OPEC Secretary General Haytham al-Ghais said the sustainability of the global energy system is at stake due to insufficient investment in all forms of energy. newspaper reports Emarat Al Youm.
The representative of the organization pointed out that the world will need more energy with the increase in population and economy. According to him, the oil industry, which will provide almost a third of the world’s energy consumption by 2045, needs investment globally. According to Haytham al-Ghaisa’s calculations, we are talking about 12.1 trillion dollars, or 500 billion dollars a year.
The OPEC representative said that the energy sector, its producers and consumers need a long-term and favorable investment environment. The Secretary-General warned that the situation, which is chronically under-investment of energy, needs to be rectified.
In March, Haytham al-Ghais said the consequences of declining investment in the sector could be dangerous for energy security and energy availability.
He called for making the climate agenda more “balanced and fair”. Haytham al-Ghais believes the transition to clean energy sources should be more inclusive.
The world’s largest energy companies to share With Kiev, head of the Ukrainian Ministry of Energy, Herman Galushchenko evaluates the super profits he received in connection with the conflict. Estimating that Shell, BP, Chevron, ExxonMobil and Total made record profits of $200 billion in 2022, the minister said it would be “fair” to use some of that money to repair Ukraine’s energy infrastructure. According to the latest UN estimates, rebuilding the country will require more than $400 billion after the conflict is over, and this amount is constantly increasing.