The Organization of the Petroleum Exporting Countries (OPEC) said the narrative that the energy transition is from oil and other fossil fuels to renewables is ‘misleading’ and ‘potentially dangerous’.
That comes just a few hours after the announcement of the Glasgow Climate Pact that includes in its text a reference to ‘phasing down’ fossil fuel subsidies and coal.
The OPEC said: “The science tells us that tackling emissions has many paths. There is no one-size-fits-all solution, for countries or industries.”
It added that the world will continue to be thirsty for all energy sources: “The delicate balance between reducing emissions, energy affordability and security requires comprehensive and sustainable policies with all voices being heard and listened to.
“Focusing on only one of these over the others can lead to unintended consequences, market distortions, heightened volatility and energy shortfalls.”
Earlier today, OPEC Secretary-General Mohammad Barkindo said that oil and gas were ‘targeted’ for the first time at COP26 as having no place in the energy transition.