The Organisation of Petroleum Exporting Countries (OPEC), has said that the demand for primary energy is expected to rise by 23% between now and 2045, necessitating the use of all available energy sources.
According to the OPEC, many of its member countries have made significant investments in renewable energy as a result of its World Oil Outlook (WOO) prediction, which has garnered support from the G20 emerging countries.
At the sixth Nigeria International Energy Summit (NIES 20223), which had the topic “Global Perspectives for a Sustainable Energy Future,” OPEC Secretary-General Haitham Al Ghais made this statement.
President Muhammadu Buhari opened the summit in the Presidential Banquet Hall through Mr. Boss Mustapha, Secretary to the Government of the Federation. The summit was slated to take place from April 16 to April 20.
Al Ghais listed hydrogen projects, the Circular Carbon Economy, Carbon Capture Utilisation and Storage (CCUS), waste-to-energy production, and solar, nuclear, wind, and other renewable sources of energy.
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“At OPEC, we recognize that the scope of the climate challenge requires comprehensive solutions. There is no panacea that can solve it alone.
He said that OPEC, as an intergovernmental organization, composed exclusively of developing countries, seven of which are African, would want all voices included in discussions on energy transitions.
He said it had been directly involved in the evolution of the United Nations Framework Convention on Climate Change (UNFCCC), from the UN Intergovernmental Negotiating Committee in 1990, to COP27 in Sharm El-Sheikh in 2022.
The Secretary-General further said that the global oil sector alone would need a cumulative investment of 12.1 trillion dollars through to 2045.
However, he said in recent years, it had heard calls from some to limit or stop funding for new oil and gas projects which was disheartening, and particularly impactful on developing countries with oil and gas resources.
Story adapted from Vanguard
