Sunday, April 21, 2024
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Home » OPEC Secretary-General Says that Global Oil Industry Requires $12.1 Trillion in Investments Up to 2045

OPEC Secretary-General Says that Global Oil Industry Requires $12.1 Trillion in Investments Up to 2045

by Kayden Atkinson
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OPEC Secretary General Haitham Al Ghais has emphasized the importance of collaboration and inclusive action in achieving a just and permanent transition to a sustainable energy future.

In a statement, Al Ghais stated that “the parameters of the discourse need to be inclusive” as the challenges for energy, climate, and sustainable development are enormous.

He also highlighted that the oil industry alone will make up almost 29% of the world’s energy needs by 2045, and global investment requirements for meeting this demand will total $12.1 trillion between now and then.

Al Ghais warned that not enough investment is going into all energies, and the sustainability of the global energy system is at stake.

He stressed that chronic underinvestment needs to be rectified, and OPEC member countries are ready to play a key role in providing energy to the world while reducing emissions.

He added that investments in renewables, hydrogen capacity, carbon capture, and storage are being made to promote the circular carbon economy to improve overall environmental performance.

Al Ghais also emphasized that there is no one-size-fits-all solution to a sustainable energy future, and the overall focus needs to be on emissions reduction and the use of all fuels across the world.

In this regard, the OPEC chief concluded by emphasizing the importance of ensuring a multilateral approach to achieve a just and sustainable energy transition.

To ensure a just and sustainable energy transition, collaboration and inclusive action will be essential, according to OPEC Secretary General Haitham Al Ghais.

Al Ghais emphasized that the parameters of the discourse need to be inclusive, as the challenges for energy, climate, and sustainable development are enormous.

He also highlighted that the oil industry alone will make up almost 29% of the world’s energy needs by 2045, and global investment requirements for meeting this demand will total $12.1 trillion between now and then.

Chronic underinvestment needs to be rectified to ensure the sustainability of the global energy system, according to Al Ghais.

He stressed that OPEC member countries are ready to play a key role in providing energy to the world while reducing emissions, and investments in renewables, hydrogen capacity, carbon capture, and storage are being made to promote the circular carbon economy.

Al Ghais also emphasized that there is no one-size-fits-all solution to a sustainable energy future, and the overall focus needs to be on emissions reduction and the use of all fuels across the world.

He concluded by emphasizing the importance of ensuring a multilateral approach to achieve a just and sustainable energy transition.

Source : Utilities

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