Roundup: OPEC seminar highlights energy transition, cooperation
OPEC Secretary General Haitham Al Ghais said that OPEC believes each country has its own path toward energy transition, and there is no one-size-fits-all solution. "The energy pie is growing. The mix is growing," he added.
Wolfgang Hattmannsdorfer, Austria's minister for economy, energy and tourism, said the energy sector is undergoing transformation, and all stakeholders should be included in the conversation to ensure a successful transition.
Under the theme "Charting Pathways Together: The Future of Global Energy," the event saw global energy leaders discussing hot issues including energy security, investment and emissions reduction within the context of energy transition.
Noting the current complex geopolitical situation, Mukhtar Babayev, special representative of the president of Azerbaijan on climate issues, stressed the importance of enhancing multilateral cooperation and international agreements.
Solar and wind energy sources can offer new opportunities for energy security, he said, adding, "Financial assistance is crucial for investing in energy infrastructure and renewable energy projects in developing countries."
Luz Elena Gonzalez, Mexico's secretary of energy, highlighted the importance of the sustainable use of hydrocarbons while advancing an energy transition that prioritizes access, social justice, and inclusion.
She called for broader investments to ensure all people can benefit from modern energy access, particularly women and indigenous communities.
Mohammad A. Abunayyan, founder and chairman of the Board of Directors of ACWA Power, spoke highly of China's performance in broadening its energy mix and advancing its energy transition during a high-level roundtable on Thursday. He also emphasized the potential of green hydrogen and other renewable sources.
During the seminar, OPEC launched its 2025 World Oil Outlook, which forecasts a 23 percent rise in global energy demand by 2050. Global oil demand is expected to continue growing steadily, the report noted.
The analysis reflects recent developments in energy and the global economy, including major shifts in energy policy as leaders respond to challenges related to energy security, affordability, and emissions reduction, according to an article on the OPEC website.
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