On an International Energy Agency’s Op-Ed published on September 12, OPEC has stated it is an extremely risky and impractical narrative to dismiss fossil fuels, or to suggest that they are at the beginning of their end. In past decades, there were often calls of peak supply, and in more recent ones, peak demand, but evidently neither has materialized.
The difference today, and what makes such predictions so dangerous, is that they are often accompanied by calls to stop investing in new oil and gas projects.
“Such narratives only set the global energy system up to fail spectacularly. It would lead to energy chaos on a potentially unprecedented scale, with dire consequences for economies and billions of people across the world,” OPEC Secretary General Haitham Al Ghais said.
This thinking on fossil fuels is ideologically driven, rather than fact-based. It also does not consider the technological progress the industry continues to make on solutions to help reduce emissions. Neither does it acknowledge that fossil fuels continue to make up over 80% of the global energy mix, the same as 30 years ago, or that the energy security they provide is vital, according to OPEC’s official website.
“Cognizant of the challenge facing the world to eliminate energy poverty, meet rising energy demand, and ensure affordable energy while reducing emissions, OPEC does not dismiss any energy sources or technologies, and believes that all stakeholders should do the same and recognize short- and long-term energy realities,” Al Ghais noted.
In the interests of contributing to future overall global energy stability, OPEC will continue to cooperate with all relevant stakeholders to foster dialogue, that includes the views of all peoples, so as to ensure inclusive and effective energy transitions moving forward.
Source: Tasnim
