BAKU, Azerbaijan, Investments should become the main part of the decarbonization plan, Secretary-General of the International Energy Forum (IEF) Joseph McMonigle said at the 27th Energy Forum in Baku, Trend reports.

“The renewable energy sector has great potential. However, serious investments are needed in the development of innovative technologies,” McMonigle noted.

According to him, IEF put forward an initiative to create a common analytical database.

He further said that 2.2 million barrels of oil are being produced per day, and amid the conflict between Russia and Ukraine and sanctions against Russia, oil production in the world will decrease by the end of summer this year.

“High energy prices and volatility are currently the main problems. Even before the crisis between Russia and Ukraine, the world faced a sharp rise in energy prices,” McMonigle reminded.

“We are inviting the OPEC countries to the symposium to consider long-term and short-term prospects for cooperation in supplying demand and sustainable development,” added the secretary general.

Source: TREND News Agency