Adherence to environmental standards and the transition to clean energy should not conflict with relying on oil as a main energy source worldwide, Haitham Al Ghais, Secretary General of the Organization of Petroleum Exporting Countries (OPEC), said.
Al Ghais made his remarks during the plenary session ‘Will Our Future Economy still be Fueled by Oil?’ at the World Governments Summit in Dubai.
He pointed out that governments need to find ways to achieve balance between utilizing oil and committing to their responsibility of protecting the environment and applying international conventions that regulate the use of fossil energy sources.
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Praising the UAE’s efforts in striking the right balance, Al Ghais said the UAE “has committed itself to the UN charters although it is one of the top oil producing and exporting countries”.
Energy poverty
Al Ghais emphasized that handling the transformation of energy systems realistically, fairly, and comprehensively is critical. It is also important to move away from the single-solution approach and look at diversification, he added.
He clarified that economists and experts always discuss concepts such as ‘energy security’ or ‘sustainable energy’, but they may overlook an important issue – ‘energy poverty’.
In many countries, he said, remote villages do not have access to electricity to this day, prompting them to use wood for cooking.
He stressed that dispensing oil for other energy sources is unrealistic as several industries depend on the fuel, including those that manufacture materials used in creating renewable energy sources. He said that manufacturers produce lithium batteries, for example, using raw materials extracted from oil and the textile industry.
Declaration of Cooperation
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. It also aims to foster dialogue between oil producing and consuming countries. The goal is to enhance the stability of the oil markets. Additionally, it seeks to boost cooperation in several fields, including technology. This is for the benefit of all stakeholders involved in the oil industry.
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