GECF, OPEC criticise "prevalent reductionism" in energy debate
The Gas Exporting Countries Forum (GECF) and the Organisation of the Petroleum Exporting Countries (OPEC) issued a joint statement on October 27 stressing the important role oil and gas had to play in the energy transition.
There has been a stark shift in the governments' attitudes to oil and gas development over the recent years. The International Energy Agency (IEA) has said that in the scenario where the world brings its emissions to net zero by 2050, no further oil and gas projects are needed. Several countries including Denmark, Ireland and Spain have declared they will end oil and gas exploration, and the European Commission has proposed a ban on EU member states acquiring oil and gas produced in the Arctic.
OPEC and GECF held a meeting on October 27 in which they stressed the importance of oil and gas to supporting the post-coronavirus economic recovery, estimating the fuels would account for around half of global energy demand in the decades ahead.
"Notwithstanding the prevalent reductionism and the cancel culture, the GECF, together with stakeholders like OPEC, aspires to present a balanced energy-transition roadmap to the international community for a constructive and informative debate," GECF general secretary Yury Sentyurin said in a statement.
The two groups warned of the risks of underinvesting in oil and gas, noting that the hydrocarbon industry could "reduce emissions, bolster efficiency and embrace innovation."
GECF and OPEC signed a memorandum in October 2019 on sharing their experience and information. They now contribute to each other's flagship publications, the Global Gas Outlook 2050 and the World Oil Outlook.
"From 2022 onwards this practice is to be expanded to short- and medium-term analyst of the global oil and gas markets' developments," the groups said.