Realism and COP26 the Saudi way? Hydrocarbons and renewables need each other!
The world is eagerly awaiting the COP26 results in the next weeks. The largest climate change gathering until now will need to address current and future threats not only to the environment, air and water quality, economic growth and the future of the world, but also take into account the possible impact of all these measures, proposals and grand schemes to be expected on respective countries and regions, especially outside of the OECD area. The current onslaught on hydrocarbon producers, companies and investors, is still going strong, but showing possible weaknesses already. The need for oil, gas and maybe even coal, in the future energy mix and other economic sectors, is partly misunderstood and definitely misrepresented by a wide range of reports and agencies. Hitting on major oil producing countries is still a media hype, but seems now to be hit by rational analysis and measures taken by these “culprits of global warming”.
OPEC leader Saudi Arabia, not only known to be a major oil and gas producer, but also situated in the middle of an arid region that is under threat of global climate change issues, has been taking up the challenge of putting in place a substantial, rational and functional approach to future challenges. The Kingdom, not on its own in the region to address climate change and emission challenges, as shown by its compatriot Abu Dhabi lately, has put in place major new strategies and projects to combat climate change, counter overall carbon emissions, while at the same time supporting a rational and economic-social functional approach that maybe should be followed by more the coming months. To lower emissions, increasing energy efficiency while also increasing overall revenue basis, can be done, according to Saudi planners and experts.
To read the rest of this commentary, click here. Cyril Widdershoven is a founder of Netherlands-based integrated risk consultancy Verocy.
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