NextGen Day

According to Organization of the Petroleum Exporting Countries (OPEC) Secretary General Haitham Al Ghais, a sustainable energy future may not have a one-size-fits-all answer. Still, cooperation and inclusive action will be “essential in achieving a just and permanent transition.”

Al Ghaith stated in news releases regarding the worldwide organization’s efforts to promote sustainability that “the challenges for energy, climate, and sustainable development are enormous, and this means the parameters of the discourse need to be inclusive.”

“Consider a world without oil and the countless vital daily products that are derived from it: gasoline, heating oil, jet fuel, kerosene, toothpaste, deodorant, soap, cameras, computers, car tires, upholstery, contact lenses, artificial limbs and hearts, numerous types of medicine, and much more,” he said.

People’s health would suffer, global food supply networks would be disrupted, essential services that people depend on would cease to exist, transportation would come to a complete stop, many houses wouldn’t have heat, and energy poverty would increase. It is a world that is not worth contemplating.

However, he said that this kind of picture “underscores the significance of an equitable and sustainable energy transition in which no people, industry, or country are left behind. Due to the enormous difficulties facing energy, climate change, and sustainable development, the parameters of the debate must be inclusive. The G7 is crucial, and we need every voice at the table.

rising energy demand

The world will require more energy in the next decades as population and economies expand. “In our World Oil Outlook 2022, we predicted a 23% increase in global energy consumption from 2022 to 2045. Al Ghaith elaborated on the increasing need for energy by stating that “meeting this expansion, guaranteeing energy security and affordable access, and lowering global emissions by the Paris Agreement requires all energies, unprecedented investment, and teamwork.

“By 2045, the world will need to invest $12.1 trillion, approximately 29% of which would be made up of the oil industry, to meet its energy needs. This translates to almost $500 billion annually,” he continued.

Recent annual levels have fallen far short of this amount because of economic downturns, the pandemic, and the growing attention given to environmental, social, and governance issues.

In reality, we think that insufficient money is being invested in all forms of energy. Simply put, the sustainability of the world’s energy system is in jeopardy. In terms of investments, we are catching up. A long-term, investment-friendly environment that benefits both producers and consumers is required.

“Chronic underinvestment needs to be corrected,” the OPEC head declared. Making it happen today is more important than waiting for tomorrow.

He continued by saying that OPEC member nations are prepared, willing, and able to play a significant role in supplying the world with energy and lowering emissions.

“We are spending money on capacity both upstream and downstream. We are utilizing more environmentally friendly technologies and our enormous human talent pool to assist in decarbonizing the sector. To increase overall environmental performance, we are heavily investing in technologies such as carbon capture, utilization, storage, renewable energy, and hydrogen capacity. We are also actively pushing the circular carbon economy.

History has “shown us that energy transitions evolve slowly and have many paths,” according to Al Ghais. We must also remember that 2.4 billion people utilize ineffective, polluting systems and that more than 700 million people still lack access to energy.

“What can happen if we do not consider the interconnected intricacies of energy is what can be seen in the upheaval in the energy market over the past 18 months or so. It is obvious that nobody knows every solution. Even though we might not have all the answers, we can act immediately.

The main points of emphasis are the usage of all fuels worldwide and the reduction of emissions. In this sense, there is no one-size-fits-all approach to a sustainable energy future. The correct course of action may not be the same for everyone.

The head of OPEC stressed the value of a multilateral strategy in his closing remarks, saying, “We firmly support a global, multilateral approach, with partnership at the fore. Instead of competing with one another, we must cooperate.

We anticipate the United Arab Emirates, an OPEC member, hosting this year’s 28th Conference of the Parties to the UN Framework Convention on Climate Change and promoting an inclusive agenda, which will include the first global stocktake since the Paris Agreement. We expect that in the future, investments and financing in the energy transition will center on an “all peoples, all fuels, and all technologies” approach, as I have said numerous times.

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