Technology Set To Have Key Role In Energy Transition

When it comes to meeting the challenge of reducing CO2 emissions worldwide, the global oil industry has a critical role to play, according to the secretary general of OPEC.

“For our industry, we need to recognize that the environmental challenge is not only oil and gas in and of themselves. It is the emissions that come from burning them,” said Mohammad Sanusi Barkindo, secretary general for OPEC. “This is not about choosing one energy source over another. It has been suggested in some quarters that renewables are our only energy future. Not only is this line of thinking misguided, it overlooks the critical role the oil industry can play in being part of the solution.”

Solutions can be found in technologies that reduce and ultimately eliminate emissions, he said.

His remarks, delivered during a speech given this week at IHS Markit’s Indian Energy Forum by CERAWeek, came as the world transitions toward cleaner sources of energy in efforts to lower emissions. Countries are actively working to meet the 2015 Paris Agreement goal of limiting global temperature increases to well below 2 C (3.6 F) above pre-industrial levels, and even further to 1.5 C.