OPEC Secretary General tells COP29 oil is a gift from God
Adds details, Gas Exporting Countries Forum comment in paragraph 9-13
Al Ghais emphasizes reducing emissions, not choosing energy sources
OPEC supports carbon capture to mitigate fossil fuel impact
Gas Exporting Countries Forum advocates for natural gas projects
By Valerie Volcovici, Alison Withers
BAKU, Nov 20 (Reuters) -OPEC Secretary General Haitham Al Ghais on Wednesday told the COP29 climate summit in Baku that crude oil and natural gas were a gift from God, and that global warming talks should focus on cutting emissions not picking energy sources.
The comments came as world governments seeking to limit the damage from global warming gathered in the Caspian Sea nation of Azerbaijan to hash out a sweeping finance deal meant to help countries cut emissions and adapt to the changing climate.
"They are indeed a gift of God," Al Ghais, a veteran Kuwaiti oil executive, said about oil and gas ina speech at the conference.
"They impact how we produce and package and transport food and how we undertake medical research, manufacture and distribute medical supplies. I could go on forever."
His words echoed those of Azerbaijan President Ilham Aliyev, who used his opening address to the summit last week to hit back at Western critics of his country's oil and gas industry, and who alsodescribed those resources as a gift from God.
Al Ghaissaid that world governments, which had agreedto limit planetary warming to 1.5 degrees Celsius above pre-industrial levels at the 2015 summit in Paris, could pursue their climate targets without shunning petroleum.
"The focus of the Paris Agreement is reducing emissions, not choosing energy sources," he said.
The Organization of the Petroleum Exporting Countries (OPEC) has said that technologies like carbon capture can tackle the climate impact of burning fossil fuels.
Mohamed Hamel, Secretary General of the Gas Exporting Countries Forum, a grouping of gas exporter nations, also spoke to the conference on Wednesday in support of fossil fuels.
"As the world's population grows, the economy expands, and human living conditions improve, the world will need more natural gas, not less," he said.
He added that he hoped that a COP29 deal on international climate finance would allow support for natural gas projects to help countries transition away from dirtier fuels like coal.
"The outcome of COP 29 should facilitate financing for natural gas projects and scaling up cleaner technologies such as carbon capture, utilization and storage," he said.
"This is crucial for ensuring just inclusive and orderly energy transitions that leave no one behind."
Climate scientists say the world is now likely to cross the 1.5 degrees Celsius threshold - beyond which catastrophic climate impacts could occur - in the early 2030s, if not before.
The world is currently on track for as much as 3.1 Celsius of warming by the end of this century, according to the 2024 U.N. Emissions Gap report.
Reporting by William James Writing by Richard Valdmanis
Editing by Mark Potter and Chizu Nomiyama
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.