New Telegraph

OPEC: Fossil Fuels’ll Continue To Account For 80% Of Global Energy Mix

The Organisation of Petroleum Exporting Countries (OPEC) yesterday said fossil fuels would continue to make up 80 percent of the global energy mix. OPEC in a statement said the assertion by the International Energy Agency (IEA) that fossil fuel demand would peak before 2030, was allegedly not a data- based forecast.

According to OPEC, it is an extremely risky and impractical narrative to dismiss fossil fuels or to suggest that they would end soon. OPEC wrote: “In past decades, there were often calls of peak supply, and in more recent ones, peak demand, but evidently neither has materialised.

“The difference today, and what makes such predictions so dangerous, is that they are often accompanied by calls to stop investing in new oil and gas projects. “This thinking on fossil fuels is ideologically driven, rather than fact-based.

It also does not take into account the technological progress the industry continues to make on solutions to help reduce emissions. “Neither does it acknowledge that fossil fuels continue to make up over 80 percent of the global energy mix, the same as 30 years ago, or that the energy security they provide is vital.”

It added: “Technological innovation is a key focus for OPEC, which is why Member Countries are investing heavily in hydrogen projects, carbon capture utilization and storage facilities, the circular carbon economy, and in renewables too.”

“While some may suggest that a number of these oil-focused technologies are still immature, they ignore the fact that many technologies referenced in net-zero scenarios are at an immature, experimental or even theoretical stage.”

The OPEC also referenced its Secretary General, Haitham al Ghais, who said that such narratives that fossil fuels would soon come to an end only set the global energy system up to fail spectacularly, leading to energy chaos on a potentially unprecedented scale, with dire consequences for economies and billions of people across the world.

Read Previous

Agenda 2050 Aimed At Creating 21M Jobs For Youths in 2025, Says Ex-minister

Read Next

Up to 20,000 Feared Dead After Catastrophic Libya Flood