The world could not “simply unplug” from hydrocarbons, and the oil and gas industry needs to invest over $600 billion a year until 2030 just to meet expected global demand, said Abu Dhabi National Oil Co (ADNOC) Chief Executive Sultan al-Jaber.
While a future run on renewable energy is coming, “it is not here yet,” and the world is still heavily reliant on oil and gas, he added in remarks during the opening ceremony of ADIPEC 2021 oil and gas forum in Abu Dhabi.
The UAE Minister of Industry and Advanced Technology further underlined the need to invest more in low-carbon oil and gas to ensure global energy security during the transformation phase of the energy sector.
While the world is recovering from the COVID-19 pandemic at the fastest growth rates in fifty years, the demand for oil and gas has exceeded the quantities supplied.
After declining investments in the sector for nearly a decade now, the world found itself facing a supply crunch, Jaber noted.
Saudi Energy Minister Prince Abdulaziz bin Salman bin Abdulaziz, for his part, said the kingdom’s Green initiative indicates its efforts to address climate change.
Earlier this year, Crown Prince Mohammed bin Salman announced two new climate focused initiatives - the Saudi Green Initiative and the Middle East Green Initiative - Prince Abdulaziz noted.
He reiterated Saudi Arabia’s commitment to global energy security by working in OPEC and the OPEC+ alliance.
The Kingdom is currently more focused on reducing emissions, he stated, stressing the importance of taking into consideration the developing countries and countries that seek to develop their economies and achieve sustainable development.
The energy minister stressed that the energy security, sustainable development and economic diversification are key topics that should not be neglected, taking into account climate change.
The OPEC+ group has delivered sustainability and stability to the oil markets through its policies, he added.
“OPEC+ has provided sustainability, stability, predictability and transparency for oil markets more than any other group in the world, including central banks,” Prince Abdulaziz noted.
