The Strategist

OPEC names positive aspects of clean energy

11/28/2023 - 09:24

Realizing that every nation has a unique path toward development, the world must ensure that everyone is heard, not just a small group of people.

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In response to the International Energy Agency's publication "The Oil and Gas Industry in a Time of Transition to Net Zero," OPEC Secretary General Haitham al-Ghais stated that it is imperative to make sure that the "energy transition"—that is, the clean energy transition—contributes to economic growth in particular.

An analysis released by the IEA last Thursday suggested that the oil and gas sector is currently experiencing a "moment of truth." And now companies have to decide whether to use clean energy or contribute to the "deepening climate crisis". According to the article, "only 1%" of all clean energy investments made worldwide go toward oil and gas companies.

Regarding this, the OPEC secretary general stated that he believes there will be a "moment of truth", but stressed that each nation's energy transition path is unique. "We need confidence that all voices will be heard, not just a select few, and we need to ensure that the energy transition contributes to economic growth," al-Ghais said.