Vienna: OPEC Secretary General Haitham Al-Ghais said late Monday that technological innovation would play a critical role in reducing greenhouse gas emissions.
Al-Ghais made the remark in a speech he delivered during the 30th Annual Middle East Petroleum and Gas conference (MPGC), held on May 22-23, 2023, Dubai, United Arab Emirates (UAE).
"This is why our Member Countries invest heavily in hydrogen projects, carbon capture utilization and storage facilities, and the circular carbon economy," he said.
President of the UAE Sheikh Mohammad bin Zayed Al Nahyan announced at the beginning of the year that 2023 would be the "Year of Sustainability".
"This reflects this country's longstanding commitment to sustainable practices and international cooperation to address the challenges of our times," he added.
The culmination of the "Year of Sustainability" will be Dubai hosting of the COP28, which represents a moment of tremendous pride for OPEC, the OPEC chief noted.
Meanwhile, Al-Ghais emphasized, "Despite the urgent need for investment, we have heard disheartening calls from some quarters to divest from hydrocarbons".
He went on saying that the OPEC has been clear in highlighting the very real and dangerous consequences of divestment or underinvestment in the oil industry.
"The reality is that oil and gas will continue to be an integral part of the energy mix for the foreseeable future," he pointed out.