Oil giant led by COP28 boss to spend an ‘eyewatering’ $1 billion a month on fossil fuels this decade, Global Witness says
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.
Francois Walschaerts | Afp | Getty Images
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.
ADNOC, which recently became the first among its peers to bring forward its net-zero ambition to 2045, disputes Global Witness’ analysis and says the assumptions made are inaccurate.
It comes ahead of the COP28 climate summit, with Dubai set to host the U.N.’s annual conference from Nov. 30 through to Dec. 12. Viewed as one of the most significant climate conferences since 2015’s landmark Paris Agreement, COP28 will see global leaders gather to discuss how to progress in the fight against the climate crisis.
The person overseeing the talks, Sultan al-Jaber, is chief executive of ADNOC (the Abu Dhabi National Oil Company) — one of the world’s largest oil and gas firms. His position as both COP28 president and ADNOC CEO caused dismay among civil society groups and U.S. and EU lawmakers, although several government ministers have since defended his appointment.
Global Witness’ analysis, provided exclusively to CNBC, found that ADNOC is planning to spend an average of $1.14 billion a month on oil and gas production alone between now and 2030 — the same year in which the U.N. says the world must cut emissions by 45% to avoid global catastrophe.
It means that ADNOC is forecast to spend nearly seven times more on fossil fuels through to 2030 than it does on “low-carbon solution” projects.
By 2050, the year in which the U.N. says the entire world economy must achieve net-zero emissions, ADNOC is projected to have invested $387 billion in oil and gas. The burning of fossil fuels is the chief driver of the climate emergency.
A spokesperson at ADNOC told CNBC via email: “The analysis of, and assumptions made, regarding ADNOC’s capital expenditure program beyond the company’s current five-year business plan (2023 to 2027) are speculative and therefore incorrect.”
The Abu Dhabi energy group announced in January this year that it would allocate $15 billion for investment in “low-carbon solutions” by 2030, including investments in clean power, carbon capture and storage and electrification projects.
High-rise tower buildings along the central Sheikh Zayed Road in Dubai on July 3, 2023.
Karim Sahib | Afp | Getty Images
Global Witness arrived at its projections by analyzing ADNOC’s forecasted oil and gas capital expenditure, exploratory capital expenditure and operational expenditure for the period from 2023 to 2050. The data was sourced from Rystad Energy’s UCube database.
Rystad’s data is not available to the public, but is widely used and referenced by major oil and gas companies and international bodies.
“Fossil fuels companies like to burnish their green credentials, yet they rarely say the quiet part out loud: that they continue to throw eyewatering amounts at the same old polluting oil and gas that is accelerating the climate crisis,” said Patrick Galey, senior investigator at Global Witness.
“How [al-Jaber] can expect to lecture other nations on the need to decarbonise and be taken seriously is anyone’s guess, while he continues to provide vastly more funding to oil and gas than to renewable alternatives,” he added.
“He is a fossil fuel boss, plain and simple, saying one thing while his company does the other,” Galey said.
The United Nations Framework Convention on Climate Change did not immediately respond to a request for comment on the analysis conducted by Global Witness. The Conference of the Parties (COP) is the supreme decision-making body of the UNFCCC.
Main priority for COP28
Al-Jaber was the founding CEO of Abu Dhabi state-owned renewable energy firm Masdar, which works in more than 40 countries worldwide and has invested in or committed to invest in renewable energy projects with a total value of over $30 billion.
Speaking earlier this year, al-Jaber said the main priority for the COP28 summit will be to keep alive the fight to limit global heating to 1.5 degrees Celsius.
The Paris Agreement aims to limit the increase in the global average temperature to “well below” 2 degrees Celsius above pre-industrial levels and to pursue efforts to limit global heating to 1.5 degrees Celsius. Beyond the critical temperature threshold of 1.5 degrees Celsius, it becomes more likely that small changes can trigger dramatic shifts in Earth’s entire life support system.
The International Energy Agency says no new oil, gas or coal development is compatible with the goal of curbing global heating to 1.5 degrees Celsius.
In response to a request for comment from CNBC, an ADNOC spokesperson said that energy demand is increasing as the world’s population is expanding. “All of the current energy transition scenarios, including by the IEA, show that some level of oil and gas will be needed into the future,” the spokesperson said.
“As such, it is important that, in addition to accelerating investments in renewables and lower carbon energy solutions, we consider the least carbon intensive sources of oil and gas and further reduce their intensity to enable a fair, equitable, orderly, and responsible energy transition. This is the approach ADNOC is taking,” they added.
The spokesperson said its 2022 upstream emissions data confirmed the energy group as one of the least carbon-intensive producers worldwide. The company will seek to further reduce its carbon intensity by 25% and target near zero methane emissions by 2030, they added.
“As we reduce our emissions, we are also ramping up investments in renewables and zero carbon energies like hydrogen for our customers,” the spokesperson said.
A separate report published in April last year by Global Witness and Oil Change International found that 20 of the world’s biggest oil and gas companies were projected to spend $932 billion by the end of the decade to develop new oil and gas fields.
At that time, Russian state company Gazprom was estimated to spend the most on fossil fuel development and exploration projects through to 2030 ($139 billion), followed by U.S. oil majors ExxonMobil ($84 billion) and Chevron ($67 billion).
Environment
Tesla is starting to have Model Y inventory in the US again, ramps up incentives in China/Europe
Tesla is starting to replenish its Model Y inventory in the US after the design changeover, and it is ramping up incentives in China and Europe, suggesting that demand issues persist despite the new Model Y’s introduction.
After Tesla’s disastrous first quarter, shareholders attempted to blame the company’s issues on the transition to the new Model Y, which resulted in limited supply and buyers delaying their deliveries.
There’s no doubt that it impacted Tesla’s performance in Q1, but there were also other clear demand issues.
The automaker stated that it successfully resumed Model Y production to normal levels in record time. Therefore, Model Y supply can’t be blamed going forward and there are reasons to be concerned.
Earlier this month, we reported that Tesla was already able to deliver new Model Y on the same day in the US and was operating a sort of shadow inventory without actually listing new inventory Model Y.
Now, Tesla has officially started to add new inventory Model Ys in the US – confirming that it doesn’t have a backlog of orders for the updated vehicle:
It’s challenging to determine the exact number of new Model Y vehicles Tesla has in stock.
The website Tesla-Info tracks new vehicle listings in the US, but Tesla only lists configurations available in specific markets. After depleting the inventory of the older version of the Model Y in late March, Tesla is now listing 93 new Model Ys in the US:
However, for any of those listings, there could be several Model Ys in inventory, especially considering that Tesla currently has a limited number of options for the new Model Ys.
Tesla’s Model Y configurations also lists most configurations as being available today in most major US markets. This again points to Tesla having no order backlog for the brand-new vehicle.
At least, Tesla has yet to introduce incentives to sell the vehicle in the US, but it does in other markets.
We previously reported that Tesla quickly introduced 0% financing for the new Model Y in China. The incentive was initially scheduled to end this month, but Tesla has now extended it through June 30th, the end of the quarter.
Tesla is having even more issues in Europe, where its sales are crashing. The automaker is also struggling to sell some older Model Ys from its inventory.
Tesla produced about 30,000 more vehicles than it delivered in the first quarter, and it increased its inventory by $1.7 billion.
Electrek’s Take
Some people think that I’m happy to see this, but they couldn’t be more wrong. I’m just emphasizing it because recognizing the problem is the first step toward fixing it, and I want it to be fixed.
The biggest EV automaker failing is not good for EV adoption, and Tesla is going in that direction.
Tesla shareholders need to recognize that the Model Y refresh is not saving Tesla. Sales have been declining since last year, while electric vehicle (EV) sales continue to increase in most markets.
The combination of Elon Musk alienating half of Tesla’s potential customer base and Tesla’s stale lineup due to the focus on self-driving is resulting in an impossible situation for Tesla right now. Something needs to change.
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![Greenlane's flagship electric charging truck stop is now online [update]](https://i0.wp.com/electrek.co/wp-content/uploads/sites/3/2025/03/GreenlaneColton1.jpg?resize=1200,628&quality=82&strip=all&ssl=1)
Greenlane, which is rolling out a US EV charging network for big rigs, just switched on its first electric truck stop in Colton, California.
April 24, 2025: The flagship facility, at the intersection of Interstates 215 and 10, was completed eight months after breaking ground. It’s got 41 OEM-agnostic chargers with 12 pull-through lanes and CCS 400 kW dual-port chargers with liquid-cooled cables. They’re built to handle big Class 8 electric rigs with ease. Twenty-nine bobtail lanes feature CCS 180 kW chargers.
Colton offers a spacious lounge with food and drinks, a water refill station, and restrooms. There’s free wifi, mobile charging stations, and 24/7 customer support. Security includes round-the-clock on-site attendants, security cameras, gated access, and enhanced lighting. Office space is available for leasing, and there’s overnight truck and trailer parking.
It’s the first of several electric charging truck stops planned for the company’s I-15 commercial EV charging corridor. Greenlane plans to expand its network with future sites expected roughly every 60 to 90 miles in Long Beach, Barstow, and Baker, California.
Greenlane has also secured its first commercial fleet customer, fully electric truckload carrier Nevoya, which will begin operating its fleet of electric trucks out of Colton early next month. Nevoya will use the charging infrastructure and occupy on-site office space. The two companies plan to scale the partnership to include up to 100 of Nevoya’s electric trucks.
Greenlane’s flagship electric charging truck stop
March 11, 2025: Builder and developer Mortenson is constructing the commercial EV charging facility in Colton, which broke ground last September. It will include more than 40 chargers when it comes online for heavy, medium, and light-duty EVs. In its next phase, Greenlane plans to deploy solar panels and battery storage to enhance grid stability, manage peak loads, and increase energy efficiency.
Greenlane’s pull-through lane chargers will be equipped with Alpitronic CCS 400 kW dual-port chargers featuring oil-cooled cables. That means faster charging without the bulk—these cables stay lightweight and easy to handle. For bobtail charging, eFill CCS 180 kW chargers will be available, bringing smart energy management to keep fleet operations running smoothly.
To keep everything in check, ABB’s SCADA system will handle remote monitoring and breaker management, boosting reliability and efficiency. Plus, Greenlane’s sites are built with Trenwa precast cable trench, making it easier to expand EV charging infrastructure and upgrade to megawatt charging as fleet demand grows.
Greenlane’s tech launch
Greenlane, a joint venture between Daimler Truck North America, NextEra Energy, and BlackRock, also debuted its branded digital technology suite as part of its ongoing development of the I-15 Commercial EV Charging Corridor. The products will be rolled out in phases.
Greenlane’s Chief Technology Officer, Raj Jhaveri, said, “Our technology helps maximize uptime and operational efficiency by ensuring vehicles are charged efficiently and ready to meet the demands of their freight schedules.”
The tech rollout includes an app that allows drivers to check charger availability and make reservations in advance, a fleet portal that enables fleet managers and dispatchers to plan and manage routes for their electric fleets, and a new Greenlane website.
Greenlane also now has OnRamp Application Programming Interfaces (APIs) that integrate with existing fleet solutions, providing fleet managers and drivers access to optimized routes, efficient charging and refueling schedules, and related charging data and emissions savings.
Read more: Greenlane announces LA to LV charging corridor for commercial trucks
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VW’s US self-driving arm, Volkswagen ADMT (Autonomous Driving Mobility & Transport), is partnering with Uber to roll out thousands of autonomous ID. Buzz vans across the US over the next decade.
The plan kicks off in Los Angeles, with testing starting later this year and commercial rides expected to launch in 2026.
The ID. Buzz autonomous driving (AD) vans will have human operators onboard during early testing and launch phases to help fine-tune the tech and keep things safe. Each stage will only move forward once regulators give the green light.
Volkswagen’s mobility brand MOIA is supplying the vehicles and the AD software that’ll run them on Uber’s platform. It’s a full-stack approach to bringing self-driving EVs to ride-hailing, and another sign that the robotaxi race is heating up.
“Volkswagen is not just a car manufacturer – we are shaping the future of mobility, and our collaboration with Uber accelerates that vision,” said Christian Senger, CEO of Volkswagen Autonomous Mobility.
In March 2024, Volkswagen became the first vehicle manufacturer to develop a Level 4 AD service vehicle for large-scale production. Level 4 AD means the car can handle most driving situations independently in a defined area, such as a city. It can also drive alone, without passengers.
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