RIYADH: Renewable energy sources alone will not successfully achieve the climate goals outlined in the Paris agreement, according to the Secretary General of the Organization of Petroleum Exporting Countries.
Speaking at the 13th International Energy Forum in Riyadh, Haitham Al-Ghais noted that energy poverty is one of the most crucial challenges the world should address as it progresses in its energy transition journey.
The Paris Agreement is an international treaty on climate change that was produced in 2015, and compels signatories to work towards limiting the global temperature increase to 1.5 °C above pre-industrial levels.
“There are multiple pathways to attain our common goals of the energy transition. There is no one-size solution, and renewables alone cannot achieve the Paris agreement goals. The overall focus needs to be on emissions reductions and the use of all fuels to meet these goals,” said Al-Ghais.
He added: “Moving on to the topic of the energy transition. There are several realities we should consider while addressing it. The first is energy poverty. Today over 700 million people worldwide do not have access to electricity, while 2.2 billion people still use inefficient and polluting cooking systems,” he added.
During the speech, the OPEC secretary general reiterated the fact that the organization is always extending its complete support to reduce greenhouse gas emissions.
“The OPEC has warned about the dangers of underinvestments many years ago. While emphasizing the importance of investments, allow me to reiterate the fact that OPEC fully supports the aim of reducing greenhouse gas emissions,” he said.
According to Al-Ghais, an impartial, data-based, fact-driven analysis while making policies in the energy sector will help keep politics away from the decision-making of the industry.
He further pointed out that the resources and expertise of the oil industry can be harnessed to help develop efficient technological solutions like carbon capture utilization and storage, circular carbon economy framework and hydrogen.
On Feb. 14, OPEC raised its 2023 forecast for global oil demand growth in its first upward revision for months, citing China’s relaxation of COVID-19 restrictions and slightly stronger prospects for the world economy.
In its monthly report, OPEC noted that the oil demand will rise this year by 2.32 million barrels per day, or 2.3 percent, a projection which is 100,000 bpd higher than last month’s forecast.
