The Organisation of the Petroleum Exporting Countries (OPEC) has lauded some member countries on pledges and national aspirations towards net zero emissions target.
Such Member Countries include Nigeria, Saudi Arabia and the United Arab Emirates (UAE), which are making pledges on net zero emissions.
OPEC Secretary-General, Dr Mohammad Barkindo, made the commendation yesterday in his keynote address at an Energy Symposium in London.
The event was tagged: “Quo Vadis?– Oil and Gas in the 21st Century, Charting New Directions for the Oil and Gas Industry after COP2,” and organised by the Centre for Energy, Petroleum and Mineral Law and Policy (CEPMLP) in conjunction with White and Case LLP International Law Firm.
Recall that as part of the Paris Agreement, countries globally agreed to pursue efforts to limit global warming to well below 2 degrees Celsius, preferably to 1.5 degrees Celsius, compared to pre-industrial levels.
To achieve this, countries must align with the global push to reduce their greenhouse gas emissions to ‘net zero’ by around 2050.
However, it is important to appreciate the massive challenges for developing countries to reach net zero emissions, many of which are acutely focused on priorities such as energy access, living wages, and supplying basic necessities.
Barkindo therefore appreciated the move by many developed nations to set net-zero emissions targets as national aspiration and recognised the fact that some developing nations are also doing the same.
“However, it is important to appreciate the massive challenges for developing countries to reach net zero emissions, many of which are acutely focused on priorities such as energy access, living wages, and supplying basic necessities. The challenges before us are enormous and complex.
“We have been delivered a stark reminder with recent strains and conflicts related to energy affordability and security and the need to reduce emissions playing out in regions across the world at the end of 2021 and into 2022.
“It requires a delicate balancing act, comprehensive and sustainable solutions, and all voices at the table,” he said.
He called for energy affordability; transition to a more inclusive, fair, and equitable world in which every person has access to energy as referenced in UN Sustainable Development Goal (SDG 7).
According to Barkindo, in OPEC’s World Oil Outlook (WOO) 2021, “We see oil still making up 28% of the world’s energy needs by 2045. This will require huge investments, with the WOO showing that oil-related investments alone amount to $11.8 trillion between now and 2045.”
He reiterated the resolve of OPEC member countries to remain committed to investments to ensure supply meets the demand of their customers. (NAN)
