The Secretary General of OPEC said in press releases: “As populations and economies grow, the world will need more energy in the decades to come. In our world oil forecast for 2022, we We expect global energy demand to grow by 23% through 2045. Achieving this growth requires ensuring energy security, affordable access and global emissions reductions in line with the Paris Agreement. , investment and unprecedented collaboration.”
Al-Ghais added that for the oil industry alone, which will account for almost 29% of the world’s energy needs by 2045, the total global investment needs amount to $12.1 trillion from time to time. This equates to more than $500 billion each year, noting that recent annual levels have been well below this amount due to the industrial downturn, the “corona pandemic” and the growing attention to environmental, social and health issues. governance.
The OPEC Secretary General said: “There is not enough investment in all energies, and therefore the sustainability of the global energy system is at stake, and we need a long-term climate and investment-friendly that works with producers and consumers, because under-investment needs to be corrected. It’s not about waiting for tomorrow, it’s about getting there today,” according to the agency. Emirates press releases.
Al-Ghais affirmed the willingness, will and ability of OPEC member states to play a major role in helping to supply energy to the world and reduce carbon emissions.
Al-Ghais added, “We are investing in upstream and downstream capacity. We are mobilizing cleaner technologies and a wide range of our human expertise to help decarbonize our industry. We are making significant investments in renewable energy, hydrogen capacity, carbon utilization and storage. , and other technologies, as well as promoting the circular economy to improve overall environmental performance.”
He said: “History has shown us that energy transitions develop slowly and have many pathways. He pointed out that more than 700 million people still do not have access to electricity and that 2.4 billion people use inefficient and polluting systems.
Al-Ghais pointed out that what can be seen in the turmoil in the energy market over the past 18 or so months is what could happen if the intertwined complexities of energy are not addressed.
He added that the focus should be on reducing emissions and using all fuels globally.
“In this regard, there is no single solution for the future of sustainable energy. The right path for one may not be the right path for another,” said OPEC Secretary General Haitham Al-Ghais.
Haitham Al-Ghais, Secretary General of the Organization of the Petroleum Exporting Countries (OPEC), stressed the need for joint cooperation and global work to find realistic and appropriate solutions for the future of energy sustainable and to achieve a logical, fair and sustainable transition. in the energy sector.
He went on to say, “We fully support a cooperative global multilateral approach, as we look forward to the twenty-eighth session of the Conference of the Parties to the United Nations Framework Convention on Climate Change ‘COP28’. hosted by the United Arab Emirates at the end of this year in Dubai Expo City and the conference’s support for a comprehensive Enterprise schedule as the event conducts its first comprehensive assessment since the Paris Agreement.
“We hope the future will see energy transition investment and financing focused on the ‘all people, all fuels and all technologies’ approach,” OPEC secretary general said. .
Here are the most important statements of the Secretary General of “OPEC”:
Cooperation and joint action promote a rational and just transition in the energy sector. We affirm our support for COP28, which is witnessing the first global assessment since the Paris Agreement. Turbulence in the energy market can occur if the intertwined complexities of energy are not addressed. OPEC is in a position to play a major role in supplying the world with energy and reducing emissions. We look forward to more investment and funding in the energy transition. We predict that global energy demand will increase by 23% by 2045. $12.1 trillion investment required worldwide in the oil sector.
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