The European Union is on its way to say goodbye to fossil fuels completely. Germany is making particularly strong progress here – keyword: heating law. Similar voices were heard from the International Energy Agency (IEA) earlier this week. Oil demand may remain stable this year. According to IEA Director Faith Birol, the global shift towards renewable energy is likely to “mark the beginning of the end of the fossil fuel era”.
In such a situation, Birol has met Haitham Al-Ghais, Secretary General of the influential oil lobby organization OPEC. It warns of “energy chaos of unprecedented proportions, which would have devastating consequences for economies and billions of people around the world” if fossil fuels were ultimately left behind.
The OPEC secretary general warned: “It is extremely risky and impractical to abandon fossil fuels or claim that they are at the beginning of their end.” Peaks in demand have often been talked about in recent decades, but this has never actually come to pass. But now such false forecasts have been joined by “calls to stop investing in new oil and gas projects.”
Haitham Al-Ghais: “Such predictions only set the global energy system up for spectacular failure. “This would potentially create energy chaos on an unprecedented scale, with devastating consequences for economies and billions of people around the world.”
Such thinking is “more ideologically influenced than fact-based”. “The technological advances the industry is making in solutions to reducing emissions were not taken into account. It also fails to recognize that fossil fuels still make up more than 80 percent of the world’s energy mix, as they did 30 years ago, and the energy security they provide is vital.
Al-Ghais called on all relevant stakeholders to work together. “OPEC recognizes the challenge the world faces in meeting growing energy needs and ensuring affordable energy while reducing emissions. Therefore, it does not reject any energy source or technology and believes that all parties involved should do the same.”
