BAKU: Balancing sustainable development with the need to address climate change is an important question, and one that OPEC Member Countries are embracing, HE Haitham Al Ghais, OPEC Secretary General, said in an exclusive interview with Trend.
According to Trend News Agency, Al Ghais emphasized the need for a combined approach towards energy security, availability, and emission reductions. He explained that the oil industry, renewable energy sources, and emission reduction efforts are interconnected, rather than being in conflict. For instance, the production of wind turbines and solar panels heavily relies on petrochemicals for lubricants and resins, essential for their operation and durability.
Furthermore, Al Ghais pointed out the significant role oil revenues play in supporting the economies of many member countries. These funds are crucial for government budgets, economic activities, and help mitigate the socio-economic impacts of a green transition. OPEC countries are therefore investing in both hydro
carbons and renewable energy sources while working to enhance operational efficiencies and adopt advanced technologies to reduce greenhouse gas emissions.
The OPEC leader mentioned significant industry commitments, such as the agreement by major oil and gas producers at COP28 to reduce methane emissions to near-zero by 2030. Efforts also include optimizing oil extraction and refining processes, flare minimization, methane leak reductions, and scaling up technologies like carbon capture, clean hydrogen, direct air capture, and carbon dioxide removal as part of a circular carbon economy.
Highlighting the role of the OPEC Fund for International Development, Al Ghais shared that since its establishment in 1976, the fund has committed approximately US$27 billion to development projects in over 125 developing countries. These projects focus on critical areas such as food security, clean energy, infrastructure, employment, water, sanitation, healthcare, and education, aiming to drive development, strengthen commun
ities, and empower people globally.