OPEC Secretary General Haitham Al-Ghais highlighted the importance of oil in daily uses on the planet, which makes it difficult to dispense with or replace it.
Al-Ghais said, “We can be clear about the path of demand for oil in the future, when we look at its multiple uses,” according to statements seen by the specialized energy platform.
He stressed that not everyone today benefits from the daily necessities that come from oil or products derived from it, due to energy poverty. More than 700 million people still lack access to electricity, and 2.4 billion people use inefficient and polluting systems.
What this means is that the world will need more energy, and all its forms; OPEC expects global demand for primary energy to rise by 23% by 2045, and oil will remain the first fuel in the energy mix, according to Al-Ghais.
He stressed that realism requires realizing the fundamental role that oil plays in daily life, expressing his hope that the G20 leaders in New Delhi will be enlightened by realism when they look at the basic pillars of successful and orderly energy transition processes.
Uses of oil in daily life
In an article entitled “Energy transitions guided by realism,” the OPEC Secretary General wrote: “Everyone has an opinion about oil… Some believe it is the only thing responsible for climate change… Others say that the use of oil can be stopped, and we should not invest yet.” “Now there are new oil projects, and we must leave the resources in the ground.”
Haitham Al-Ghais pointed out that oil conjures images of geopolitics, consumerism, historical world events, and modernity, according to what was stated in the article that the Energy Platform viewed and published by the Energy Platform. World Government Project (The Global Governance Project).
Oil has appeared in countless books, films, and songs, and in almost every language on earth; It is discussed everywhere from the kitchen table to prestigious offices, according to Al-Ghais.
The Secretary-General of OPEC said: “We take for granted gasoline, diesel or jet fuel, which is the fuel used by the internal combustion engine in our vehicles, ships and planes.”
He pointed to the fact that the roads, take-off and landing runways at airports and parking lots that form part of our daily commute or take us on vacation are covered with a composite material consisting of bitumen, a product derived from petroleum.
The tires of the car, plane or bicycle that we use also contain synthetic rubber made from products derived from petroleum.
The list of everyday, petroleum-derived devices that we take for granted includes toothpaste, deodorant, soap, cameras, computers, furnishings, crockery, contact lenses, artificial limbs and hearts, injections, solar panels, many types of medications and more. Much.
Challenges to meet energy demand
In his article, the OPEC Secretary General emphasized that the major challenge facing the world is to meet demand growth, address energy poverty, ensure energy security, and, of course, reduce emissions in line with the Paris Agreement.
This requires global cooperation, the use of all types of energy and technologies, and investment on an unprecedented scale, according to Al-Ghais.
For the oil industry alone, the OPEC Secretary General noted that cumulative investments are expected to reach $12.1 trillion in the period up to 2045.
However, recent annual levels have been well below annual requirements, with an industry slowdown, the coronavirus pandemic, some downplaying the importance of oil, and an increasing focus on environmental, social and governance issues.
Haitham Al-Ghais stressed that the lack of investment puts at risk the entire energy system, which we take for granted.
The following chart – prepared by the specialized energy platform – shows oil and gas investments in the world since 2015:
The OPEC Secretary General also made it clear that energy security for all and decarbonisation must go hand in hand; Stressing that OPEC members are determined to do their part in ensuring that the world’s energy needs are met, in ways that continue to reduce the environmental footprint of this industry.
He pointed out that they are investing in exploration and production capabilities, refining and transportation operations. They are also mobilizing clean technologies and human expertise to help decarbonize the industry.
Al-Ghais explained that OPEC members are making significant investments in renewable energy sources, hydrogen capacity, carbon capture, use and storage, and other technologies, as well as promoting the circular carbon economy to improve overall environmental performance.
OPEC believes that the challenge facing the world must be diagnosed accurately. It is about reducing greenhouse gas emissions, not the misleading narrative of replacing one energy source with another.
Al-Ghais said: “We need a practical and realistic approach to dealing with the climate challenge.”
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2023-09-10 18:42:58
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