The ongoing conflict between Hamas and Israel is overshadowing global cooperation, and the outcome of COP28 may be influenced by the current developments in the Middle East
The success of COP28 in Dubai, UAE, is facing immense pressure due to the aftermath of the Hamas terrorist attack on Israel and the ongoing Israeli conflict with Gaza. This not only diverted media attention from the 2023 gathering but also threatens to further fragment the global climate discussion. Currently, power dynamics are being established to discuss the role of hydrocarbons in the future energy mix or as a cornerstone of the energy transition.
Yet, the emotional impact is already substantial, causing concern among Western investors and operators regarding their current operations in the region, with future investments already put on hold unofficially. A regional war or further destabilization of Arab governments, however, poses a much more significant threat to global economic growth and the security of energy supply.
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