The Organisation of the Petroleum Exporting Countries (OPEC) says the delicate balance between reducing emissions, energy affordability and security requires comprehensive and sustainable policies.
The OPEC said that focusing on only one of these over the other could lead to unintended consequences; market distortions, heightened volatility and energy shortfalls.
Mr Mohammad Barkindo, OPEC Secretary- General made this remark on Wednesday at the ongoing 2021 United Nations Climate Change Conference, known as COP26 holding in Glasgow, from Oct. 31 to Nov. 12.
“With negotiations of such magnitude and consequence, we must remember the often ignored scientific fact:
climate change and energy poverty are two sides of the same coin.
“We need to ensure energy is available and affordable for all.
“We need to move towards a more inclusive, fair and equitable world in which every person has access to energy, aligned with Sustainable Development Goal Seven (SDG 7); and we need to reduce emissions.
“It is an energy sustainability trilemma, with each piece having to move in unison,” the Secretary-General said.
According to him, the science inducates that tackling emissions has many paths. Hence, no one-size-fits-all solution, for countries or industries.
Barkindo further noted that the narrative that the energy transition was from oil and other fossil fuels to renewables was
misleading and potentially dangerous to a world that would continue to be thirsty for all energy sources.
He said that capacities, national circumstances and development priorities of developing countries had to be taken into account.
He, however, advised that adverse socio-economic impacts on developing countries due to mitigation activities should be considered, to identify remediation measures and share best practices.
Financing, according to him is critical to reach climate targets set in developing countries’ NDCs.
“Developing countries have underscored the need for enhanced support, including financial resources, technological development and transfer, and capacity building as well as new collective goal for climate finance, to aid adaptation and back increased ambitions for climate mitigation action.
“OPEC advocates putting multilateralism at the centre of energy, climate and sustainable development.
“We remain committed to the UN Framework on Climate Change Conference (UNFCCC) process, particularly the core elements of equity, common-but differentiated responsibilities and national circumstances,” he noted.
He also noted that the oil and gas industry could foster its resources and expertise to help unlock a low-emissions future, through its role as a powerful innovator in developing more efficient technological solutions.
According to Barkindo, OPEC subscribes to a sustainable path forward; one that works for us all.