According to the Organisation of Petroleum Exporting Countries (OPEC), global primary energy demand is expected to increase by 23% by 2045, which means that all forms of energy need to be utilized.
OPEC Secretary-General Haitham Al Ghais, made this known in Abuja on Monday at the sixth edition of the Nigeria International Energy Summit (NIES 20223) with the theme: “Global Perspectives for a Sustainable Energy Future,”
The OPEC Secretary-General Haitham Al Ghais emphasized that the oil and gas industry can help unlock our emissions-free future by fostering its resources and expertise and developing cleaner and more efficient technological solutions.
Mr. Haitham said based on its World Oil Outlook (WOO) forecast, resultantly, many of its Member Countries had invested heavily in renewables, which had received a positive endorsement from the G20 developing nations.
“At OPEC, we recognise that the scope of the climate challenge requires comprehensive solutions. There is no panacea that can solve it alone.
“The oil and gas industry can foster its resources and expertise and help unlock our emissions-free future, through its role as a powerful innovator in developing cleaner and more efficient technological solutions.
“A diverse range of mitigation measures are necessary.
“The capacities and national circumstances of developing countries must be taken into account in all actions. We should never forget that climate change and sustainable development are two sides of the same coin,’’ he said.
He said that OPEC, as an intergovernmental organisation, composed exclusively of developing countries, seven of which are African, would want all voices included in discussions on energy transitions.
He said it had been directly involved in the evolution of the United Nations Framework Convention on Climate Change (UNFCCC), from the UN Intergovernmental Negotiating Committee in 1990, to COP27 in Sharm El-Sheikh in 2022.
“We are delighted that COP28 will be hosted by our Member Country, the United Arab Emirates.
“In addition to being involved in climate negotiations, OPEC and its Member Countries are proactive in looking for a diverse range of energy sources to meet the needs of the future,’’ he said.
However, Mr. Haitham also mentioned that financial institutions limiting and stringently controlling how money is invested into fossil fuels under environmental, social and governance (ESG) constraints impedes the realization of the oil industry’s potential.
RateCaptain reports that OPEC is committed to taking into account the capacities and national circumstances of developing countries in all actions regarding energy transitions.
