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OPEC, GECF express commitment to ensure stability of global energy market

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OPEC, GECF express commitment to ensure stability of global energy market

The Gas Exporting Countries Forum (GECF) and the Organization of the Petroleum Exporting Countries (OPEC) are committed to working with member countries to ensure the stability of global energy, oil and natural gas markets.

Dr Yuri Sentyurin, Secretary General of GECF, who made this commitment known on Wednesday at the opening of the second high-level virtual meeting of the GECF-OPEC energy dialogue, said he aims to achieve a more sustainable world .

The Secretary General noted that effective collaboration within the GECF-OPEC High Level Energy Dialogue was very essential, given the current period of concern over the energy crisis and its complications.

Sentyurin stressed that gas remains the most practical option to achieve energy transition, boost economic growth and social progress all over the world, adding that member countries have fulfilled all their long-term supply contracts.

He said the GECF fully recognizes the complex challenges imposed and the importance of reducing carbon emissions, adding that he supports all efforts and attempts to tackle climate change.

In addition, he said he supports and strives to be part of the community’s efforts to deal with environmental issues.

“Therefore, GECF has joined the UN’s commitment to ensure that the oil and gas sectors continue to make an influential contribution to overcome the impacts of the COVID-19 pandemic, fuel the global economic recovery and accelerate the transition to net zero emissions.

“At GECF, we share the statement, Secretary General of OPEC, that oil and gas have an important role to play in the energy transition and support the need to reduce emissions, increase efficiency and embrace innovation.

“Therefore, we need to be aware of the risk we run from not investing adequately in the future of the oil and gas industries,” he added.

Sentyurin also commended member countries that had pledged to ensure net zero carbon emissions also for submitting details of their required meeting on Nationally Determined Contributions, while maintaining their role as major oil and gas producers. gas.

According to the secretary general, GECF member countries have put climate action at the forefront of their priorities by exploring all possible options – from technology and innovation to research and development.

This, he said, would consolidate the role of natural gas and oil as a solution for a balanced energy transition with adequate investments in oil and gas.

He recalled that the 2019 GECF Malabo Declaration adopted by Heads of State and Government gave them a mandate to “promote GECF cooperation with African countries to use gas as the main source of energy in the programs of development and policies to combat climate change ”.

This, he says, will help overcome energy poverty, improve development and reduce CO2 emissions.

“According to the latest projections from Gas Outlook 2050, natural gas and oil will supply more than 50% of global energy demand in the baseline scenario.

“Therefore, a multidimensional approach should be the way forward to address the climate challenge in which the oil and gas industries form the basis of the solution.

“I am very proud to inform you that we are not just talking, but taking action. The Gas Exporting Countries Forum Secretariat has started the necessary work on reducing greenhouse gas emissions from its operations to net zero by 2024.

“And we are ready to share our best practices and updates on its progress towards net zero emissions with our colleagues at OPEC and other intergovernmental organizations.

“GECF and OPEC, as the two largest oil and gas coalitions, should approach decarbonization with caution and prevent the artificial acceleration of the ‘greening’ of the international agenda, to the detriment of the sustainability of the energy sectors of the world. member countries, ”he said.

Source: NAN

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