The Organization of the Petroleum Exporting Countries (OPEC) believes that it is necessary to make direct investments in emission reduction technologies in order to achieve energy sustainability, Secretary-General Haitham Al Ghais told the Emirates News Agency (WAM) last week on the occasion of the 8th OPEC International Seminar held on July 5-6 in Vienna, as quoted by Trade Arabia.
Such technologies include carbon capture, utilization, and storage (CCUS), the circular carbon economy, solutions for reducing methane emissions and flaring, direct air capture (DAC), hydrogen production as well as technologies integrating renewable energy sources in oil and gas operations, along with the use of smart technologies to enhance the energy efficiency, according to Al Ghais.
Global energy sustainability faces a triple challenge related to energy security, cost affordability and emission reduction, the Secretary-General said, highlighting the importance of involving both developed and developing nations, as well as all other stakeholders, in a global dialogue in the energy scene.
Such a dialogue, respecting the interests of all nations and listening to all opinions, should be aimed at developing a shared vision to address this triple challenge, while considering all energy sources and technologies and relying on multiple pathways to reduce global carbon emissions, Al Ghais explained.
In 2022, global daily production in the sector averaged 100 million barrels per day and 4,000 billion cubic meters of natural gas, and OPEC projects that the global economy will double by 2045, the Secretary-General noted, adding that with the expected population increase demand for all energy sources, including oil and gas, is set to rise by approximately 23%.
Furthermore, regarding the upcoming COP28 global climate conference, due to take place in Dubai towards the end of the year, Al Ghais underlined that it has the potential to achieve “ambitious, fair, and balanced results”, and that focus should be on climate financing, knowledge sharing and technology transfer to encourage innovation and remove barriers to collective climate action.