Opec leaders make case for fossil fuels at climate event

RIYADH: Opec heavyweights said on Sunday oil and gas should not be stigmatised in the climate debate and that the industry had a role to play in an orderly energy transition.

Energy ministers from Saudi Arabia, the United Arab Emirates and Iraq, the three largest members of the Opec, have gathered in the Saudi capital Riyadh for the UN MENA climate week.

“The three of us here as major hydrocarbon producers also have a responsibility to the world to provide the transition with enough hydrocarbon reso­urces to make sure we are transitioning at a responsibly priced manner,” UAE Energy Minister Suhail al-Mazrouei said on a panel.

The UAE will host the COP28 climate summit scheduled to take place in Dubai between Nov 30 and Dec 12.

Reports so far show countries are off track to meet a UN target to keep the rise in global temperatures below two degrees Celsius (3.6 degrees Fahr­enheit) above pre-industrial levels and pursue efforts to limit it to 1.5C.

“COP28 will deliver tran­s­­formational outcomes for this region, and for the wor­ld,” Sultan al-Jaber, COP28 president, said in his remarks on Sunday.

The choice of Jaber to lead the summit has drawn criticism from environmental campaigners beca­use his country is an Opec member and a major oil exporter, and he is the boss of state oil giant ADNOC.

“We have had 27 COPs, and you might be surprised to learn that 17 of them have been hosted in fossil fuel-producing nati­ons,” Jaber said. “The fact is, energy is fundamental to everyone, everywhere.”

Saudi Energy Minister Prince Abdulaziz bin Sal­man also said the industry should not be stigmatised and the world still needed hydrocarbons.