OPEC Holds Special Workshop on Climate Change: "Challenges and Opportunities for Energy-Exporting Developing Countries.”
The Vienna-based Organization of Petroleum Exporting Countries (OPEC) recently hosted the fifth Climate Change Technical Workshop under the theme "The first global stocktake under the Paris Agreement: challenges and opportunities for energy-exporting developing countries." OPEC hosted the event ahead of the 21st OPEC Climate Change Coordination Meeting, which will be held on May 31, 2022.
The Organization of Petroleum Exporting Countries (OPEC) hosted the fifth technical workshop on climate change. / Picture: © Wikimedia Commons / DALIBRI / CC BY-SA (https://creativecommons.org/licenses/by-sa/3.0)
The Organization of Petroleum Exporting Countries (OPEC) hosted the fifth technical workshop on climate change under the theme "The first global stocktake under the Paris Agreement: challenges and opportunities for energy-exporting developing countries."
The workshop was held in advance of the 21st OPEC Coordination Meeting on Climate Change, scheduled for May 31, 2022, and COP27, scheduled for November 2022 in Sharm el-Sheikh, Egypt.
Barkindo stressed the importance of remaining cautious during the workshop, pointing out that climate change and energy transition have a profound impact on developing countries. As part of the process, he emphasised the importance of equity, historical responsibility, and "common but differentiated responsibilities and capabilities."
Oil producers are receiving mixed messages regarding recent developments, the Secretary General said. However, oil producers are facing declining investment, which is hampering further development of the oil industry. On the one hand, they are being asked to increase production to mitigate recent inflation and support economic recovery.
Against a backdrop of accelerating discussions & policy adoption on climate change, #OPEC held its 5th technical workshop on climate change today. Participants included the UNFCCC Secretariat, Like-minded Developing Countries Grp, Oil & Gas Climate Initiative & 3rd World Network. pic.twitter.com/42oavruMd2
— OPEC (@OPECSecretariat) May 30, 2022
As per OPEC's World Oil Outlook 2021, $11.8 trillion in investment is needed in the upstream, midstream and downstream sectors of the oil industry to meet rising energy demand by 2045, he underscored the importance of investment to ensure energy security. Additionally, he pointed out that primary energy demand will increase by 28% during the same period.
Many delegates and industry experts attended the event, including members of OPEC and non-OPEC countries participating in the Cooperation Charter, as well as representatives of OPEC's international energy dialogue partners, the OPEC Fund for International Development, and leading analysts.
Additionally, delegates from the Secretariat of the United Nations Framework Convention on Climate Change (UNFCCC), the Third World Network, the Like-Minded Developing Countries Group, and the Oil and Gas Climate Initiative (OGCI) attended the event.
Albara Tawfiq of the Kingdom of Saudi Arabia moderated the event.
An array of important topics were discussed and presented, including the implementation of the Paris Agreement, the energy transition, environmental efforts as part of sustainable development, eradicating energy poverty, challenges associated with financing, technology development, capacity building, and mitigation and adaptation.
It aims to enhance mutual understanding, enhance open dialogue, and foster international collaboration among industry stakeholders. The workshop was held for the first time in October 2017 and serves as a platform for active engagement and knowledge sharing.