Innovation Plays Critical Role In Reducing Emissions: OPEC Secretary General

OPEC Secretary General, HE Haitham Al Ghais, stressed that technological innovation will play a critical role in reducing emissions.

The Secretary General stated this at the opening of the 30th Annual Middle East Petroleum and Gas Conference (MPGC 2023), which is taking place on 22-23 May 2023 in Dubai, United Arab Emirates (UAE).

In his opening remarks, the Secretary General expressed OPEC’s appreciation to the UAE for its climate leadership in the run-up to hosting COP28.

“The President of the UAE, HH Sheikh Mohamed bin Zayed Al Nahyan, announced at the beginning of the year that 2023 will be the ‘Year of Sustainability’. This reflects this country’s longstanding commitment to sustainable practices and international cooperation to address the challenges of our times,” the Secretary General said, adding, “The culmination of the ‘Year of Sustainability’ will be Dubai’s hosting of the COP28, which represents a moment of tremendous pride for OPEC.”

The Secretary General emphasized that energy security for all and decarbonization must go hand-in-hand, which require major investments in all energies.

Additionally, the Secretary General highlighted the consequences of divestment or underinvestment in the oil industry: causing market volatility, endangering energy security, imperilling economic growth and jeopardizing sustainable development.

“I believe that the industry must recognize and be proud of what it has been doing in terms of ensuring global energy security and reducing emissions across the board,” the Secretary General stated.

The Secretary General highlighted the efforts of OPEC Member Countries in reducing emissions through adopting innovative approaches, such as the circular carbon economy, adding that technological innovation will play a critical role in reducing emissions.

“The reality is that oil and gas will continue to be an integral part of the energy mix for the foreseeable future,” the Secretary General added.