Opec has called on industrialised countries to take the lead in funding the development of carbon capture technology, in an effort to tackle climate change.
Opec predicts that global energy use will grow by 50 per cent by 2030, due to population growth and economic development, with fossil fuels likely to provide the majority of that energy.
“The contribution of renewables will remain modest in the foreseeable future,” said Abdalla El-Badri, secretary general of Opec, ahead of the third OPEC Summit in Riyadh which starts on 17 November.
He said that Opec aims to reduce its environmental footprint, with a key element being the development of cleaner fuel technologies.
He pointed to progress made to reduce gas-flaring and vehicle emissions, and the fact that one Opec member, Algeria, is running one of the three carbon capture and storage (CCS) demonstration projects in the world. Other member states are researching the use of carbon dioxide for enhanced oil recovery.
“However, we believe that, over and above our own efforts, industrialized countries should take the lead in the funding and execution of large CCS demonstration projects,” he said.