Breaking News
0

OPEC Secretary-General questions 'misguided' renewables debate after climate report

CommoditiesOct 11, 2018 06:01AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. OPEC Secretary-General Barkindo listens during a news conference in Vienna

LONDON (Reuters) - OPEC's Secretary-General on Thursday criticized a report calling for radical action to fight climate change, saying the idea that renewable energy was the world's only future was misguided and that a "bombardment" of green advocacy could be harmful.

A U.N. panel this week called for unprecedented changes in how the world consumes energy and a dramatic rise in the use of renewable power to contain global warming and protect the planet from heatwaves, floods and rising sea levels.

"We have significant concerns with some of their conclusions, not to talk about their solutions going forward," Mohammad Barkindo of the Organization of the Petroleum Exporting Countries told an Oil & Money conference in London.

The past 18 years have been the warmest on record since the 1850s when measurements began, according to U.N. scientists who attribute the temperature rises and extreme weather mainly to greenhouse gases including carbon dioxide from fossil fuels such as coal, oil and gas.

"It is not about choosing one energy source against another, as it is being suggested by some of our colleagues in the scientific community. In some quarters we hear stories that suggest renewables are our only energy future. This, with all true respect to our friends, is clearly misguided," he said.

The U.N. report said renewable energy would need to supply 70-85 percent of electricity by 2050 to stay within a 1.5 degrees Celsius limit, compared with about 25 percent now.

Barkindo said a "bombardment of advocacy" for alternative energy sources was impacting sources of financing and investment in the hydrocarbon industry with potentially dangerous consequences for society and the global economy.

To contain the rise in global temperatures at 1.5C, the U.N. Intergovernmental Panel on Climate Change said man-made global net carbon dioxide (CO2) emissions would need to fall by about 45 percent by 2030 from 2010 levels.

It said emissions should be "net zero" by mid-century.

"Oil is not toxic at the end of the day, emissions are toxic," Barkindo said, adding that technologies to reduce and ultimately eliminate emissions from fossil fuels should be the focus of attention.

OPEC raised its forecast for growth in global oil demand last month. It now sees 2020 oil consumption reaching 101.9 million barrels per day (bpd), up 1.2 million bpd from last year's report. Longer-term, oil demand is expected to increase by 14.5 million bpd to 111.7 million bpd by 2040.

OPEC Secretary-General questions 'misguided' renewables debate after climate report
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments
Mike Roland
Mike Roland Oct 11, 2018 7:52AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
of course the minister for OPEC would say that as this would affect their balance sheet. what do they care if everyone else dies as long as they make money
Reply
1 0
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email