Source: Organization of the Petroleum Exporting Countries – OPEC
Delivered by HE Mohammad Sanusi Barkindo, OPEC Secretary General, at the to the UN Climate Change Conference (COP 26/CMP 16/CMA 3), 10 November 2021, Glasgow, United Kingdom.
Excellencies, ladies and gentlemen,
This is no ordinary time. It is a landmark COP, where the future of humanity is at stake.
With negotiations of such magnitude and consequence, we must remember the often ignored scientific fact: climate change and energy poverty are two sides of the same coin.
The delicate balance between reducing emissions, energy affordability and security requires comprehensive and sustainable policies, with all voices being heard, and listened to. Focusing on only one of these over the others can lead to unintended consequences; market distortions, heightened volatility and energy shortfalls.
We need to ensure energy is available and affordable for all; we need to move towards a more inclusive, fair and equitable world in which every person has access to energy, aligned with SDG 7; and we need to reduce emissions.
It is an energy sustainability trilemma, with each piece having to move in unison.
The science tells us that tackling emissions has many paths. There is no one-size-fits-all solution, for countries or industries. The narrative that the energy transition is from oil and other fossil fuels to renewables is misleading and potentially dangerous to a world that will continue to be thirsty for all energy sources.
The capacities, national circumstances, and development priorities of developing countries must be taken into account.
The adverse socio-economic impacts on developing countries due to mitigation activities should be considered, to identify remediation measures and share best practices.
Financing is critical to reach climate targets set in developing countries’ NDCs. Developing countries have underscored the need for enhanced support, including financial resources, technological development and transfer, and capacity building, as well as a new collective goal for climate finance, to aid adaptation and back increased ambitions for climate mitigation action.
OPEC advocates putting multilateralism at the centre of energy, climate and sustainable development. We remain committed to the UNFCCC process, particularly the core elements of equity, common-but-differentiated responsibilities and national circumstances.
The oil and gas industry can foster its resources and expertise to help unlock a low-emissions future, through its role as a powerful innovator in developing more efficient technological solutions.
OPEC subscribes to a sustainable path forward; one that works for us all.