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OPEC doubles down on oil after UN panel calls for energy rethink

Europe
11.10.2018
By our dpa-correspondent and Europe Online    auf Facebook posten  Auf Twitter posten  
London (dpa) - Renewable energies will not overtake oil and gas in the next two decades, the head of the Organization of the Petroleum Exporting Countries (OPEC) said on Thursday, after the UN climate panel demanded radical policy changes this week.

"In some quarters, we hear stories that suggest renewables are our only energy future. This is clearly misguided," OPEC Secretary General Mohammad Barkindo said at an oil industry conference in London.

Renewable energy sources will only make up 19 per cent of the global energy mix by 2040, even with wind and solar power expanding rapidly and hydro power and biomass maintaining their shares in the energy mix, he said.

"In terms of oil and gas, there is no doubt that they will remain central to supplying an expanding global population with the critical energy it needs," Barkindo added.

On Monday, the Intergovernmental Panel on Climate Change (IPCC) said in a report that limiting global warming to a target of 1.5 degrees Celsius would only possible with "rapid, far-reaching and unprecedented changes."

Staying below the threshold would drastically reduce the likelihood of an ice-free Arctic Ocean in summer, and coral reefs would decline by 70-90 per cent, as opposed to almost disappearing entirely if temperatures increase by 2 degrees, the IPCC report said.

Possible strategies to meet the target could include a shift to electric vehicles and developing trucks and cars that need less fuel, the experts of the UN panel wrote.

Barkindo asserted that more efficient conventional vehicles would reduce global oil demand much more than getting more battery-powered vehicles onto the road.

OPEC‘s 15 member countries from Latin America, Africa and the Middle East supply nearly a third of the world‘s oil. They also control 82 per cent of the known oil reserves.

 

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