OPEC Secretary General on the efforts of member countries to address climate change“/>
The balance between sustainable development and the need to address climate change is an important issue that OPEC members are taking into account.
As Day.Az reports, the OPEC Secretary General said this in an exclusive interview with Trend Haytham al-Ghais.
“We need to promote all types of energy and all technologies that can help ensure energy security, energy affordability and reduce emissions. In this regard, we must remember that the oil industry, renewable energy and efforts to reduce emissions are not so contradictory. , as many believe. The reality is that hydrocarbons also fuel the transport and construction industries needed to develop renewable infrastructure. For example, depending on the size, wind turbines require between 200 and 1,400 liters of lubricants to keep their gearboxes, bearings, hydraulic systems and systems running smoothly. transformers, while resins produced using ethylene are also needed to waterproof the turbines themselves. Without petrochemical-based products, mass production of solar panels would also be impossible,” he said.
Haitham al-Ghais noted that, in addition, oil and its derivatives provide important fiscal support for many countries, many of which rely on revenues from the oil industry to finance government budgets, support economic activity, diversify the economy and mitigate any potential adverse social impacts. economic consequences of the transition.
“This is why OPEC member countries are investing in both hydrocarbons and renewable energy, and why at the same time these countries and the oil industry as a whole are actively working to reduce emissions through operational efficiency and advanced technologies. This includes optimization production and processing processes, including superior reservoir management practices, and participation in minimizing flaring and reducing methane leaks, as evidenced by the agreement of some 50 major oil and gas producers at COP28 to reduce methane emissions to near zero by 2030. “is also expanding carbon capture, utilization and storage and developing technologies for clean hydrogen, direct air capture and carbon dioxide removal – all within the framework of a circular carbon economy,” said the OPEC Secretary General.
He stressed that it was additionally important to mention the significant work being done by OPEC’s sister organization, the OPEC Fund for International Development.
“The OPEC Fund was created by OPEC member countries in 1976 with a clear goal: to stimulate development, strengthen communities and empower people. It focuses on financing projects that meet basic needs for sustainable development, such as food, energy, infrastructure, employment, clean water and sanitation, health and education. To date, the OPEC Fund has committed approximately US$27 billion to development projects in more than 125 countries, all of which are in the developing world,” added Haitham al-Ghais.