DUBAI: Haitham Al Ghais, Secretary-General of the Organization of Petroleum Exporting Countries (OPEC), said that adherence to environmental standards and the transition to clean energy should not conflict with relying on oil as a main energy source worldwide.
Al Ghais made his remarks during the plenary session ‘Will Our Future Economy still be Fueled by Oil?’ on the second day of the World Governments Summit (WGS) 2024, held in Dubai on 12-14 February under the theme of ‘Shaping Future Governments’.
Al Ghais pointed out that governments need to find ways to achieve balance between utilising oil and committing to their responsibility of protecting the environment and applying international conventions that regulate the use of fossil energy sources.
Balance is achieved, Al Ghais said, by adhering to the provisions of the United Nations Framework Convention on Climate Change (UNFCCC), which stipulates that states have the sovereign right to exploit their own resources pursuant to their own environmental and
developmental policies, and the responsibility to ensure that activities within their jurisdiction or control do not cause damage to the environment of other States or of areas beyond the limits of national jurisdiction.
Praising the UAE’s efforts in this field, the Secretary-General of OPEC said the UAE ‘has committed itself to the UN charters, although it is one of the top oil producing and exporting countries.’
‘The UAE’s ambitious and pioneering pathway in development and economic construction, while respecting the environment and adhering to the requirements of the UNFCCC, is the best testimony to the possibility of achieving this balance,’ he added.
Al Ghais stressed that the transformation of energy systems represents a critical issue with a decisive outcome, and must be handled realistically, fairly and comprehensively, by moving away from the single-solution approach and adopting an approach that facilitates reaching diversified comprehensive and responsible solutions.
Moreover, Al Ghais clarifie
d that economists, energy experts, and environmental experts always discuss terms and concepts related to the energy sector such as ‘energy security’ or ‘sustainable energy’, but they may overlook an important issue – ‘energy poverty’.
In many countries, he said, dozens of remote villages do not have access to electricity to this day, prompting them to rely on wood to generate the energy required for cooking.
The answer to the question ‘Will our future economy still be fueled by oil?’ should focus on understanding the necessity of maintaining integration of all energy sources required to support and develop our local and global economy, according to Al Ghais.
He stressed that the issue dispensing oil for other energy sources is an unrealistic approach as it wastes an important element that several industries depend on including the manufacture of materials used in creating renewable energy sources. Lithium batteries, for example, are manufactured with raw materials extracted from oil and the textile indust
ry, he said.
Al Ghais highlighted OPEC’s efforts in carrying out consultations with several countries interested in joining the ‘Declaration of Cooperation’. He explained that the Declaration aims to foster dialogue between participating countries and the oil producing and consuming countries with aims to enhance the stability of the oil markets as well as boost cooperation in several fields, including technology, for the benefit of all stakeholders involved in the oil industry.
The WGS 2024, hosts over 25 heads of state and governments, over 85 international organisations, 140 governments, thought leaders and experts, to discuss major global future trends in 110 interactive dialogues with over 200 prominent speakers. The summit will host 23 ministerial meetings and executive sessions welcoming over 300 ministers.
Source: Emirates News Agency