November 29, 2021

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

OPEC

OPEC Headquarters

Gas Exporting Countries Forum (GECF) and Organisation of Petroleum Exporting Countries (OPEC) express commitment to collaborate with member countries to ensure stability to global energy, oil and natural gas markets.

By Emmanuella Anokam

The Gas Exporting Countries Forum (GECF) and Organisation of Petroleum Exporting Countries (OPEC) have expressed commitment to collaborate with member countries to ensure stability to global energy, oil and natural gas markets.

Dr Yuri Sentyurin, Secretary-General, GECF, who made the commitment known on Wednesday while opening the second High-level Virtual Meeting of GECF- OPEC Energy Dialogue said it aimed towards achieving more sustainable world.

The secretary-general noted that efficient collaboration within GECF-OPEC High-Level Energy Dialogue was very essential, due to the current period of concerns as regards to energy crisis and its complications.

Sentyurin stressed that gas remained most practical option to attain energy transition, spur economic growth and social progress anywhere in the world, adding that member countries had been fulfilling all of their long-term supply contracts.

He said GECF thoroughly recognised the complex challenges imposed by climate change and the importance of abating carbon emissions, adding that it supported all endeavours and attempts in dealing with climate change.

Furthermore, he stated that it supported and strived to be part of the efforts undertaken by the international community to deal with environmental issues.

“Therefore, the GECF joined the commitment of UN to ensure that oil and gas sectors continue to make influential contribution to overcoming COVID-19 pandemic impacts, powering the global economic recovery, and accelerating move towards net-zero emissions.

“In GECF, we share the statement by Mohammad Barkindo, OPEC Secretary-General, that oil and gas have an important role to play in the energy transition and support the need to reduce emissions, bolster efficiency and embrace innovation.

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

Sentyurin also lauded member countries which had pledged to ensure net-zero carbon emissions by 2060 and also for submitting details of their Nationally Determined Contributions required by upcoming COP26 Meeting, while maintaining their roles as leading producers of oil and gas.

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

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

He recalled that the GECF 2019 Malabo Declaration adopted by the GECF Heads of State and Government mandated them to “promote GECF cooperation with African countries to use gas as core source of energy in development programmes and climate change policies.”

This, according to him will help overcome energy poverty, enhance development and to mitigate CO2 emissions.

“According to the latest projections by GECF Global Gas Outlook 2050, natural gas and oil will provide more than 50 per cent of global energy demand by 2050 under the reference case scenario.

“Therefore, a multi-dimension approach should be the way forward to deal with the climate challenge in which the oil and gas industries form the bedrock of the solution.

“I am very proud to inform you that we are not only talking, but acting. The Secretariat of Gas Exporting Countries Forum has started the necessary work on the reduction of greenhouse gas emissions from its activities 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 in OPEC and other intergovernmental organisations.

“GECF and OPEC, as the two largest oil and gas coalitions, should carefully approach decarbonisation, and prevent artificial acceleration of ‘greening’ the international agenda, at the expense of the sustainability of Member countries energy sectors,” he said. (NAN)