OPEC: Transition to clean energy should boost economic growth

The energy transition (transition to the use of clean energy) should contribute to economic growth, said OPEC Secretary General Haitham Al Ghais, commenting on the publication of the International Energy Agency (IEA) “The Oil and Gas Industry in Net Zero Transitions,” Report informs referring to OPEC website.

Last week, the International Energy Agency (IEA) in its report ‘The Oil and Gas Industry in Net Zero Transitions’ stated that the oil and gas industry faces a ‘moment of truth’. The industry has been told that it must “choose between fueling the climate crisis or embracing the shift to clean energy”, against the backdrop of the IEA’s proposed normative net-zero scenario.

“It is ironic that the IEA, an agency that has repeatedly shifted its narratives and forecasts on a regular basis in recent years, now addresses the oil and gas industry and says that this is a ‘moment of truth’. The manner in which the IEA has unfortunately used its social media platforms in recent days to criticize and instruct the oil and gas industry is undiplomatic to say the least. OPEC itself is not an organization that would prescribe to others what they should do,” Haitham Al Ghais noted.

“Energy security, energy access and energy affordability for all must go hand-in-hand with reducing emissions. This requires major investments in all energies, all technologies, and an understanding of the needs of all peoples. At OPEC, we repeat that we believe the world has to concentrate on the task of reducing emissions, not choosing energy sources,” he added.

“We do see a ‘moment of truth’ ahead. We need to understand that all countries have their own orderly energy transition pathways, we need an assurance that all voices are heard, not just a select few, and we need to ensure that energy transitions enable economic growth, enhance social mobility, boost energy access, and reduce emissions at the same time.”