OPEC Secretary General Haitham Al-Ghais said on Saturday that the member countries are ready, willing and able to play a key role in providing energy to the world and reducing emissions.
Al-Ghais made the remark while addressing the G20 Energy Ministerial Meeting, 22 July 2023, Goa, India.
He added that the OPEC's Member Countries continue to invest in upstream and downstream capacity, and they are also mobilizing cleaner technologies to decarbonize the industry.
At the same time, they are making major investments in renewables and hydrogen capacity, carbon capture utilization and storage and other technologies, as well as promoting the Circular Carbon Economy, he said.
He noted that OPEC believes the future needs to see investments and finance in energy transitions that focus on an inclusive "all-peoples, all-fuels and all-technologies" approach.
"There is clearly no one-size-fits-all solution to a sustainable energy future. In the spirit of our theme today 'One earth, One Family, One Future,' OPEC looks forward to working closely with the G20 to promote sustainable energy future for the world," Al-Ghais remarked.
He went on to say that in the decades ahead, what is clear is that the world will need more energy, as populations expand and economies grow. In OPEC?’s World Oil Outlook, global energy demand will rise by 23 percent between now and 2045.
"Meeting this growth, ensuring energy security and affordable access, while also lowering global emissions in line with the Paris Agreement, requires all energies, technologies, and unprecedented investment and collaboration," he said.
The oil industry alone requires global investments of USD 12.1 trillion between now and 2045. However, there have been increasing calls over the past few years to end financing of oil projects, the OPEC chief noted.
"OPEC believes this is neither pragmatic nor constructive for the way forward. Following this path will severely affect economies, constrain social mobility, limit affordable energy access and exacerbate energy poverty," he added.
"At OPEC we believe that policymakers and industry stakeholders need to work together to ensure a long-term investment-friendly climate for all energies. One that works for producers and consumers, as well as developed and developing countries," he concluded.
Source: Kuwait News Agency