OPEC leaders mock IEA 2050 net zero roadmap
Through Dina Khrennikova and Olga Tanas at 3/6/2021
MOSCOW (Bloomberg) – The world’s largest petro-states have rejected calls for a rapid abandonment of oil and gas, warning that starving the investment industry will hurt the global economy.
Russian Deputy Prime Minister Alexander Novak
If the world were to follow the International Energy Agency’s controversial roadmap, according to which investment in new fields should stop immediately to reach zero net carbon emissions by 2050, “the price of oil s will amount to, what, $ 200? Gas prices will skyrocket, ”Russian Deputy Prime Minister Alexander Novak said.
His warnings were echoed by the energy ministers of Qatar and Saudi Arabia, who said they would continue to expand their oil and gas facilities and warned others of the consequences of the famine in l industry money.
The “euphoria” around the transition to clean energy is “dangerous,” Qatari Energy Minister Saad Sherida Al Kaabi said Thursday at the International Economic Forum in St. Petersburg, Russia. “When you deprive the business of additional investment, you have big price spikes”.
It’s no surprise that senior officials of the world’s largest fossil fuel exporters are keen to see the industry continue for decades. Their comments illustrate the vast divide between the current global carbon-based energy system and the changes needed to prevent damaging climate change.
Saudi Energy Minister Abdulaziz bin Salman
Saudi Energy Minister Prince Abdulaziz bin Salman has already rejected the IEA’s roadmap, which would limit the average rise in global temperatures to 1.5 Celsius, calling it a “la-la-” scenario. land “. When asked Thursday if the oil was dead, he responded by saying the kingdom was increasing its production capacity.
Qatar is moving forward with its $ 29 billion expansion of liquefied natural gas facilities and will decide to take international partners into the project by the end of this year, Al Kaabi said. Oil and gas will still be there for decades to come, Novak said.