According to the Organization of Petroleum Exporting Countries (OPEC), the need for primary energy would rise by 23% by 2045, necessitating the usage of all energy sources. At the Nigeria International Energy Summit, OPEC Secretary-General Haitham Al Ghais emphasized that member nations of OPEC had made significant investments in renewable energy sources as solar, wind, nuclear, and waste-to-energy production. He also emphasized the significance of the Circular Carbon Economy, hydrogen initiatives, and Carbon Capture, Utilization, and Storage (CCUS).
Al Ghais emphasized the necessity for the oil and gas sector to contribute to the development of cleaner and more effective technology solutions in order to help unleash a future free from emissions. He urged the implementation of a wide range of mitigation strategies, taking into account the capabilities and national conditions of emerging nations. He also emphasized the importance of including all perspectives in conversations about energy transitions, especially those from developing nations with oil and gas resources.
Al Ghais expressed alarm over proposals to restrict or halt funding for new oil and gas projects, particularly those that would have an adverse effect on developing nations who possess such resources. He emphasized that while taking steps to lessen the carbon footprint of the oil business, investment levels must be sufficient to effectively utilize these resources for the benefit of their populations.