BAKU, Azerbaijan, September 18. Balancing sustainable development with the need to address climate change is an important question, and one that OPEC Member Countries are embracing, HE Haitham Al Ghais, OPEC Secretary General, said in an exclusive interview with TurkicWorld
"We need to promote all energies and all technologies, that can help deliver energy security, energy availability and reduce emissions. In this regard, we should remember that the oil industry, renewables and efforts to reduce emissions are not as at odds with each other as many people think. The reality is that hydrocarbons also power the transportation and construction industries necessary for renewable infrastructure development. For example, depending on their size, wind turbines require between 200 and 1,400 litres of lubricants for the smooth operation of their gearboxes, bearings, hydraulic systems and transformers, while resins produced with ethylene are also needed to waterproof the turbines themselves. Without petrochemical-based products, the mass production of solar panels would be similarly impossible, he said.
Al Ghais noted that moreover, oil and its derivatives provide crucial fiscal support for numerous countries, many of whom rely on revenues from the oil industry to fund government budgets, support economic activities, diversify economies and mitigate against any potential adverse socio-economic impacts of transitioning.
"It is why OPEC Member Countries are investing in both hydrocarbons and renewables, and why at the same time, these countries, and the oil industry, in general, are actively working to reduce emissions through operational efficiencies and advanced technologies. This includes optimizing extraction and refining processes – including excellent reservoir management practices – and engaging in flare minimization and reducing methane leaks, as evidenced by around 50 major oil and gas producers at COP28 agreeing to curb methane emissions to near-zero by 2030. The industry is also scaling up carbon capture utilization and storage, and developing clean hydrogen technologies, direct air capture, and carbon dioxide removal, all within the concept of the circular carbon economy," noted OPEC secretary general.
He highlighted that additionally, it is important to reference the vital work being undertaken by OPEC’s sister organization, the OPEC Fund for International Development.
"The OPEC Fund was established by the Member Countries of OPEC in 1976 with a distinct purpose: to drive development, strengthen communities and empower people. It is focused on financing projects that meet essential sustainable development needs, such as food, energy, infrastructure, employment, clean water and sanitation, healthcare and education. To date, the OPEC Fund has committed about US$27 billion to development projects in over 125 countries, all in the developing world," Al Ghais added.
