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The Trillion-Dollar Dilemma: Oil Industry's Future | |
| Sumita Pawar |
OPEC Secretary General Haitham Al Ghais has stressed the importance of collaboration and inclusive action to achieve a just and permanent transition to a sustainable energy future.
He warned that not enough investment is going into all energies, and the sustainability of the global energy system is at stake.
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Al Ghais emphasised 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 and improve overall environmental performance.
Al Ghais also emphasised 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 emphasising the importance of ensuring a multilateral approach to achieve a just and sustainable energy transition.
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.