Port Harcourt — The Organization of Petroleum Exporting Countries, OPEC has said that achieving zero emissions by 2050, especially for developing economies is not realistic.
Secretary General of OPEC, Mohammad Barkindo, disclosed this in his speech at the 20th Nigerian Oil and Gas Conference in Abuja, NOG2021, with the theme, fortifying the Nigerian oil and gas industry for economic stability and growth.
Barkindo said it will be dangerous to discontinue oil and gas operations and move to renewables over night, explaining that it will lead to a situation where demands will be greater than supply.
Speaking on Global Oil Market Dynamics in a Decarbonizing World, the OPEC scribe, however, assured that OPEC welcomes the development of renewables.
“There has been calls to discontinue investments in the oil and gas operation due to climate change, but it is an unrealistic scenario particularly in the context of zero emissions by 2050. This is because oil and gas have a part to play in energy transmission.
“Let me make it clear, OPEC supports the need to reduce emissions and we also welcome the development of renewables.
“Achieving zero emissions by 2050 is already a great challenge for developed economies; for developing economies it’s even more daunting.
“Many OPEC countries depend largely on oil ans gas revenues to survive and to sustain their economies.
“Developing countries will require a lot of finance and technology to enable energy transmission. Developing countries will not be able to meet up with the deadline due to access to finance and the technology for renewables. OPEC believes that no one should be behind.”
Similarly, the Group Managing Director of NNPC, Mele Kolo Kyari, assured that oil will be relevant beyond 2050 for Nigeria, while emphasising on the need for the monetization of the country’s oil and gas resources.
Kyari advocated for the monetization of Nigeria’s oil and gas resources in order not to lose out from the scheme of things. He added that the PIB will make Nigeria the hub of petroleum in Africa.
“The believe that by 2050 oil will go away and we all will move to renewables is not very true. However, the next stop is to develop our gas resources.
“We have to monetize every resources that we have today, especially gas. Mass infrastructural development of gas.
“As an energy company, we are also looking at the balance between renewables and fossil fuels and to fit into the new realities.”