43% by that date to keep the 1.5°C goal viable.
• The report identifies a pattern of 'petrostate' COP hosts using the presidency to expand business ties, noting that Azerbaijan (COP29 host) may be replicating the UAE's playbook. ADNOC acquired a 30% equity stake in Azerbaijan's Absheron gas field in August 2023.
• ADNOC targeted Brazil as a strategic investment location, specifically attempting to acquire stakes in the petrochemical firm Braskem. The leaked documents identified Brazilian environment minister Marina Silva as a key point person to facilitate the deal.
• ADNOC expanded its presence in China through multiple deals, including a $490 million agreement with China Petroleum Engineering and Construction (CPEEC) to enhance production from mature oil fields by 20% and LNG supply contracts with PetroChina and ENN LNG.
• In Egypt, ADNOC increased its infrastructure investment by purchasing a 50% stake in TotalEnergies Marketing Egypt for $200 million and forming a joint venture with BP to develop natural gas, with BP investing $1.5 billion.
• The report argues that the COP28 final decision text, which calls for a 'transition away from fossil fuels in energy systems' rather than a 'phaseout', provides a 'permission slip' for oil and gas exporters to increase production in other sectors, such as petrochemicals.
• ADNOC's 2023 activities included significant investments in 'low carbon' technologies that the report critiques, such as a $15 billion budget for projects including carbon capture and storage (CCS) and blue hydrogen.

APA

Global Witness (n.d.). I hope the younger generations can forgive us: State oil company pushed $100 billion of deals in UAE's year as COP28 host. https://globalwitness.org/en/campaigns/fossil-fuels/i-hope-the-younger-generations-can-forgive-us-state-oil-company-pushed-100-billion-of-deals-in-uaes-year-as-cop28-host/

Chicago

Global Witness. I hope the younger generations can forgive us: State oil company pushed $100 billion of deals in UAE's year as COP28 host. n.d. https://globalwitness.org/en/campaigns/fossil-fuels/i-hope-the-younger-generations-can-forgive-us-state-oil-company-pushed-100-billion-of-deals-in-uaes-year-as-cop28-host/.

Wikipedia

{{cite report |author=Global Witness |title=I hope the younger generations can forgive us: State oil company pushed $100 billion of deals in UAE's year as COP28 host |url=https://globalwitness.org/en/campaigns/fossil-fuels/i-hope-the-younger-generations-can-forgive-us-state-oil-company-pushed-100-billion-of-deals-in-uaes-year-as-cop28-host/ |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{globalwitnessndhope, author = {{Global Witness}}, title = {{I hope the younger generations can forgive us: State oil company pushed \$100 billion of deals in UAE's year as COP28 host}}, institution = {Global Witness}, url = {https://globalwitness.org/en/campaigns/fossil-fuels/i-hope-the-younger-generations-can-forgive-us-state-oil-company-pushed-100-billion-of-deals-in-uaes-year-as-cop28-host/}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }