Energy
Tuesday, November 28th, 2023 7:39 pm EDT
Key Points
- OPEC, led by Secretary General Haitham Al Ghais, defended the oil and gas industry against accusations of insufficient efforts to reduce carbon emissions ahead of the United Nations Climate Change Conference (COP28).
- Al Ghais accused the International Energy Agency (IEA) of downplaying the importance of energy security, access, and affordability, and criticized the IEA’s accusations against the industry as “undiplomatic.”
- The dispute between OPEC and the IEA comes as the industry faces a “moment of truth,” according to the IEA, where oil and gas companies must choose between contributing to the climate crisis or embracing a shift to clean energy. The IEA called for a scaling back of oil and gas operations for a successful clean energy transition, while OPEC defended carbon capture technology and emphasized balanced investments in all energy sources and technologies.
The Organization of Petroleum Exporting Countries (OPEC) has defended the oil and gas industry against accusations of insufficient efforts to reduce carbon emissions ahead of the United Nations Climate Change Conference (COP28). OPEC Secretary General Haitham Al Ghais criticized the International Energy Agency (IEA) for downplaying the importance of energy security, access, and affordability, accusing it of unfairly vilifying the industry. The IEA, in a recent report, called on oil and gas companies to choose between contributing to the climate crisis or embracing a shift to clean energy. Al Ghais defended carbon capture technology and emphasized the need for balanced investments in all energy sources and technologies. The IEA countered, urging the industry to scale back oil and gas operations for a successful clean energy transition. The dispute occurs as COP28 begins, hosted by the United Arab Emirates, an OPEC member.
For the full original article on CNBC, please click here: https://www.cnbc.com/2023/11/27/opec-says-oil-industry-unjustly-vilified-ahead-of-climate-talks-.html
